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PhysicsWallah Ltd.
(PWL)
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Rating:56Neutral
Price Target:
₹128.00
Action:Reiterated
Date:10/23/26
The score is primarily supported by improving fundamentals—rapid revenue growth, a strengthened balance sheet (positive equity and lower leverage), and strong operating/free cash flow. Offsetting this are a very expensive valuation (P/E ~1394.9 with no dividend yield provided) and weaker near-term technicals with the stock trading below key moving averages and muted momentum indicators.
Positive Factors
Rapid Revenue Scaling
The sharp increase in revenue indicates strong demand for PhysicsWallah’s affordable, multi-format education offering and expanding reach across school curricula and competitive examinations. Sustained scaling can strengthen operating leverage, deepen brand presence, and support continued investment in content, faculty, and learning infrastructure.
Negative Factors
Bottom-Line Losses Persist
Despite substantial revenue growth and positive EBITDA, continued net losses and negative EBIT show that operating costs, depreciation, or other charges still prevent the business from converting scale into consistent earnings. This weakens evidence of fully established economics and may limit internally funded growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid Revenue Scaling
The sharp increase in revenue indicates strong demand for PhysicsWallah’s affordable, multi-format education offering and expanding reach across school curricula and competitive examinations. Sustained scaling can strengthen operating leverage, deepen brand presence, and support continued investment in content, faculty, and learning infrastructure.
Read all positive factors
PhysicsWallah Ltd. (PWL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹381.91B
Dividend YieldN/A
Average Volume (3M)837.91K
Price to Earnings (P/E)1460.0
Beta (1Y)1.02
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees16,289
SectorGeneral
Sector StrengthN/A
IndustryEducation & Training Services
Share Statistics
EPS (TTM)-0.42
Shares Outstanding2,908,672,900
10 Day Avg. Volume408,573
30 Day Avg. Volume837,911
Financial Highlights & Ratios
PEG Ratio12.22
Price to Book (P/B)5.25
Price to Sales (P/S)6.58
P/FCF Ratio39.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹148.00Price Target Upside― Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.34
Revenue Forecast (FY)₹49.49B
PhysicsWallah Ltd. Business Overview & Revenue Model
Company Description
Physicswallah Limited, founded in 2020 and based in Noida, India, delivers extensive test preparation programs and learning materials. Their curriculum covers a broad spectrum of competitive entrance examinations, including the Joint Entrance Exam...
PhysicsWallah Ltd. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
72
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.97B | 36.04B | 28.74B | 19.33B | 7.41B |
| Gross Profit | 1.93B | 12.73B | 9.75B | 4.93B | 2.63B |
| EBITDA | -2.14B | 3.23B | 1.83B | -8.30B | 63.12M |
| Net Income | -2.93B | -224.90M | -2.16B | -10.40B | -814.47M |
Balance Sheet | |||||
| Total Assets | 41.56B | 76.77B | 41.56B | 24.81B | 20.82B |
| Cash, Cash Equivalents and Short-Term Investments | 19.27B | 33.56B | 19.27B | 5.31B | 7.42B |
| Total Debt | 9.97B | 10.52B | 9.97B | 8.47B | 5.70B |
| Total Liabilities | 26.03B | 31.06B | 26.03B | 36.53B | 21.32B |
| Stockholders Equity | 15.25B | 45.20B | 15.25B | -12.46B | -1.83B |
Cash Flow | |||||
| Free Cash Flow | 9.12B | 6.05B | 3.35B | -244.51M | 1.24B |
| Operating Cash Flow | 9.67B | 9.27B | 5.07B | 2.12B | 2.70B |
| Investing Cash Flow | -9.26B | -33.76B | -15.13B | -429.25M | -10.76B |
| Financing Cash Flow | -588.31M | 27.56B | 10.07B | -1.65B | 8.48B |
PhysicsWallah Ltd. Technical Analysis
Positive
―
Price Trends
128.02
Positive
126.99
Positive
116.25
Positive
Market Momentum
-0.88
Positive
49.60
Neutral
30.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PWL, the sentiment is Positive. The current price of undefined is equal to the 20-day moving average (MA) of 131.42, equal to the 50-day MA of 128.02, and equal to the 200-day MA of 116.25, indicating a neutral trend. The MACD of -0.88 indicates Positive momentum. The RSI at 49.60 is Neutral, neither overbought nor oversold. The STOCH value of 30.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:PWL.
PhysicsWallah Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
IN:PWL
PhysicsWallah Ltd.
131.30
-23.90
-15.40%
IN:NIITLTD
NIIT Limited
69.52
-34.88
-33.41%
PhysicsWallah Ltd. Corporate Events
PhysicsWallah Scales Back NBFC Arm With INR 95.79 Crore Loan Book Sale
Oct 4, 2026
PhysicsWallah’s NBFC subsidiary FinZ Finance has agreed to sell, transfer and assign a substantial portion of its loan portfolio, worth INR 95.79 crore, to RBI-registered education-focused lender Auxilo Finserve. The transaction, executed vi...
PhysicsWallah’s Sixth AGM Highlights Governance Focus and Active Investor Participation
Sep 25, 2026
PhysicsWallah Limited held its sixth Annual General Meeting on September 25, 2026, via video conferencing in compliance with the Companies Act and SEBI listing regulations, with proceedings deemed at its Noida registered office. The meeting ran fo...
PhysicsWallah Schedules One-to-One Analyst and Investor Meetings in Noida
Sep 9, 2026
PhysicsWallah Limited has informed the stock exchanges that its representatives will hold one-to-one meetings with analysts and investors in Noida on September 14 and September 21, 2026. The company emphasized that discussions will be confined to ...
PhysicsWallah publishes Q1 FY27 unaudited results and strengthens regulatory compliance
Aug 15, 2026
PhysicsWallah Limited has published its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, following approval by its board of directors on August 14, 2026. The results were released to investors via newspa...
PhysicsWallah’s Senior Tech Executive Resigns, Prompting Leadership Shift in Edtech Operations
Jul 31, 2026
PhysicsWallah Limited has announced a change in its senior management ranks, with Senior Vice President-Tech Pulkit Swarup resigning from the company. The resignation, attributed to personal and family commitments, will be effective from the close...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.