Noida-based edtech firm PhysicsWallah reported a 34% year-on-year (YoY) rise in operating revenue to Rs 1,082.4 crore for the quarter ended December 31, 2025, driven by growth in paid users and expansion of its offline centre network.
The company posted a net profit of Rs 102.3 crore in Q3 FY26, compared with Rs 70 crore in Q2 FY26.
For the nine months ended December 2025, PhysicsWallah’s operating revenue grew 31% YoY to Rs 2,980.7 crore. Net profit for the period stood at Rs 45 crore, after adjusting for one-time expenses. The company said it has already exceeded its full-year FY25 revenue within the first nine months of FY26.
Adjusted Ebitda for the quarter stood at Rs 351.2 crore, with margins at 32%.
PhysicsWallah said its online business continued to see strong traction, registering over 3.96 million enrolments in the nine months ending December 2025, a 20% increase from the same period last year. Offline enrolments grew 36% YoY to 4.1 lakh, with the expansion of its network to 318 centres across the country.
The company said its online penetration remains at around 2% of India’s total online education market, leaving significant long-term growth opportunities.
Currently operating across 16 categories, PhysicsWallah said it has seen strong early traction in newer exam segments such as state boards, which recorded about 1.75 lakh enrolments in its first year. Its vernacular expansion across languages, including Marathi, Bangla, Gujarati, Kannada and Odiya, saw around 90,000 enrolments within nine months.
“PhysicsWallah’s growth has been driven by an expanding user base and supported by a diversified portfolio, including AI-powered products, value-added services, crash courses and offline batches across segments such as civil services, other government exams and chartered accountancy,” the company said in a statement.
The firm added that it continues to invest in AI-led initiatives such as AI Guru, Ask AI, AI Grader, AI Mentor and AI Books.
PhysicsWallah listed on the stock exchanges in November 2025 through a Rs 3,480 crore initial public offering, raising Rs 3,100 crore in primary capital. The company has also been expanding through acquisitions, including increased investments in Utkarsh Classes, as it looks to strengthen its presence in the test-prep market.
On Thursday, the company’s shares on the NSE closed marginally higher at Rs 122. It was listed in November 2025 at Rs 145 per share. The results were announced after market hours.
Also Read: PhysicsWallah IPO: Alakh Pandey on edtech’s valuation, expanding offline network and more
The company posted a net profit of Rs 102.3 crore in Q3 FY26, compared with Rs 70 crore in Q2 FY26.
For the nine months ended December 2025, PhysicsWallah’s operating revenue grew 31% YoY to Rs 2,980.7 crore. Net profit for the period stood at Rs 45 crore, after adjusting for one-time expenses. The company said it has already exceeded its full-year FY25 revenue within the first nine months of FY26.
Adjusted Ebitda for the quarter stood at Rs 351.2 crore, with margins at 32%.
PhysicsWallah said its online business continued to see strong traction, registering over 3.96 million enrolments in the nine months ending December 2025, a 20% increase from the same period last year. Offline enrolments grew 36% YoY to 4.1 lakh, with the expansion of its network to 318 centres across the country.
The company said its online penetration remains at around 2% of India’s total online education market, leaving significant long-term growth opportunities.
Currently operating across 16 categories, PhysicsWallah said it has seen strong early traction in newer exam segments such as state boards, which recorded about 1.75 lakh enrolments in its first year. Its vernacular expansion across languages, including Marathi, Bangla, Gujarati, Kannada and Odiya, saw around 90,000 enrolments within nine months.
“PhysicsWallah’s growth has been driven by an expanding user base and supported by a diversified portfolio, including AI-powered products, value-added services, crash courses and offline batches across segments such as civil services, other government exams and chartered accountancy,” the company said in a statement.
The firm added that it continues to invest in AI-led initiatives such as AI Guru, Ask AI, AI Grader, AI Mentor and AI Books.
PhysicsWallah listed on the stock exchanges in November 2025 through a Rs 3,480 crore initial public offering, raising Rs 3,100 crore in primary capital. The company has also been expanding through acquisitions, including increased investments in Utkarsh Classes, as it looks to strengthen its presence in the test-prep market.
On Thursday, the company’s shares on the NSE closed marginally higher at Rs 122. It was listed in November 2025 at Rs 145 per share. The results were announced after market hours.
Also Read: PhysicsWallah IPO: Alakh Pandey on edtech’s valuation, expanding offline network and more