1. Opening Hook
So, Physicswallah just listed, rang the bell, smiled for the cameras—and then calmly walked into its first earnings call like a topper entering a viva.
No drama, no “macro headwinds” crying session, no blaming weather, wars, or Wi-Fi speeds.
Instead, they told the Street: “Relax, this is just the beginning.”
Revenue grew, margins expanded, profits showed up on time, and management sounded suspiciously confident. Almost like they’ve solved a paper before the exam.
The real flex? Teaching India for the price of chai while still minting EBITDA. Somewhere, traditional coaching barons felt a mild chest pain.
But don’t stop here—because once you dig into offline economics, ARPU math, and how PW plans to eat everyone’s lunch politely, things get spicy later.
Read on. This class gets interesting after interval.
2. At a Glance
- Revenue ₹1,051 Cr (+26%) – Turns out “affordable education” can still pay the bills.
- Adjusted EBITDA ₹269 Cr (+38%) – Margins grew faster than YouTube comments.
- EBITDA Margin 26% – Expansion without cost-cutting sermons.
- PAT ₹70 Cr (+70%) – Profits finally decided to attend regularly.
- Online ACPU +8% – Price hikes, but gently… like a good teacher.
- Offline Centers: 314 – Coaching factories, now tech-enabled.
3. Management’s Key Commentary (Decoded)
“Education should not be a luxury. It is a right.”
(Also helps when the right generates cash flows 😏)
“We are just scratching the surface.”
(Translation: TAM abhi bahut zinda hai)
“Q3 will be our strongest quarter and PAT profitable.”
(Street, please fasten seatbelts)
“Our IIT–NEET course costs less than ₹10 a day.”
(Chai sasti, selection mehngi)
“Offline centers break even in year two, generate returns in year three.”
(Unlike some startups that break hearts forever)
“Online EBITDA can sustainably stay between 35–45%.”
(Cash cow confirmed 🐄)
“Offline EBITDA stabilizes at 13–15%.”
(Slower, but solid—like government exams)
“We don’t chase M&A blindly.
