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Physicswallah Ltd (PWL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544609 NSE: PWL Educational Institutions | Small Cap | Physicswallah Share Price

₹134.40 1.80 (1.36%)

As on 25-Sep'26 16:59

Physicswallah Ltd (PWL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544609 NSE: PWL Educational Institutions | Small Cap | Physicswallah Share Price

₹134.40 1.80 (1.36%)

As on 25-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹38,520 Cr.
Current Price
₹134.4
52-Week Low / High
₹78 / 162
TTM EPS
₹0.1
TTM Sales
₹4,106 Cr.
Book Value per Share
₹14.2
P/E Ratio
1889.65
Industry PE
99
Price to Book (P/B)
9.35
Higher than its 5-year historical median
Price to Sales (P/S)
9.38
Lower than its 5-year historical median
EV/EBITDA
55.44
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-1.03%
Underperforms industry median
Return on Capital Employed (ROCE)
3.69%
Underperforms industry median
Return on Assets (ROA)
-0.41%
Operating Profit Margin
9.5%
Net Profit Margin
-0.62%
Gross Profit Margin
12.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
39.01%
Operating Profit Growth (1 Year)
-
403.21%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
71.27%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹3,828 Cr.
Equity
₹290.5 Cr.
Face Value
₹1
All Time Low / High
₹77.75 / 162.05

Physicswallah stock performance

Key Ratios
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Valuation

Overvalued

Price Trend

Strong
Q.1 Is Physicswallah Ltd a good quality company?
Physicswallah Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Physicswallah Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Physicswallah Ltd vs industry peers?
Physicswallah Ltd revenue CAGR is 73.68%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Physicswallah Ltd?
Promoters hold 71.27% of the Physicswallah Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Physicswallah Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Physicswallah Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ-5.8%-114.5%-5.3%2.2%-
Value Creation
Index ⓘ
-1.5NA-1.5-0.8-

Growth Parameters ⓘ

Sales ⓘ7351,5362,3343,2453,478
Sales YoY Gr.-109.1%51.9%39%-
Adj EPS ⓘ-0.1-2.3-0.20.20.1
YoY Gr.-NANANA-
BVPS (₹) ⓘ0.1-4.84.316.816.4
Adj Net
Profit ⓘ
-29.8-500-39.959.832
Cash Flow from Ops. ⓘ267295473821-
Debt/CF from Ops. ⓘ3.65.700-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNANA64.1%39%
Adj EPS ⓘNANANANA
BVPSⓘNANA418.8%291.6%
Share Price - - - -

Key Financial Parameters ⓘ

Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ
-31.3130.6-7.21.70.7
Op. Profit
Mgn % ⓘ
7.9-7.87.29.48.9
Net Profit
Mgn % ⓘ
-4.1-32.5-1.71.80.9
Debt to
Equity ⓘ
36-1.600-
Working Cap
Days ⓘ
0127140184218
Cash Conv.
Cycle ⓘ
0-4-8-10120

Valuation of Physicswallah - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'23Mar'24Mar'25Mar'26
Sales7441,9412,8873,900
Operating Expenses ⓘ + 7592,9162,8133,530
Manufacturing Costs37159242317
Material Costs3890123165
Employee Cost 4131,1591,4011,906
Other Costs ⓘ 2711,5071,0471,142
Operating Profit ⓘ -14-97574370
Operating Profit Margin (%) -1.9%-50.2%2.5%9.5%
Other Income ⓘ + 2875152232
Exceptional Items ⓘ 071-33-53
Interest ⓘ 216585102
Depreciation ⓘ 83298366437
Profit Before Tax ⓘ -89-1,193-25910
Tax ⓘ -5-62-1534
Profit After Tax -84-1,131-243-24
PAT Margin (%) -11.3%-58.3%-8.4%-0.6%
Adjusted EPS (₹)-0.4-4.8-1.0-0.1
Dividend Payout Ratio (%)0%0%0%0%
PARTICULARSMar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + -251-1,4281,3224,203
Share Capital ⓘ 661,052.84285.97
Reserves ⓘ -257-1,4342693,917
Debt +9561,687011
Long Term Debt9251,64900
Short Term Debt3139010
Minority Interest132742950
Trade Payables52129187249
Others Liabilities ⓘ 1,1871,9532,5393,120
Total Liabilities ⓘ 2,0762,4164,0777,632

Fixed Assets

Net Fixed Assets ⓘ +1,1241,5681,6191,859
Gross Block1,1991,9292,3662,999
Accumulated Depreciation753627481,140
CWIP ⓘ 5098
Investments ⓘ 2051731,4012,426
Inventories235377102
Trade Receivables13274282
Cash Equivalents 530791751,126
Others Assets ⓘ 1775157542,029
Total Assets ⓘ 2,0762,4164,0777,632
PARTICULARSMar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 270212507833
PBT ⓘ -89-1,193-25910
Adjustment ⓘ 1841,184570547
Changes in Working Capital ⓘ 201227197307
Tax Paid ⓘ -26-6-2-30
Cash Flow From Investing Activity ⓘ + -1,076-43-1,513-3,283
Capex -146-211-167-339
Net Investments -589159-1,279-2,794
Others ⓘ -3419-67-149
Cash Flow From Financing Activity ⓘ + 848-1651,0072,755
Net Proceeds from Shares ⓘ 0002,997
Net Proceeds from Borrowing ⓘ 0000
Interest Paid ⓘ -20-64-74-85
Dividend Paid ⓘ 0000
Others ⓘ 868-1011,081-157
Net Cash Flow ⓘ 4241306
PARTICULARSMar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)N/AN/A0-1.03
ROCE (%)N/AN/A-17.623.69
Asset Turnover Ratio0.360.860.890.67
PAT to CFO Conversion(x)N/AN/AN/AN/A
Working Capital Days
Receivable Days6.203.804.405.80
Inventory Days11.107.208.208.40
Payable Days496.90364.70469.50482.10

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Announcements

Physicswallah Ltd FAQs

The current trading price of Physicswallah on 25-Sep-2026 16:59 is ₹134.4.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Sep-2026 the market cap of Physicswallah stood at ₹38,520.4 Cr

The latest P/E ratio of Physicswallah as of 24-Sep-2026 is 1,227.7.

