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Prices as of 8 Oct 2026 close · Not investment advice

Physicswallah Limited

NSE: PWLE-Learning

Share price

₹140.48

+0.65% close of 8 Oct 2026

Market cap ₹40,177 CrP/E 669.6

Business score

How strong the business is, in one number. The parts behind it are in Pro.

40

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹40,177 Cr

P/E ratio

669.6

P/B ratio

10.9

ROCE

4.0%

ROE

-0.6%

Dividend yield

0.0%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹155.2452-week low ₹79.56

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Fewer than three years of filings — too early to judge growth.

Whether it grew faster than its sector

We do not have three full years of its sales yet, so there is nothing to compare with its sector.

Room to re-rate, or risk of de-rating

Its profit has collapsed to almost nothing, so the current price-to-profit number is meaningless — there is no honest multiple to compare with its past.

Whether growth justifies the valuation

Its profit has collapsed to almost nothing, so the price-to-profit number is meaningless — growth cannot be weighed against a price like that.

Profit growthPrice per ₹1 profitPer 1% growth
Physicswallah Limited — this one23%/yr——
Jaro Institute of Technology Management and Research Limited56%/yr15.9×₹0.28
Veranda Learning Solutions Limited30%/yr4.9×₹0.16
G-TEC JAINX EDUCATION LIMITED———
Usha Martin Education & Solutions Limited80%/yr29.4×₹0.37

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (E-Learning), it ranks 4 of 5 on returns, 4 of 5 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 4.0% on capital, ahead of 20% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

Yes — Over the last five years it made ₹1881 crore of cash from the business and spent ₹885 crore on plant and equipment, with ₹996 crore to spare; it still raised ₹4445 crore from lenders and shareholders. It has not made a profit over 5 years.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

7 of 9 checks clear · 78%

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Revenue grew 24% while management kept its full-year growth and profit-improvement targets unchanged.

Announced 14 Aug 2026 · Consolidated · Unaudited

Revenue

₹1,054 Cr

Revenue vs last year

+24.4%

Revenue vs last quarter

+14.7%

Net profit

-₹88 Cr

Net margin

-8.4%

EPS

₹-0.27

Earnings call transcript · 14 Aug 2026

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹40,177 Cr
Prev close
₹140.48
52w High
₹162
52w Low
₹77.7
Enterprise value
₹38,698 Cr
Beta
0.7
Price CAGR 1y
—
Price CAGR 3y
—
Price CAGR 5y
—
Price CAGR 10y
—

Ratios

Return on assets
-0.3%
PEG ratio
29.1
P/E ratio
669.6
P/B ratio
10.9
EV / EBITDA
99.5
Industry P/E
30.9
ROCE
4.0%
ROCE 5y average
-48.0%
ROE
-0.6%
Debt / Equity
0.5
Interest coverage
1.1
Dividend yield
0.0%
ROE 3y average
—
ROE last year
-1.0%

Annual P&L

Annual revenue
₹3,900 Cr
Annual profit
-₹24 Cr
Operating margin
9.0%
Net profit margin
-0.6%
EBITDA margin
9.5%
Sales growth 3y
73.7%
Sales growth 5y
—
Profit growth 3y
23.0%
Profit growth 5y
—
EPS
₹-0.1
Sales growth TTM
33.0%
Profit growth TTM
125.0%
Dividend payout
0.0%

Quarter P&L

Sales latest quarter
₹1,054 Cr
Profit latest quarter
-₹88 Cr
YoY quarterly sales growth
24.4%
YoY quarterly profit growth
—
OPM latest quarter
-5.4%

Balance Sheet

Book Value
₹12.9
Face Value
₹1.0
Total debt
₹1,876 Cr
Total cash
₹1,126 Cr
Borrowings
₹1,876 Cr
Reserves / Equity
11.9

Cash Flow

Operating cash flow
₹833 Cr
Free cash flow
₹494 Cr
FCF yield
1.0%
Net cash flow
₹306 Cr

Shareholding

Promoter holding
71.3%
FII holding
12.0%
DII holding
13.1%
Public holding
3.6%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Physicswallah140.00665.540,6700.00-88.335.61,054.024.44.0
Jaro Institute405.6516.09041.2211.248.370.816.622.1
Veranda Learning32.154.83100.0033.9854.4149.541.512.8
Robokidz Eduventures200.1021.62170.00
Fusion Klassroom Edutech158.0019.41470.0060.6
Sodhani Academy138.0081.9790.541.4-23.91.6-45.312.8
Jetking Infotrai121.20760.00-1.3-267.55.3-12.8-3.7
Median158.0019.43100.0011.248.3149.524.417.5

