Physicswallah Limited (PWL)

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Physicswallah Limited (PWL) · mywealthgrid

About

Physicswallah Limited operates in e-learning within India's consumer discretionary sector, serving online education students at scale. The company reached quarterly revenues of ₹735–₹1,082 Cr and a market cap of ₹33,493 Cr, though it trades without an established PE multiple.

Face value: ₹1

Market cap

₹34,365 Cr

P/E

1,685.4×

P/B

7.6×

Dividend yield

ROE

-0.5%

ROCE

2.8%

Debt / equity

OPM

9.5%

EPS (TTM)

₹0.1

Book value

₹15.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Profitability collapsed in Mar 2026, showing net losses of ₹69–₹132 Cr and OPM as low as -4.68%, reversing profitable quarters from Sep–Dec 2025.
ROE of -0.5% despite zero debt indicates the company is destroying shareholder value and capital is not generating returns.
Operating margins swing wildly from -4.68% to 21.84% across recent quarters, signaling fragile or inconsistent unit-level profitability.
E-learning sector faces intense competition and rising customer acquisition costs; verify PWL's differentiation, unit economics, and churn patterns.

Generated analysis · source review pending

Growth drivers

Quarterly revenue of ₹735–₹1,082 Cr demonstrates established market presence in e-learning; verify addressable market size and PWL's market share to assess runway.
Operating margins of 21.26–21.84% in Sep–Dec 2025 prove unit economics can work; verify root cause of Mar 2026 deterioration and any corrective actions.
Zero debt (D/E 0) provides financial flexibility to invest in growth and R&D; verify if debt-free status reflects capital discipline or lack of growth opportunities.

Generated analysis · source review pending

213 historical price candles were omitted because the exchange source has not been verified.

₹120.2-4%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+High promoter holding of 71.3% with no pledge

Cons

−Low return on equity of -0.5% (3-yr avg)
−Weak interest coverage of 1.6×
−Expensive at 1685.4× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

17/100

Business quality: 24
Valuation: 10

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2026
Revenue	3,900
COGS	165
Gross profit	3,735
	3,364
	370
OPM %	9.5%
Depreciation	437
Interest	102
	179
Profit before tax	10
Tax	34
Tax %	343.7%
PAT	-24
PAT margin %	-0.6%
EPS (₹)	-0.1
EPS adjusted (₹)	-0.1

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	6	6	218	286
Reserves	-189	-1,252	472	4,234
Minority interest	132	74	863	50
	956	1,687	0	11
	1,176	1,966	2,603	3,096
Total equity & liabilities	2,082	2,481	4,156	7,677
	657	736	668	902
CWIP	5	0	7	5
Investments	205	173	1,396	2,426
	1,215	1,572	2,086	4,344
Total assets	2,082	2,481	4,156	7,677

₹ Cr	Mar 2026
	833
	-3,283
	2,755
Net cash flow	306
Free cash flow	512
CFO / Operating profit %	225.2%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: -1%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2026
Margins
Gross margin %	95.8%
EBITDA margin %	9.5%
EBIT margin %	-1.7%
PAT margin %	-0.6%
Working capital
Receivable days	8
Inventory days	226
Payable days	550
NWC days	-317
Leverage
Current ratio	2.9
Debt to EBITDA	0.03
Debt to equity	0
Interest coverage	1.6
Asset turnover	0.51
Return ratios
Return on assets %	-0.3%
Return on capital employed %	2.8%
Return on equity %	-0.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.3%	72.3%	72.3%	71.27%
	11.89%	12.4%	11.56%	12.02%
	13%	12.74%	13.46%	13.11%
Government	0%	0%	0%	0%
	2.81%	2.56%	2.68%	3.6%
No. of shareholders	1,88,585	2,03,128	1,94,993	1,79,493

Promoter holding down 1.03 percentage points since Sep 2025.

27 deals · 18 Nov 2025 – 26 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
26 Aug 2026	LIGHTSPEED OPPORTUNITY FUND II L.P.	Block	NSE	Sell	4,66,98,120	₹117.72	₹549.73 Cr
26 Aug 2026	LIGHTSPEED OPPORTUNITY FUND II L.P.	Bulk	NSE	Sell	4,66,98,120	₹117.72	₹549.73 Cr
26 Aug 2026	ICICI PRUDENTIAL MUTUAL FUND	Bulk	NSE	Buy	2,20,00,003	₹117.72	₹258.98 Cr
26 Aug 2026	ICICI PRUDENTIAL MUTUAL FUND	Block	NSE	Buy	2,20,00,003	₹117.72	₹258.98 Cr
26 Aug 2026	GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO	Block	NSE	Buy	61,23,236	₹117.72	₹72.08 Cr
26 Aug 2026	TATA AIA LIFE INSURANCE COMPANY LIMITED	Block	NSE	Buy	33,97,894	₹117.72	₹40.00 Cr
26 Aug 2026	VIRIDIAN ASIA OPPORTUNITIES MASTER FUND	Block	NSE	Buy	23,52,783	₹117.72	₹27.70 Cr
26 Aug 2026	CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED	Block	NSE	Buy	23,52,677	₹117.72	₹27.70 Cr
26 Aug 2026	GHISALLO MASTER FUND LP	Block	NSE	Buy	21,23,694	₹117.72	₹25.00 Cr
26 Aug 2026	SOCIETE GENERALE	Block	NSE	Buy	21,23,692	₹117.72	₹25.00 Cr

