Edtech company PhysicsWallah reported a strong performance in the September quarter (Q2 FY27), with profit after tax (PAT) nearly doubling year-on-year to ₹145.5 crore from ₹72.3 crore in the corresponding quarter last year.
Revenue increased 18.2% year-on-year to ₹1,242 crore from ₹1,051 crore. EBITDA rose 52.5% to ₹276 crore, compared with ₹181 crore in the year-ago period. The EBITDA margin also expanded to 22.2% from 17.2%.
During the quarter, the company recorded a goodwill impairment of ₹20 crore and a fair-value gain of ₹10 crore.
Alakh Pandey, Founder and CEO of PhysicsWallah Limited, said, “This quarter shows the strength of our model. We delivered record revenue and a sharp improvement in profitability, while our learner base kept widening across K-12, vernacular and new categories. Our focus remains on scaling affordable, tech-led education with disciplined capital allocation.”
NEET enrolments grow over 30% as demand rebounds
PhysicsWallah said NEET enrolments grew over 30% in the September quarter, as demand that had been deferred following the postponement of NEET UG came through during the period.
The company said its online revenue for the first half of FY27 grew 29%, ahead of the 17% growth in online collections during the same period. The difference was due to the timing of revenue recognition, as course fees are recognised over the duration of the programmes.
South India contributes 9% to H1 revenue
South India is emerging as an important growth market for PhysicsWallah, with an addressable student base of around 15 million across Andhra Pradesh, Telangana, Tamil Nadu, Karnataka and Kerala. The region contributed 9% of the company’s revenue in the first half of FY27.
The company is expanding its online-first model in the region through more than 70 regional-language faculty members, free educational content across over 24 YouTube channels with approximately 20 lakh subscribers, and paid regional-language batches.
During H1, the number of learners from South India on the PW app increased 32% year-on-year to 4.1 lakh, while paid learners rose 14% to 1.17 lakh. PhysicsWallah currently operates 63 centres across the region.
The company is also seeing improvements in academic outcomes, which are helping strengthen its brand presence. A total of 79 students secured ranks below 5,000 in the Karnataka Common Entrance Test (KCET), compared with 53 students last year.