- PhysicsWallah expects FY27 to be its first full-year profitable year with PAT gains
- The company forecasts over 30% revenue growth and 100% EBITDA improvement in FY27
- FY26 revenue grew 35% and EBITDA surged nearly 200%, losses nearly eliminated
Edtech firm PhysicsWallah expects FY27 to mark its first full-year PAT profitable year, backed by strong enrolment growth, improving offline business economics, and sustained momentum in its online vertical, co-founder Prateek Maheshwari said in an interview.
“We are very confident that we will deliver upwards of 30% revenue growth in FY27,” Maheshwari said, adding that the company is also guiding for another 100% improvement in EBITDA during the year.
The company reported a strong FY26 performance, with revenue growing 35% year-on-year, while EBITDA surged nearly 200%. Maheshwari said losses have already “shrunk to near zero,” positioning the company for full-year profitability in the current fiscal.
According to the company, the primary growth driver continues to be rising student enrolments across both online and offline segments. PhysicsWallah taught around 5.5 million students in FY26 and expects enrolments to rise more than 20% in FY27.
Maheshwari also pointed to an expected 11% increase in ARPU, or average revenue per user, aided by growth in newer initiatives and premium offerings.
Among the key emerging segments, the company's state boards category — catering to students from grades 9 to 12 — grew nearly nine-fold between FY25 and FY26, he said. Meanwhile, Curious Junior, the company's communication-led learning platform for K-8 students, expanded four-fold during the same period.
“These initiatives have helped us improve our average ARPU per user as well as the overall growth momentum of the company,” Maheshwari said.
The company expects online and offline businesses to play different but complementary roles in driving profitability. Maheshwari said the online business already operates at healthy steady-state margins of 40% to 45% in some mature exam categories.
PhysicsWallah Q4 Result Highlights (Cons, YoY)
- Net Loss reduced to Rs 74.9 crore versus loss of Rs 293 crore
- Revenue up 50.7% at Rs 919 crore versus Rs 610 crore
- Ebitda at Rs 28.8 crore versus loss of Rs 228.5 crore
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