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Mr. Deepak AmitabhNon-Executive - Independent Director-Chairperson
Mr. Nitin SavaraNon-Executive - Independent Director
Ms. Rachna DikshitNon-Executive - Independent Director
Mr. Alakh PandeyExecutive Director-CEO
Mr. Prateek BoobExecutive Director
Mr. Sandeep SinghalNon-Executive - Nominee Director
Ajinkya JainGroup General Counsel, Company Secretary and Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 13 fund houses

Held by these funds

4.68%

of the company's equity

All mutual funds

5.64%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

50 schemes · 13 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	3.31 Cr	384.8	0.47%	1.157%	-25 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.93 Cr	224.76	0.52%	0.676%	-0
Focused FundNEW	360 ONE Mutual Fund	1.35 Cr	157.33	2.31%	0.473%	—
Technology Fund	ICICI Prudential Mutual Fund	92.31 L	107.36	0.79%	0.323%	+44 L
Innovation FundNEW	ICICI Prudential Mutual Fund	88.53 L	102.96	1.29%	0.31%	—
Flexi Cap Fund	Helios Mutual Fund	69.07 L	80.33	0.92%	0.242%	-0
Innovative Opportunities Fund	SBI Mutual Fund	63.22 L	73.52	1.34%	0.221%	-0
Smallcap Fund	SBI Mutual Fund	50.57 L	58.81	0.14%	0.177%	-0

1–8 of 50

1 / 7

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Offer and rights documents

Physicswallah Limited — PROSPECTUSListing · 14 Nov 2025

Investor Presentation and earnings call

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

29 announcementsExport CSV

1 Oct 2026, 7:39 pmCompany Update

Announcement Under Regulation 30 (LODR)- Grant Of Stock Options

General PDF

18 Sept 2026, 6:54 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

10 Sept 2026, 8:25 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

9 Sept 2026, 6:24 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

8 Sept 2026, 5:46 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

2 Sept 2026, 1:39 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

1 Sept 2026, 7:53 pmCompany Update

Announcement Under Regulation 30 (LODR) - Letter To Shareholders Providing Web-Link Of Annual Report.

General PDF

1 Sept 2026, 7:39 pmAGM/EGM

Notice Of 06Th Annual General Meeting

AGM PDF

Date	Category	Subject	Filing
1 Oct 2026, 7:39 pm	Company Update General	Announcement Under Regulation 30 (LODR)- Grant Of Stock Options	PDF
18 Sept 2026, 6:54 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

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Ratio	Mar 2026
Margins
Gross margin %	95.8%
EBITDA margin %	9.5%
EBIT margin %	-1.7%
PAT margin %	-0.6%
Working capital
Receivable days	8
Inventory days	226
Payable days	550
NWC days	-317
Leverage
Current ratio	2.9
Debt to EBITDA	0.03
Debt to equity	0
Interest coverage	1.6
Asset turnover	0.51
Return ratios
Return on assets %	-0.3%
Return on capital employed %	2.8%
Return on equity %	-0.5%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Physicswallah LimitedPWLPWL	₹34,365 Cr	₹34,376 Cr	₹4,106 Cr	₹389 Cr	9.5%	₹20 Cr	-0.6%	2.8%	-0.5%	-317
Veranda Learning Solutions LimitedVERANDAVERANDA	₹2,059 Cr	₹2,360 Cr	₹525 Cr	₹187 Cr	34.6%	₹144 Cr	27%	9.9%	17.4%	-740
Jaro Institute Of Technology Management And Research LimitedJAROJARO	₹911 Cr	₹911 Cr	₹284 Cr	₹73 Cr	26.3%	₹57 Cr	19.3%	18.9%	14.7%	-19
Robokidz Eduventures LtdROBOKIDZROBOKIDZ	₹241 Cr	—	—	—	—	—	—	—	—	—
Fusion Klassroom Edutech LtdKLASSROOMKLASSROOM	₹153 Cr	₹154 Cr	₹10 Cr	—	—	₹3 Cr	28.7%	-10.4%	41.6%	—
Sodhani Academy of Fintech Enablers LtdSAFESAFE	₹79 Cr	—	₹4 Cr	₹2 Cr	55.1%	₹3 Cr	95.1%	26.6%	22.4%	—
Jetking Infotrain LtdJETKINGQJETKINGQ	₹76 Cr	₹77 Cr	₹22 Cr	₹-3 Cr	-13.2%	₹-1 Cr	-4.2%	-2.3%	-2.2%	-8
Usha Martin Education & Solutions LimitedUMESLTDUMESLTD	₹12 Cr	₹12 Cr	₹1 Cr	₹0 Cr	48.9%	₹0 Cr	44.3%	5.1%	4.7%	0

Physicswallah Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Offer and rights documents

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Ratio timeline

Board meetings1

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Offer and rights documents

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Return on equity

1

1