PhysicsWallah Q4 FY26: Revenue Jumps 51% To ₹919 Crore, Loss Narrows Sharply

PhysicsWallah reported a strong set of earnings for the fourth quarter of FY26. Revenue growth remained strong, and losses also narrowed significantly. The Q4 figures highlight improving operating leverage in its hybrid online-offline education model.

For the March quarter of FY26, the Noida-based edtech company posted revenue from operations of ₹918.8 crore, up 51% year-on-year from ₹609.6 crore in Q4 FY25. Total income for the quarter rose further to around ₹984 crore, helped by interest income and gains on financial assets.

PhysicsWallah’s consolidated net loss for Q4 FY26 came in at ₹74.9 crore, compared with a loss of ₹293.1 crore in the same quarter last year, marking a decline of nearly 74% YoY.

On the profitability front, Q4 EBITDA stood at approximately ₹29 crore, while for the full year, EBITDA rose sharply to around ₹549 crore, more than double from the previous year.

On 27 May 2026, PhysicsWallah shares fell 0.04% on the National Stock Exchange.

FY26 Full-Year Performance

For the full financial year, PhysicsWallah reported:

● Revenue from operations: ₹3,900 crore, up 35% YoY from ₹2,886.6 crore in FY25

● Total income: ₹4,131 crore versus ₹3,039 crore a year ago

● Net loss: ₹24.17 crore, sharply lower from ₹243.26 crore in FY25

● Profit before tax (PBT): ₹9.92 crore, compared with a ₹259 crore loss in the previous year

The numbers mark one of PhysicsWallah’s strongest annual financial performances since inception, with the company nearly reaching net profitability.

Key Operating Metrics

PhysicsWallah’s scale continued expanding across both digital and physical channels during FY26:

● Paid users: 5.34 million, up 20% YoY

● Offline centres: 353 centres as of 31 March 2026, up from 198 a year earlier

● Cash flow from operations: ₹833 crore

● Treasury balance: ₹5,027 crore, including around ₹2,300 crore from IPO proceeds

● Marketing spend: ₹353 crore, or roughly 9% of revenue

● Employee benefit expense in Q4: ₹487 crore, about 47% of total expenses

● Depreciation and amortisation in Q4: ₹122 crore

● Direct expenses in Q4: ₹144 crore

● Total Q4 expenditure: ₹1,035 crore versus ₹964 crore last year

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Outlook

Management has guided for 30%+ revenue growth in FY27 and expects EBITDA to grow more than 100%, while targeting full-year PAT profitability. PhysicsWallah also expects its offline business to break even in FY27 as centre utilisation improves.

The Q4 performance signals that PhysicsWallah’s aggressive expansion into offline centres, AI-led learning tools, and broader category offerings is translating into scale while losses continue to shrink, placing the company closer to sustained profitability.

Source:

CNBC TV18