PhysicsWallah PWL
Low-cost online and offline test-prep (JEE, NEET, UPSC) built on a YouTube following; listed Nov 2025
Mapped in 1 theme: Consumer Internet.
Where PhysicsWallah sits in the supply chain
PhysicsWallah appears in 1 supply-chain layer in one theme, Consumer Internet.
Consumer Internet › Gaming & digital content
OperatorOther companies in this layer
Nazara TechnologiesDream11 (Dream Sports) (unlisted)
Revenue and profit
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 233 | 744 | 1,940 | 2,887 | 3,900 |
| Net profit | 98 | −84 | −1,131 | −243 | −24 |
Latest-year revenue ₹3,900 Cr (FY26, company-wide).
Strengths
- Very low course prices and a large free audience keep acquisition costs low
- Hybrid online-offline centres in smaller cities
Risks
- Offline expansion raises fixed costs and lowers margins
- Test-prep demand is cyclical and competitive; AI tutors may reduce willingness to pay
- The stock has traded well below its listing-day level
Common questions
What does PhysicsWallah do?
Low-cost online and offline test-prep (JEE, NEET, UPSC) built on a YouTube following; listed Nov 2025.
Where does PhysicsWallah sit in the supply chain?
PhysicsWallah (NSE: PWL) is mapped in 1 supply-chain layer: Gaming & digital content (Consumer Internet).
Who are PhysicsWallah's peers?
In the Gaming & digital content layer of Consumer Internet: Nazara Technologies and Dream11 (Dream Sports) (not NSE-listed).
What is PhysicsWallah's market cap and valuation?
As of 6 Nov 2026: market cap ₹37,770 Cr, P/E 252.0x, ROCE 4.0%, ROE −0.6%, dividend yield 0%.