Physicswallah Limited (PWL) announced that its Board of Directors, in a meeting held on December 18, 2025, approved the third amendment to the Shareholders Agreement (SHA) with Xylem Learning Private Limited (Xylem) and its shareholders. This amendment will facilitate the acquisition of an additional 930 equity shares from existing shareholders, increasing PWL's shareholding in Xylem from the current 64.98% to 77.27%. The agreement also revises tranche-wise acquisition terms, including the number of shares in remaining tranches and valuation parameters. The valuation mechanism for future tranches will now be solely based on EBITDA with 100% weightage, and the corresponding EBITDA valuation multiples have been increased. Revenue metrics will no longer be part of the valuation framework. These amendments aim to align the acquisition schedule and commercial terms with PWL's strategic objectives. The Board meeting commenced at 04:00 P.M. (IST) and concluded at 04:30 P.M. (IST).