Physicswallah (PWL) investor relations material

Executive summary

• Q1 FY27 consolidated revenue from operations reached INR 1,054 crores, up 24% year-over-year, with online revenue growing 33% and offline 16%.

• K-12 online business saw 88% revenue growth and 41% enrollment growth year-over-year.

• NEET exam cycle shift delayed enrollments and revenue recognition, but underlying demand remains strong.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, were approved by the Board on August 14, 2026.

• Both standalone and consolidated results were reviewed by independent auditors, with no material misstatements identified.

Financial highlights

• EBITDA for Q1 was INR 52 crores, up from INR -21 crores last year; pre-interest EBITDA at INR -44 crores, improving by 624 basis points.

• Consolidated net loss for the quarter was INR 88.28 crore, compared to INR 127.01 crore year-over-year.

• Profit before tax was INR -84 crores, impacted by a one-time non-cash charge for additional stake in Sarrthi IAS.

• Marketing spend increased to INR 128 crores from INR 117 crores, with improved efficiency.

• Treasury position as of June 30th was INR 5,600 crores, including INR 2,000 crores from IPO proceeds.

Outlook and guidance

• Annual guidance maintained: 30% revenue growth and 100% EBITDA improvement for FY27.

• Expectation to achieve near profitability in offline business this year; online margins to remain strong.

• Margin expansion anticipated as newer categories mature and break even.

• The company continues to invest in business expansion, including new subsidiaries and infrastructure.