Results · Education & Skilling

PhysicsWallah narrows loss, pivots from lending

What they do

PhysicsWallah (PW) is an online platform preparing students for 35+ exam categories including JEE and NEET

Q4 FY26 net loss fell 76% to ₹69.1 crore; it reversed a student lending plan and will partner with NBFCs instead

Co-founder Prateek Maheshwari said conversational AI tutors on live learning are a bigger opportunity than recorded content

PhysicsWallah (PW) reported a Q4 FY26 net loss of ₹69.1 crore, down 76% from ₹289.3 crore in the same quarter last year.
The previous quarter had posted a profit of ₹102.3 crore.
PW reversed its student lending plan: it will partner with regulated NBFCs instead of lending directly through its subsidiary FinZ Finance.
It had invested about ₹120 crore in FinZ Finance through equity infusion weeks earlier.
Co-founder Prateek Maheshwari said stakeholder feedback showed PW's strengths are in education communities and core online learning, not lending.
PW's stock rose more than 18% on June 4, 2026 after the announcement.
The stock trades around ₹105, nearly 30% below its listing price of ₹145 on November 18, 2025.
Maheshwari also said recorded learning is dead and conversational AI tutors layered on live learning are the bigger opportunity.

PW has 3.5 million learners spending nearly two hours daily on the app, generating billions of datapoints yearly.
Over 90% of student doubts on the platform are solved through AI systems.
More than 2 billion subjective answer sheets have been evaluated using AI.
PW's AI products include AI Guru, Ask AI, and AI Books, and proprietary models like Aryabhatta, ConceptGuru, and Awaaz.
State board categories grew 9x year-on-year, K8 and Curious Junior grew 4x, and South India operations nearly doubled.

PW prepares students for 35+ exam categories including JEE, NEET, UPSC, and state boards.
It offers courses for K5, Foundation (Class 6-10), CuriousJr (1st-8th), school boards, govt exams, UG/PG entrance, finance, skills, study abroad, and the Gulf region.
Its offline footprint includes 353 centres during FY26, with around 60% already profitable.
PW Skills and PW Earners crossed 100,000 enrollments within weeks of launch.
The AI stack focuses on conversational doubt-solving in live classes, NCERT-aligned conceptual tutoring, and multilingual voice-led learning.

PW is targeting offline break-even at the group level next year.
It will partner with regulated NBFCs for student lending instead of lending directly.