The latest P/B ratio of Physicswallah as of 24-Sep-2026 is 8.07.

The 52-week high of Physicswallah is ₹162.1 and the 52-week low is ₹77.75.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Physicswallah is ₹3,478 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Physicswallah Ltd is a below average quality company.

The key valuation ratios of Physicswallah Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Physicswallah Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Physicswallah Ltd

Physicswallah was originally incorporated at Prayagraj, Uttar Pradesh, India as ‘Physicswallah Private Limited’, a private limited company under the provisions of the Companies Act, 2013 with the Registrar of Companies, Uttar Pradesh at Kanpur, pursuant to a certificate of incorporation dated June 6, 2020, issued by the Registrar of Companies, Central Registration Centre. Upon the conversion of the company into a public limited company, pursuant to a resolution passed by the Board of Directors dated December 11, 2024, and a Shareholders’ resolution dated December 13, 2024, the name of the company was changed to ‘Physicswallah Limited’, and a fresh certificate of incorporation dated January 8, 2025 was issued by the Registrar of Companies, Central Processing Centre.

It offers test preparation courses for competitive examinations, and other courses such as for upskilling. Its channels of delivery include - (i) online, which includes its social media channels, website and apps; (ii) tech-enabled offline centers (where its faculty conducts live classes in a physical center); or (iii) hybrid centers (its two-teacher model where a student attends a live online classes at a physical center and can benefit from another faculty that is present at the center to resolve questions and participate in revision classes). It also has a significant offline presence among education companies in India in terms of offline revenue.

It has sought to cultivate its student community by offering quality education. It provides content using engaging and tech-enabled pedagogy (which means teaching methodologies). Further, a large portion of its materials and courses are available in an open access or free format on YouTube channels, with an option for students to sign up for free or paid courses on its website or its mobile applications. It started its operations by offering courses online and has expanded to multiple channels of delivery - online, offline and hybrid. It aims to leverage its proprietary technology stack to provide content at scale, integrates new offerings successfully, and offers tech-backed tools to students and teachers for planning coursework, solving questions, grading tests, leading to efficient pedagogy.

It offers the option to students to pay the course fee in installments for some of its higher priced courses. It also provides options for students to avail loans from third-party financial institutions to sign up for its courses. It has tied up with a few financial companies in India who provide services related to student financing. It only facilitates students to connect with financing institutions for loans and does not provide any loans to students directly.

Business area of the company

Physicswallah together with its subsidiaries (‘the Group’) has presence primarily in India and UAE. The principal activities of the Group and its associate consist of the business of education by providing online and offline coaching and study material for test preparation of various competitive exams such as NEET, JEE, MBA, UPSC, GATE, CA, etc.

Awards, accreditations and recognition

  • 2022: Received award in “D2C category” from Exchange 4 Media.
  • 2023: Received Diamond Play button from YouTube upon surpassing 10 million subscribers to the “Physics Wallah - Alakh Pandey” channel.
  • 2023: Received an award for “Digiplus - Education” at Vishwas Diwas - the celebration of trust” from Economics Times.
  • 2024: Awarded “CIA implementation in DevOps” by Quantic at 4th annual India Devops Show, 2024.
  • 2024: Received the “Best Education Brands” award from Economic Times
  • 2024: Received the “Startup of the Year - Education” award from Economic Times.
  • 2024: Received the “Ed-tech appreciation” award from the Confederation of Indian Industry (“CII”) at the CII Unicorn Summit.
  • 2024: Received an award for “Strategic Excellence in Customer-centric Leadership” from Quantic.
  • 2024: Received the “Most Promising Ed-Tech skilling Company of the Year” award at the 5th Education Leaders Conclave and Awards, Dubai, UAE.
  • 2024: Received an award for “Excellence in AI Implementation in Education” for “Alakh AI” from Economic Times at the Economic Times Education Excellence Awards.
  • 2024: Received the “Indian Digital Marketing - Best Data Driven Marketing Strategy” award from Exchange 4 Media.

History and milestones

  • 2020: Incorporation of the company.
  • 2020: Launched the digital e-learning app on play store “Physics Wallah”.
  • 2020: Launched courses for JEE and NEET category.
  • 2021: Launched its first Pathshala center in New Delhi, Delhi, India.
  • 2021: Commenced business of publication and sale of study material books.
  • 2022: Launched its first Vidyapeeth center in Kota, Rajasthan, India.
  • 2021: Launched first “PhysicsWallah National Scholarship Admission Test”, operated in online and offline formats.
  • 2021: Launched the digital e-learning app “Physics Wallah” on iOS.
  • 2021: Launched its website “pw.live”.
  • 2023: Acquisition of it Subsidiaries, namely, “Xylem Learning Private Limited” and “Utkarsh Classes & Edutech Private Limited”.
  • 2024: Launched “AI Guru” which is an AI backed tool that provides personalized support to students for queries in the form of text, image, and audio responses.
  • 2025: Memorandum of Understanding with an association to provide educational support to the families of Central Reserve Police Force personnel.
  • 2025: Partnered with Yashwantrao Chavan Maharashtra Open University with an aim to offer regular online classes and real-time doubt resolution facilities to students.

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