PhysicsWallah shares traded higher on Thursday after the edtech company’s consolidated net profit more than doubled to ₹143.63 crore in the second quarter ended September 30, 2026.

The company reported growth across its online and offline businesses, with online revenue rising 26.4 per cent y-o-y to ₹694 crore and offline revenue increasing 9 per cent to ₹541 crore.

The stock closed 3.76 per cent higher at ₹132.20 after rising to ₹140.25 from ₹127.41 previous close on the NSE.

The company recorded growth of over 30 per cent in NEET enrolments during the quarter as demand delayed by the postponement of NEET UG came through.

“We delivered record revenue and a sharp improvement in profitability, while our learner base kept widening across K-12, vernacular and new categories. Our focus remains on scaling affordable, tech-led education with disciplined capital allocation,” PW founder and CEO Alakh Pandey said in a statement.

PhysicsWallah has slowed the pace of opening new centres compared to the commitment made during its IPO. The company is focusing on improving the academic excellence of existing centres and strengthening their economics.

Motilal Oswal reiterated its ‘buy’ rating on PhysicsWallah with a target price of ₹200, implying an upside of 51 per cent from current levels.

The brokerage expects the company to generate ₹21.6 billion in pre-Ind AS EBITDA by FY30, supported by a 25-30 per cent revenue CAGR and expanding margins. It noted that mature categories are already delivering EBITDA margins of around 50 per cent, while the asset-light business model offers significant operating leverage as the business scales.

Motilal Oswal has largely retained its estimates, except for PAT, which has been revised to factor in higher tax expenses. It values the online business at 50 times FY28E EV/EBITDA and the offline business at 15 times FY28E EV/EBITDA under its sum-of-the-parts (SoTP) valuation.

PL Capital retained its ‘accumulate’ rating on PhysicsWallah with a SoTP-based target price of ₹140. The brokerage cut its pre-Ind AS EBITDA estimates by 2 per cent and 3 per cent for FY28E and FY29E, respectively, while fine-tuning its growth assumptions for the offline business.

The brokerage attributed the improvement in profitability to operating leverage in the online business, where content, faculty and platform costs are fixed.

PL Capital noted that the company’s full-year revenue growth guidance of around 30 per cent remains intact. It expects revenue and pre-Ind AS EBITDA to register CAGRs of 25 per cent and 66 per cent, respectively, over FY26-29E, driven by expansion into online K-12, early learning and upskilling categories.

Published on November 5, 2026