Competes with: G-TEC JAINX EDUCATION LIMITED, Jaro Institute of Technology Management and Research Limited, MPS Limited, Usha Martin Education & Solutions Limited, Veranda Learning Solutions Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales8328106108471,0511,0829191,054
Expenses6986268389238708468901,111
Material Cost27222435
Change in Inventories-5.35-5.23-9-9.86
Purchases of Stock-in-Trade6.484.964644
Employee Cost473490487528
Other Expenses369335342513
Operating Profit134184-229-7618123629-57
OPM %1623-38-9.0117223.13-5.41
Other Income31402555474136109
Exceptional items (within Other Income)0-24-290
Interest1319283325212326
Depreciation89939898105113122111
Profit before tax62111-330-15299144-81-84
Tax %3431-12-162929-145
Net Profit4177-289-12770102-69-88
EPS in Rs7.4215-1.34-0.550.330.35-0.26-0.27
Diluted EPS in Rs0.270.36-0.26-0.27

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2337441,9402,8873,9004,106
Expenses997662,9162,8133,5293,717
Material Cost102
Change in Inventories-15
Purchases of Stock-in-Trade79
Employee Cost1,906
Other Expenses1,459
Operating Profit134-22-97573370389
OPM %57-2.90-502.5099
Other Income228146120179233
Exceptional items (within Other Income)-53
Interest021658510294
Depreciation475298366437450
Profit before tax132-89-1,193-2599.9278
Tax %25-6-5-6344
Net Profit98-84-1,131-243-2415
EPS in Rs16-14-173-0.99-0.080.15
Diluted EPS in Rs-0.08
Dividend Payout %00000

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
—
5 years
—
3 years
74%
TTM
33%

Compounded profit growth

10 years
—
5 years
—
3 years
23%
TTM
125%

Return on equity

10 years
—
5 years
—
3 years
—
Last year
-1%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital666218286
Reserves100-189-1,2534723,411
Borrowings09561,6871,8311,876
Other Liabilities671,3072,0401,6472,125
Minority Interest50
Total Liabilities1732,0802,4814,1687,697
Fixed Assets271,1211,4641,5861,830
CWIP65098
Investments242051731,4012,426
Other Assets1167488441,1723,433
Total Assets1732,0802,4814,1567,677

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity59270212507833
Cash from Investing Activity-58-1,076-43-1,513-3,282
Cash from Financing Activity0848-1651,0072,755
Net Cash Flow14241306
Free Cash Flow371241340494

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days06758
Inventory Days174
Days Payable398
Cash Conversion Cycle0-217758
Working Capital Days-82-214-112-8820
ROCE %-15-172-94

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemDec 2025Mar 2026Jun 2026
Promoters727271
FIIs121212
DIIs131313
Public2.572.683.60
No. of Shareholders2,03,1281,94,9931,79,493

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -9.5% (₹155.24 → ₹140.48)Brick size ₹6.45 (fixed)Bricks 32
₹100₹120₹140Jan '26Mar '26Jun '26Aug '26Oct '26
Price moved up one brickPrice moved down one brickLast close ₹140.48 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

-1,480inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

News

News and filings about Physicswallah Limited. Open one to see why it matters.

No recent news for this company.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Sells to

  • Government of Telangana - Department of Education · MoU 2025-2029, ~Rs.300 cr education products (live classes, localised content, AI tutors)…
  • Vodafone Idea · Vi Edu+ bundling — PhysicsWallah 'Pi' educational OTT platform distributed via select Vi p…

Buys from

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Consumer Services
Industry
E-Learning
Classification
Consumer Services › E-Learning
ISIN
INE0LP301011

News impact

Big market events that reach Physicswallah Limited, and how the effect spreads.

Who it hits first

  • Telangana food-safety officers suspended the licences of Swiggy Instamart, Flipkart and Zepto dark stores after finding expired food, pest-infested articles and rotting vegetables.
  • A dark store is a small warehouse that packs 10-minute grocery deliveries, so a suspended licence means zero sales from that store until it passes re-inspection.
  • Swiggy is the only listed name directly hit, since Flipkart and Zepto are unlisted and carry no stock signal.

Who may gain

  • Avenue Supermarts, the DMART grocery-store chain, catches weekly baskets diverted from shut dark stores in Telangana neighbourhoods.
  • Vishal Mega Mart, the budget grocery and clothing retailer, picks up price-sensitive shoppers avoiding suspended quick-commerce apps.
  • No supplier or rider gains — snack makers lose a sales channel and delivery riders lose shifts while stores stay shut.
  • Flipkart and Zepto are unlisted, so their share of the pain carries no stock signal here.

