PhysicsWallah Reports Impressive Growth in Q2 FY26

PhysicsWallah, the recently listed edtech unicorn, has shown remarkable performance in the second quarter of FY26, demonstrating a 26% year-on-year jump in revenue. The company’s profit soared by 70% to Rs 69.7 crore during this quarter.

The operating revenue for PhysicsWallah surged nearly 26% to reach Rs 1,051.26 crore in Q2 FY26, up from Rs 832.17 crore recorded in Q2 FY25, as highlighted in the consolidated financial statement released by NSE. Although the report did not break down the revenue sources in detail, the company primarily generates income from its online and offline courses designed for JEE, NEET, other engineering examinations, and state boards, in addition to the sale of educational materials.

Moreover, the company secured Rs 47.14 crore through interest and gains on financial assets, raising the total revenue to Rs 1,098.4 crore for Q2 FY26.

Expense Overview

On the expenditure side, employee benefits represented the largest cost component, making up 47.3% of total expenses, which amounted to Rs 473 crore in Q2 FY26, reflecting a 38% increase compared to the same quarter last year. Depreciation and amortisation expenses were recorded at Rs 104.7 crore, while advertising expenses also jumped nearly 40% to reach Rs 84.3 crore during the quarter.

The overall expenses for the firm, led by Alakh Pandey, climbed by 25% year-on-year to Rs 999.55 crore in Q2 FY26, up from Rs 800.43 crore in Q2 FY25.

Performance Highlights

In terms of net profit, the company’s enlarged operational scale boosted its earnings by 70%, resulting in a profit of Rs 69.7 crore for the second quarter of FY26. Following the day’s trading session, PhysicsWallah’s share price closed at Rs 135.94, yielding a total market capitalisation of Rs 38,875 crore (approximately $4.4 billion).

In the previous month, PhysicsWallah experienced a strong debut in the public market, opening at Rs 145 per share on NSE, which is a 33% increase over its initial issue price. The Rs 3,480 crore IPO featured a fresh issue of Rs 3,100 crore alongside an offer for sale of Rs 380 crore.

Employee Stock Options

In a separate announcement, PhysicsWallah revealed a new grant of employee stock options under its ESOP 2025 initiative, which encompasses 3.67 crore equity shares. Based on the current share price of Rs 135.94, these newly issued employee stock options are estimated to be valued at around Rs 500 crore.