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

Screen this industry Compare top 5 side-by-side

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

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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

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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

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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

9 announcementsExport CSV

1 Oct 2026, 7:39 pmCompany Update

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

General PDF

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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%

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

1–10 of 27

1 / 3

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

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	PDF
10 Sept 2026, 8:25 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
9 Sept 2026, 6:24 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
8 Sept 2026, 5:46 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
2 Sept 2026, 1:39 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
1 Sept 2026, 7:53 pm	Company Update General	Announcement Under Regulation 30 (LODR) - Letter To Shareholders Providing Web-Link Of Annual Report.	PDF
1 Sept 2026, 7:39 pm	AGM/EGM AGM	Notice Of 06Th Annual General Meeting	PDF

Physicswallah Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Return on equity

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

Announcements

Not in the F&O segment

1

Announcements

Offer and rights documents

Investor Presentation and earnings call

Return on equity

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

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Board meetings1

Announcements

Not in the F&O segment

Ratio timeline

Board meetings1

Announcements

Quarterly record

Offer and rights documents

Investor Presentation and earnings call

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Return on equity

1

1