Along the supply chain

Downstream

Delivery riders attached to shut dark stores lose shifts and payouts, while shoppers fall back on kirana shops, DMART and Vishal Mega Mart for the weekly basket.

Upstream

Snack and staple suppliers that fed the shut stores — Bikaji Foods (packaged snacks) and KRBL (rice) are named Swiggy suppliers in the graph — lose a Telangana sales channel, though neither has a fundamentals row here so no signal can be written for them.

Where demand moves

Business

Grocery orders that flowed through Instamart, Flipkart and Zepto apps in Telangana reroute to DMART stores, Vishal Mega Mart outlets and kirana shops until licences return.

Capital

Investors mark down quick-commerce exposure on regulatory risk while nudging grocery-retail names up on the diverted demand, keeping food-delivery multiples under watch.

How it spreads across sectors

Consumer Services

Quick-commerce and food-delivery names face licence and headline risk, QSR chains wear mild spillover scrutiny, while store-based grocers absorb the diverted weekly shop.

A pattern seen before

Cascade chain

Pattern name

Crude Oil Cascade

Patterns

  • Crude Oil Cascade

Sectors queried

  • Cement
  • Chemicals
  • FMCG
  • Power

When it plays out

Immediate

In 1-7 days Swiggy slips on the headline while grocers firm; watch for the re-inspection schedule and any extension to other cities.

Medium term

In 1-6 months the episode fades if licences return fast, but a wider hygiene drive would raise compliance costs across quick commerce.

Short term

In 1-4 weeks QSR and delivery names trade on whether copycat raids appear in other states or the matter stays a Telangana-only cleanup.

Who it hits first

  • India's food safety authority (FSSAI) has named Amazon, Flipkart, Swiggy Instamart, Zepto and BigBasket in penal action over risky food listings.
  • The flagged items include Happilo date bites, Milky Mist dairy products and Dhatura (a toxic plant) fruits and seeds.
  • Named platforms face fines, delistings and tougher listing checks; among listed firms Swiggy (Instamart's owner) is directly hit.
  • Milky Mist, a listed dairy maker whose items were flagged, faces brand and recall risk.

Who may gain

  • Avenue Supermarts (DMart): shoppers worried about online food safety may shift to trusted offline stores.
  • Bikaji Foods: a rival snack brand could gain shelf space if Happilo listings are pulled, partly offset by sector-wide scrutiny.
  • Compliant food brands and testing labs: stricter checks reward clean supply chains.

Along the supply chain

Downstream

Downstream, delivery riders and dark-store operators see fewer orders on delisted items, while shoppers gain safer listings at the cost of narrower choice.

Upstream

Upstream, snack and dairy suppliers to quick commerce, including Bikaji Foods (a pack-listed Swiggy supplier), face extra compliance checks and possible order pauses on flagged lines.

Where demand moves

Business

Grocery demand may leak from quick-commerce apps toward offline stores and compliant sellers while flagged listings are delisted and checks tighten.

Capital

Capital is likely to shun the directly named platforms and the flagged dairy brand short-term, favouring profitable offline retail and unaffected staples.

How it spreads across sectors

Consumer Services

Negative for food-delivery and quick-commerce platforms via fines and compliance costs; neutral for travel, hotels and edtech.

Fast Moving Consumer Goods

Negative for the flagged dairy brand; neutral-to-negative for packaged foods on wider FSSAI scrutiny; alcohol and personal care untouched.

A pattern seen before

Cascade chain

Pattern name

Crude Oil Cascade

Patterns

  • Crude Oil Cascade

Sectors queried

  • Cement
  • Chemicals
  • FMCG
  • Power

When it plays out

Immediate

Named platforms and Milky Mist slip as fines, delistings and inspection headlines dominate the next few days.

Medium term

Over 1-6 months compliance upgrades and restored listings decide whether the damage was a blip or a lasting cost.

Short term

Over 1-4 weeks the fine quantum and any listing bans set the size of the hit; peers stay under watch.

Who it hits first

  • Mumbai High Court rejected Adani's claim that its airport duty-free shops sit beyond India's domestic laws.
  • The shops must now follow domestic rules, which raises compliance costs for Adani's airport retail business.
  • The case is seen as a precedent, so every duty-free operator in India faces the same tougher rulebook.

Who may gain

  • No listed winner stands out — rival duty-free operators face the same tougher rules, not an advantage
  • Domestic high-street retailers compete on marginally more even terms, though the effect is tiny

Along the supply chain

Downstream

Adani Power, which buys from Adani Enterprises, is untouched because the ruling covers airport shops, not power or fuel supply.

