PhysicsWallah (PW) has reported a mixed set of earnings for the fourth quarter ended March 31, 2026.
According to its consolidated financial statement filed on the National Stock Exchange (NSE) on Wednesday, the newly public company logged a strong year-on-year revenue expansion, but swung back into a net loss on a sequential quarter-on-quarter (QoQ) basis, indicating ongoing bottom-line volatility during the seasonal post-festive cycle.
Inside the Core Numbers: The YoY vs. QoQ Dynamic
The Alakh Pandey-led edtech unicorn reported a consolidated net loss of ₹74.89 crore for Q4 FY26. While this metrics represents a massive 74% improvement compared to the heavy ₹293.10 crore net loss recorded during the identical year-ago window (Q4 FY25), it marks a significant sharp reversal from the stellar ₹102.27 crore net profit recorded in the preceding quarter (Q3 FY26).
The top-line metrics demonstrated a similar divergence:
- Operating Revenue (YoY): Advanced 50.72% year-on-year to reach ₹918.80 crore in Q4 FY26, up from ₹609.60 crore in Q4 FY25, driven by expanding offline centers and a rising base of paid users.
- Operating Revenue (QoQ): Contracting 15.12% sequentially compared to the record-setting ₹1,082.42 crore posted during the high-enrolment October–December peak (Q3 FY26).
Operational Milestones and the Cost Breakdown
Despite the short-term sequential net loss, the platform achieved a critical listing milestone, turning EBITDA positive for the first time since its stock market debut in November 2025.
Q4 EBITDA came in at ₹29.78 crore, reflecting a lean 3.24% operating margin. The recovery was heavily anchored by the company’s aggressive, multi-year shift toward a “phygital” (hybrid) delivery footprint. The company’s total offline learning network swelled to 353 centers by the end of March 2026, up from 198 centers in the previous fiscal cycle, pulling in 470,000 offline student enrolments (a 42% YoY jump).
On the expenditure front, employee benefits remained the dominant financial cost center, accounting for roughly 47% of total quarterly operational expenses at ₹487 crore, an increase of nearly 30% year-on-year. Total expenditure for the quarter rose marginally by 7.4% to hit ₹1,035 crore. Notably, the final quarterly bottom line was also impacted by a ₹29 crore non-cash goodwill impairment charge related to past acquisition structures.
The Full-Year Outlook: Narrowing the Deficit
Looking past single-quarter variance to examine the full-year trajectory, PhysicsWallah’s structural fundamentals appear significantly more consolidated than the heavily disrupted trends currently playing out across rival legacy edtech structures:
| Metric | FY26 | FY25 | YoY Change (%) |
| Revenue from Operations | ₹3,899.54 Cr | ₹2,886.64 Cr | +35.09% |
| Total Income | ₹4,131.04 Cr | ₹3,039.09 Cr | +35.93% |
| Net Profit After Tax (PAT) | -₹22.49 Cr | -₹215.90 Cr | Loss Narrows 89.5% |
| Operating Cash Flow | ₹833.24 Cr | ₹507.04 Cr | +64.33% |
For the full twelve-month period of FY26, overall revenues climbed 35% to hit ₹3,899.54 crore, while annual consolidated losses narrowed sharply by nearly 90% to settle at just ₹22.49 crore down from the ₹215.90 crore deficit in FY25.
Market Response and the AI Pivot
In their joint address to shareholders, co-founders Alakh Pandey and Prateek Maheshwari noted that the company is relying heavily on structural technological automation to push past the final thresholds of full-year profitability, noting that 91% of their active codebases are now natively AI-assisted through their core product engines (AI Guru, AI Mentor, and AI Books).
The financial print dropped after trading hours on Wednesday. Ahead of the results, shares of PhysicsWallah closed virtually flat, creeping up 0.06% to settle at ₹112.10 apiece on the National Stock Exchange. While the stock has staged a visible recovery from its lifetime low of ₹77, it continues to trade below its initial November 2025 listing price benchmark of ₹145 per share, giving the company a current market capitalization of ₹32,381 crore ($3.4 billion).
