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Physicswallah Limited Interim / Quarterly Report 2026
59692_rns_2026-05-27_a42c86ee-4345-44c2-850a-617a4b53fe73.pdf
Interim / Quarterly Report
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P
PHYSICSWALLAH
LIMITED
Date: May 27, 2026
National Stock Exchange of India Limited
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex,
Bandra (E), Mumbai – 400 051 India
BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai – 400 001 India
Scrip Code: 544609
Symbol: PWL
Sub: Disclosure under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") - Outcome of Board Meeting - Audited Financial Results for the quarter and financial year ended March 31, 2026
Dear Sir/Madam,
In reference to our earlier communication dated May 22, 2026 and pursuant to the provisions of Regulation 30 and 33 of the SEBI Listing Regulations, we hereby inform you that based on the recommendation of the Audit Committee of the Company, the Board of Directors of the Company at its meeting held today i.e. Wednesday, May 27, 2026, has inter alia, considered and approved the audited Standalone and Consolidated Financial Results ("audited Financial Results") of the Company for the quarter and financial year ended March 31, 2026.
We would further like to state that M/s. S.R. Batliboi & Associates LLP, Statutory Auditors of the Company has issued the audit report with unmodified opinion on the Financial Results.
In view of the aforesaid, please find enclosed herewith:
a) Auditor's Report on the Financial Results;
b) Financial Results; and
c) Declaration with respect to the Audit Report with Unmodified Opinion
The meeting of the Board of Directors of the Company commenced at 04:00 P.M. (IST) and concluded at 05:20 P.M. (IST).
This disclosure will also be hosted on the Company's website viz. https://www.pw.live/investor-relations
You are requested to take the above on record.
Thank you.
Yours sincerely,
For Physicswallah Limited
AJINKYA
RAJENDRA
JAIN
Digitally signed by
AJINKYA RAJENDRA
JAIN
Date: 2026.05.27
17:26:08 +05'30'
Ajinkya Jain
Group General Counsel, Company Secretary & Compliance Officer
Membership No.: A33261
Physicswallah Limited (Formerly known as ‘Physicswallah Private Limited’)
Plot No. B-8, Tower A 101-119, Noida One, Noida, Sector 62, Dadri, Gautam Buddha Nagar,
Uttar Pradesh - 201309; CIN: U80900UP2020PLC129223; Contact: 0120-6618164;
Website: www.pw.live; Email Id: [email protected]
S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants
67, Institutional Area
Sector 44, Gurugram - 122 003
Haryana, India
Tel: +91 124 681 6000
Independent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To
The Board of Directors of
Physicswallah Limited (formerly known as Physicswallah Private Limited)
B-8, Tower A, 101-119, Noida One, Noida Sector 62,
Gautam Buddha Nagar, Dadri, Uttar Pradesh,
India, 201309.
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date standalone financial results of Physicswallah Limited (formerly known as Physicswallah Private Limited) (the “Company”) for the quarter ended March 31, 2026 and for the year ended March 31, 2026 (“Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net loss and other comprehensive income and other financial information of the Company for the quarter and for the year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Standalone Financial Results” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Management’s Responsibilities for the Standalone Financial Results
The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net loss and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Statement, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company’s financial reporting process.
S.R. BATLIBOI & ASSOCIATES LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295
Pmjd. Office : 22, Camat Street, Block 'B', 3rd Floor, Kolkata-700 016
C
S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants
Auditor’s Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matter
We have neither audited nor reviewed the accompanying standalone financial results and other financial information for the quarter ended March 31, 2025, which has been presented solely based on the information compiled by the management.