Upstream

Adani's suppliers, such as shipping and project contractors, see no volume change since the shops stay open and goods still flow.

Where demand moves

Business

No demand shift — travellers still shop; the hit is cost, as duty-free operators spend more on complying with domestic laws.

Capital

Investors trim exposure to Adani Enterprises and airport-linked names on the regulatory overhang; no fundraising or deal impact.

How it spreads across sectors

Consumer Services

Neutral overall — most retailers and restaurants have no duty-free exposure; only duty-free operators face higher costs.

Services

Mildly negative — airport operators such as GMR may see softer future duty-free concession bids.

When it plays out

Immediate

Adani Enterprises and airport-linked stocks soften over 1-7 days as traders price the compliance hit.

Medium term

Over 1-6 months, higher compliance costs settle into duty-free margins across airports if the precedent stands.

Short term

Over 1-4 weeks, operators study the order and Adani likely seeks an appeal or stay.

Who it hits first

  • Veranda Learning Solutions, an education company running coaching and training courses, disclosed that its promoters (founding owners) borrowed ₹111 crore in their personal capacity.
  • The loan carries a first-ranking, exclusive pledge (a first claim for the lender) over Veranda shares the promoters hold, so the lender can sell those shares if the owners fail to pay — a classic share overhang for ordinary holders.

Who may gain

  • No clear winner — the unnamed lender holds strong first-ranking security, but no listed rival gains students or pricing from an owner-level pledge

Along the supply chain

Downstream

No downstream link — the pack lists no customers for Veranda Learning, and students and hiring partners feel no effect from whose shares back the owners personal loan.

Upstream

No upstream link — the pack lists no suppliers for Veranda Learning, and an owner-level share pledge changes nothing it buys.

Where demand moves

Business

No business demand change — students keep enrolling and course fees do not move because owners pledged shares; classrooms and apps run as before.

Capital

Negative capital signal — a first-ranking pledge over owner shares adds forced-sale risk if the personal loan sours, and markets typically discount pledged-owner stocks until the pledge is released.

How it spreads across sectors

Consumer Services

Contained — the pledge sits at Veranda owner level only; fellow education names such as PhysicsWallah and JARO face no change in enrolments or fees, only possible brief sentiment noise.

Media, Entertainment & Publication

No impact — MPSLTD shares only a graph competitor edge with Veranda and has no business exposure to this owner pledge.

When it plays out

Immediate

1-7 days: Veranda shares likely trade soft as the fresh pledge on top of a 30.45% pledged-owner base sinks in; rivals stay flat.

Medium term

1-6 months: the overhang lasts until the ₹111 crore loan is repaid or the pledge released; classroom operations decide the rest.

Short term

1-4 weeks: focus shifts to any disclosure of pledge size and repayment cover; a top-up or release would move the stock.

Who it hits first

  • EaseMyTrip faces ~10% pledge-supply overhang plus forced-sale risk on any margin call.
  • Small travel peers (Yatra, Ixigo, TBO) derate on sentiment contagion despite clean holdings.
  • Consumer-services small-caps broadly soften as promoter-finance headlines spook the tape.

Who may gain

  • Zero-pledge travel peers (Ixigo, Yatra, TBO) may attract rotation once the dust settles.

Along the supply chain

Downstream

Travelers and agents see zero impact; bookings, refunds and service run normally.

Upstream

No direct supply-chain link — a promoter-financing event, not an operations event.

Where demand moves

Business

No business-demand impact — travel bookings do not change on promoter financing; this is purely a share-supply event.

Capital

Money exits EaseMyTrip on overhang fears; trims small travel broadly; rotates to clean-holding peers on dips.

How it spreads across sectors

Consumer Services

Online-travel sub-segment derates on pledge contagion; wider consumer-services mood softens.

When it plays out

Immediate

EaseMyTrip down 3-6% on overhang; travel peers dip 1-3% on association.

Medium term

Pledge stays an overhang until released; company must grow into a derated multiple.

Short term

Shareholding filings confirm the final pledged tally; any release filing reverses part of the fall.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Splits, bonuses & buybacks

  • daily-prices repair: 1 rows from NSE's archive (replace 0, delete 0, insert 1), 2026-02-01..2026-02-01 (docs/flat_day_repair.md)1× · 1 Feb 2026

Bulk & block deals

DateWhoBought / soldSharesPrice
26 Aug 2026LIGHTSPEED OPPORTUNITY FUND II L.P.SELL4,66,98,120₹117.72
26 Aug 2026ICICI PRUDENTIAL MUTUAL FUNDBUY2,20,00,003₹117.72

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.