Brokerage firm Kotak Institutional Equities has initiated coverage on the stock with a ‘Reduce’ rating and a target price of ₹125 per share, implying a potential downside of around 5.4% from Tuesday’s closing price.
Kotak said PhysicsWallah is a leading test preparation and coaching services provider for students in India. The company had a 22% share of the 2.9 million JEE aspirants and a 25% share of the 4.1 million NEET aspirants in FY2026, according to the brokerage.
The company is also expanding rapidly into the larger board and foundation segments, Kotak said.
The brokerage expects PhysicsWallah’s online and offline businesses to post revenue compound annual growth rates (CAGRs) of 30% and 22%, respectively, between FY2026 and FY2029.
It expects margin expansion in the online business and the offline business to reach breakeven in FY2028, which could drive a 67% CAGR in adjusted EBITDA over FY2026-FY2029.
Of the 11 analysts covering PhysicsWallah, eight have a ‘Buy’ rating, one has a ‘Hold’ rating and two have a ‘Sell’ rating.PhysicsWallah shares settled 0.84% higher at ₹132.20 on Tuesday. The stock is largely flat on a year-to-date basis.
First Published: Oct 7, 2026 9:00 AM IST