In a major milestone for the Indian edtech sector, PhysicsWallah (PW) reported a consolidated net profit of ₹102.3 crore for the third quarter of FY26 (Q3 FY26), ending December 31, 2025.
The results, announced on February 5, 2026, mark the company’s first quarterly report since its successful stock market debut in November 2025. The profit surge underscores the company’s ability to maintain high margins while aggressively expanding its offline footprint and AI capabilities.
SEO Title: PhysicsWallah Q3 Results: Profit Hits ₹102 Cr as Offline & AI Segments Drive 34% Revenue Surge
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Meta Description: PhysicsWallah reported a ₹102.3 crore profit in Q3 FY26, up 33% YoY. Discover how the edtech leader surpassed full FY25 revenue in just nine months with 318 centers and 4.37M paid users.
1. Q3 FY26 Financial Highlights
PhysicsWallah delivered a robust “top and bottom line” performance, with net profit rising 33% year-on-year (YoY).
| Metric | Q3 FY26 (Current) | Q3 FY25 (Previous) | Change (YoY) |
| Operating Revenue | ₹1,082.4 Crore | ₹809.7 Crore | ↑ 34% |
| Net Profit (PAT) | ₹102.3 Crore | ₹76.7 Crore | ↑ 33% |
| Adjusted EBITDA | ₹351.2 Crore | ₹250.9 Crore | ↑ 40% |
| EBITDA Margin | 32.4% | 31.0% | ↑ 140 bps |
- Sequential Growth: Profit rose 46% compared to the ₹70 crore recorded in Q2 FY26.
- Nine-Month Milestone: For the first nine months of FY26, revenue reached ₹2,981 crore, already surpassing the company’s total revenue for the entire 2025 fiscal year.
2. Operational Growth: The Hybrid Edge
The growth was primarily fueled by a significant increase in paid users and a massive expansion of the PW Vidyapeeth offline network.
- User Base: Total paid users reached 4.37 million (up 21% YoY).
- Online Enrolments: 3.96 million users (20% growth).
- Offline Enrolments: 4.1 lakh students (36% growth).
- Infrastructure: The company expanded its physical network to 318 centers across India, up from 186 centers in the previous year.
- Diversification: Newer categories like State Boards (1.75 lakh enrolments) and vernacular courses in five languages (90,000 enrolments) showed strong early traction.
3. AI and Technology Investments
A significant portion of the recent IPO proceeds is being directed toward “AI-first” education tools to enhance student engagement and operational leverage.
- AI Suite: PW continues to scale its AI Guru, Ask AI, AI Grader, and AI Mentor tools.
- PW Talks: The new AI-driven English-speaking app recorded over 1 million sign-ups in Q3 alone.
- Engagement: Daily average users (DAU) remained steady at 3.4 million, with an average engagement time of 106 minutes per day.
4. Post-IPO Market Position
Despite the strong earnings, the stock has seen some volatility since its listing.
- Share Price: As of February 6, 2026, shares were trading around ₹119–₹122, below the listing price of ₹145 but stabilizing after the profit announcement.
- Treasury Strength: Backed by IPO proceeds, the company maintains a robust treasury position of ₹5,054 crore, providing ample “dry powder” for strategic acquisitions and K-12 expansion.
Conclusion: Scaling with Discipline
PhysicsWallah’s Q3 performance proves that the “high-volume, low-cost” model can successfully transition into a profitable, large-scale hybrid ecosystem. By achieving a 32% EBITDA margin while expanding to 318 centers, Alakh Pandey’s firm is setting a high bar for the Indian edtech industry in 2026.
