Physicswallah Limited (PWL) has announced the transcript of its Earnings Conference Call held on February 06, 2026. The call discussed the company's Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31, 2025. During the call, Mr. Prateek Boob, Whole-Time Director, provided an overview of Physicswallah's journey, starting as a YouTube channel in 2016 and evolving into a comprehensive education platform. He highlighted the company's unique "zero CAC" model, where free online content drives traffic to paid live classes on their mobile application, which currently has 3.4 million daily active users. The company also operates over 300 tech-enabled offline learning centers. Mr. Boob reiterated the vision to make quality education affordable and accessible to all Indian households. Mr. Amit Sachdeva, CFO, presented the financial highlights for Q3 FY26, reporting total revenue from operations of ₹1,082 crores, a 34% year-over-year increase. The company achieved a pre-Ind AS EBITDA of ₹219 crores (20.2% margin) and a PAT of ₹102 crores (9% margin), despite a one-time expense of ₹23 crores. For the nine months ended December 31, 2025, revenue reached ₹2,980 crores, a 31% year-over-year increase, surpassing the full-year revenue of the previous year. Pre-Ind AS EBITDA for the nine months was ₹291 crores, and PAT was ₹45 crores. The online segment grew by 38% year-over-year, contributing 51% of total revenue, while the offline segment grew by 26%, contributing 46%. The company plans to continue investing in offline expansion (70 new centers with a ₹200 crore outlay), inorganic opportunities, K-12 platforms, and AI initiatives. Significant investments have been made in the K-12 segment, including the acquisition of Tender Heart and the development of the Curious Junior product. The company also discussed the performance of its acquisitions, including Sarrthi (UPSC practice), Utkarsh Classes (state exams), and Xylem (test prep in Kerala). Physicswallah is also expanding into new categories like CLAT, NEET PG, and IIT JAM, and has launched a state boards vertical and vernacular language batches. The management discussed the long-term strategy for the K-12 segment, envisioning it becoming larger than the test prep business within five years, with plans to integrate test prep into school offerings. They also touched upon the potential for a digital university and expanding into formal education at the post-graduate level.
