PhysicsWallah Q1 FY27 revenue jumps 24% to Rs 1,054 Cr amid Rs 88 Cr net loss

Edtech firm PhysicsWallah started the first quarter of the 2026-27 financial year with a 24% increase in revenue from operations to Rs 1,054 crore. This growth was primarily driven by a surge in the online K-12 and early learning segment, where revenue grew by 88% to reach Rs 105 crore.

The Noida-based company’s consolidated net loss narrowed 30.5% to Rs 88 crore for the period, even as margins improve.

The company, founded in 2020 and listed in November 2025, is transitioning from a test-preparation site to a lifelong learning ecosystem.

The quarter saw a major shift in the National Eligibility cum Entrance Test (NEET) cycle, which pushed peak enrolment activity from June into July and August. Despite this volatility, the firm achieved a positive EBITDA of Rs 52 crore, a 4.9% margin.

EBITDA stands for earnings before interest, taxes, depreciation, and amortisation, which is a common measure of operational efficiency.

“This quarter marks an important milestone in our journey towards sustainable profitability. Despite the change in NEET examination cycles, we delivered healthy revenue growth along with an improvement in profitability,” Alakh Pandey, Founder and CEO, stated, reflecting on these milestones.

He also highlighted that the focus remains on scaling the affordable online platform while maintaining disciplined capital allocation.

The online channel remained a central pillar, with unique transacting users growing to 2.1 million. The average collection per user (ACPU) increased by 10% to Rs 4,312, aided by the adoption of value-added services. In the offline segment, which now includes 366 centres, revenue rose 14% to Rs 490 crore, though the delayed NEET cycle impacted immediate batch launches.

The company includes a massive treasury of Rs 5,601 crore and a five-fold increase in adjusted EBITDA to Rs 135 crore. Furthermore, pre-IndAS EBITDA losses narrowed significantly from Rs 89 crore to Rs 44 crore. Pre-IndAS EBITDA is a metric that shows operational profit before specific accounting adjustments for leases are applied.

Additionally, the offline segment reported a pre-IndAS EBITDA loss of Rs 106 crore, reflecting the high costs of infrastructure and faculty for newer centres.

Strategically, the group is exiting its student-lending business, Finz, to focus on its core education platform. New initiatives like AI-powered digital books and a one-on-one AI tutor are being scaled to enhance learner engagement, which currently stands at 4 million daily active users.