PhysicsWallah posts narrower Q1 loss as EBITDA turns positive
Profit before tax narrowed to a loss of Rs 84 crore in Q1 FY27 from a loss of Rs 152 crore in Q1 FY26 and Rs 81 crore in Q4 FY26.
Total expenses increased 17.2% YoY and 20.6% QoQ to Rs 1,098 crore. Direct expenses and inventory movement increased 13.5% YoY to Rs 236 crore. Employee benefits expense (ex-ESOP) increased 17.8% YoY to Rs 489 crore. Other expenses increased 19.4% YoY to Rs 302 crore.
EBITDA stood at Rs 52 crore in Q1 FY27 against a loss of Rs 21 crore in Q1 FY26 and a profit of Rs 65 crore in Q4 FY26. EBITDA margin improved to 4.9% from -2.5% in Q1 FY26 and 7.0% in Q4 FY26. Adjusted EBITDA increased 423% YoY to Rs 135 crore, with margin improving to 12.9% from 3.1% last year.
Online K-12 and Early Learning enrolments increased 41% YoY to 0.78 million, while segment revenue grew 88% YoY to Rs 105 crore. Total enrolments stood at 2.49 million, up 2.4% YoY, while daily active users increased 26% YoY to more than 4.03 million.
The company said the NEET UG re-examination cycle affected Q1 enrolments, particularly in the NEET category. It said enrolment and collection momentum picked up strongly from July following the announcement of examination results and the start of the new academic cycle.
PhysicsWallah had 366 offline centres and 7,268 faculty members at the end of Q1 FY27. The company said it remains focused on expanding its learner base across online, offline, K-12 and newer education categories while maintaining disciplined capital allocation.
Separately, PhysicsWallah said its board has approved the acquisition of 10% of the fully diluted equity share capital of Bharat Innovations Global from NSDC International, increasing its stake in the company from 90% to 100%. Upon completion, Bharat Innovations Global will become a wholly owned subsidiary of PhysicsWallah. The acquisition is intended to consolidate PhysicsWallah's shareholding in the education company, which provides online and offline coaching.
No consideration will be payable for the acquisition under the mutually agreed terms governing the cancellation of the shareholders' agreement and related obligations. The transaction is expected to be completed within six months from the board approval and does not require any regulatory approval.
Bharat Innovations Global was incorporated on 26 November 2024 and is engaged in collaborating with government bodies, educational institutions and other organisations to promote and advance education across India. Its turnover stood at Rs 0.16 crore in FY26, compared with nil in FY25. Its net worth stood at a negative Rs 66.91 lakh.
PhysicsWallah (PW), founded in 2020 by Alakh Pandey and Prateek Maheshwari and headquartered in Noida, Uttar Pradesh, is an education platform offering online, offline and hybrid learning through its app, tech-enabled centres and YouTube channels. Its offerings span test preparation, skilling, higher education and education abroad, with programmes available in multiple vernacular languages. PhysicsWallah was listed on the NSE and BSE on 18 November 2025.
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