Total expenditure rose 24.6% YoY to Rs 870.1 crore, driven by a 37.8% surge in employee costs to Rs 473.06 crore and a 64.6% rise in raw material costs to Rs 27.12 crore. Free cash flow for H1 FY26 reached Rs 644.1 crore, up from Rs 543.4 crore in H1 FY25, while the treasury stood at Rs 2,551.9 crore as of 30 September 2025.
The online business continued to build momentum with 3.22 million enrollments in H1 FY26, up 20% YoY. The offline business expanded its nationwide footprint by adding 128 centres over the past year. The total centre base increased to 314, comprising 117 PW Vidyapeeth, 75 PW Pathshala, 53 Other PW Centres and 69 Subsidiary Centres, compared with 186 centres in H1 FY25.
Unique transacting users reached 3.22 million, while offline enrollments climbed 26% YoY to 0.40 million. PhysicsWallah now has 6,643 faculty members, serves 3.5 million daily active users, and records an average engagement time of 103 minutes. Its social media community has crossed 125 million subscribers across platforms.
PhysicsWallah, founded in 2020 by Alakh Pandey and Prateek Maheshwari, is headquartered in Noida and aims to democratise education through online, offline and hybrid formats. Originally launched as a YouTube channel in 2016, PW now spans test prep, skilling, higher education and study-abroad programmes, offered in multiple vernacular languages.
The company listed on 18 November 2025 at Rs 143.10, a 31.28% premium to the issue price of Rs 109. It touched a high of Rs 162.05 before closing at Rs 155.20 on listing day. The stock has since cooled, trading 13.76% below its peak but still 28.21% above the IPO price. The public issue, open from 11 to 13 November 2025, was subscribed 1.81 times and included a fresh issue of Rs 3,100 crore and an offer for sale of Rs 380 crore, with founders Alakh Pandey and Prateek Boob each selling 1.74 crore shares worth Rs 190 crore at the upper band.
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