Physicswallah earnings calls.

Physicswallah delivered a strong Q3 FY26 with ₹1,082 crore revenueCurrent reported value: ₹1,082 crore revenue. No comparable prior figure is available in the source record. (+34Current 34 crore vs previous available quarter 51 crore.% YoY) and ₹218 crore EBITDACurrent ₹218 crore vs previous available quarter ₹9 crore. (20.2Current reported value: 20.2. No comparable prior figure is available in the source record.% margin), growing PAT to ₹102Current reported value: 102. No comparable prior figure is available in the source record. crore despite ₹23 crore one-time charges from IPO and labor code changes. Online contributes 51% of revenue at 31% growth; offline is 46% at 26% growth. The company raised full-year revenue guidance to 32-35% growth, with 9-month revenue of ₹2,980 crore already surpassing prior-year full-year ₹2,886 crore. K12 expansion is the strategic pivot—₹400 crore allocated to school management, 70 new offline centers planned at ₹200 crore capex. New categories (CLAT, NEPG, IIT JAM) contributed ₹32 crore in 9 months; state boards scaled to 175,000 paid learners (₹22 crore); vernacular reached 94,000 paid students (₹24 crore). AI initiatives (Arbutus, PW Talks) are bearing fruit with in-house proprietary data. Risk: K12 currently contributes less than 1% of revenue with payback cycles of 12+ years, and J/NEET growth has slowed to low-single digits in penetrated markets.