The Statement includes the results for the quarter ended March 31, 2026 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2026 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Vineet Kedia
Partner
Membership No.: 212230
UDIN: 26212230DQJZIB6342
Place: Gurugram
Date: May 27, 2026
Physicswallab Limited (formerly known as Physicswallab Private Limited)
CIN: U80900UP2020PLC129223
Registered office: Plot no. B-8, tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh
T.: +91-9289926531, Website: www.pw.live, Email id: [email protected]
Statement of Standalone Audited Financial Results for the quarter and year ended March 31, 2026
(Amount in INR crores: except per share data)
| Particulars | Quarter ended | Year ended | |||
|---|---|---|---|---|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Audited | Unaudited | Unaudited | Audited | Audited | |
| Refer note 2 | Refer note 2 | ||||
| Income | |||||
| Revenue from operations | 735.94 | 918.69 | 464.35 | 3,244.56 | 2,333.98 |
| Other income | 67.56 | 69.60 | 59.97 | 251.33 | 161.63 |
| Total income | 803.50 | 988.29 | 524.32 | 3,495.89 | 2,495.61 |
| Expenses | |||||
| Direct expenses | 99.18 | 102.37 | 72.44 | 416.59 | 297.66 |
| Purchase of traded goods sold | 41.44 | 8.86 | 17.12 | 65.64 | 33.19 |
| Change in inventories of stock in trade and finished goods | (10.20) | (9.75) | (22.74) | (18.64) | (17.78) |
| Cost of raw material and components consumed | 22.46 | 19.50 | 25.78 | 90.86 | 71.95 |
| Employee benefits expenses | 431.21 | 444.83 | 340.73 | 1,709.31 | 1,264.14 |
| Finance costs | 21.17 | 18.32 | 26.53 | 93.12 | 77.07 |
| Depreciation and amortisation expense | 91.86 | 87.25 | 70.56 | 337.19 | 266.77 |
| Net loss on remeasurement of financial instruments at fair value | 24.99 | 18.06 | 144.69 | 54.98 | 95.12 |
| Other expenses | 161.28 | 139.47 | 162.20 | 674.87 | 516.38 |
| Total expenses | 883.39 | 828.91 | 837.31 | 3,423.92 | 2,604.50 |
| Profit / (Loss) before exceptional items and tax for the period / year | (79.89) | 159.38 | (312.99) | 71.97 | (108.89) |
| Exceptional items | 66.45 | 21.29 | 41.58 | 87.74 | 41.58 |
| Profit/(loss) before tax for the period / year | (146.34) | 138.09 | (354.57) | (15.77) | (150.47) |
| Income tax expense | |||||
| Current tax | 8.70 | 17.14 | (0.29) | 32.29 | 1.31 |
| Deferred tax expense / (credit) | (23.28) | 20.58 | (40.10) | (8.14) | (16.15) |
| Total tax expense / (credit) | (14.58) | 37.72 | (40.39) | 24.15 | (14.84) |
| Profit/(loss) for the period / year | (131.76) | 100.37 | (314.18) | (39.92) | (135.63) |
| Other comprehensive income / (loss) | |||||
| A. Items that will not be reclassified to profit or loss in subsequent year | |||||
| Re-measurement gain / (loss) on defined benefit plans | (0.06) | 0.18 | 1.85 | 2.93 | 3.00 |
| Income tax effect on above | 0.01 | (0.05) | (0.47) | (0.74) | (0.76) |
| Total other comprehensive income / (loss) for the period / year | (0.05) | 0.13 | 1.38 | 2.19 | 2.24 |
| Total comprehensive income / (loss) for the period / year | (131.81) | 100.50 | (312.80) | (37.73) | (133.39) |
| Paid up equity share capital | 285.97 | 285.97 | 218.39 | 285.97 | 218.39 |
| Face value of share (INR) | 1 | 1 | 1 | 1 | 1 |
| Other Equity | 4,825.68 | 919.78 | |||
| Earnings per equity share (not annualised for quarters): | |||||
| Basic | (0.46) | 0.37 | (0.89) | (0.15) | (0.54) |
| Diluted | (0.46) | 0.36 | (0.89) | (0.15) | (0.54) |
S.R. Baliboi & Associates LLP, Gurugram
for Identification
S.R. Baliboi & Associates LLP, Gurugram
Physicswallah Limited (formerly known as Physicswallah Private Limited)
CIN: U80900UP2020PLC129223
Registered office: Plot no. B-8, tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh, India - 201309
T.: +91-9289926531, Website: www.pw.live, Email id: [email protected]
Audited Standalone Statement of Assets and Liabilities as at March 31, 2026
(Amount in INR crores: except per share data)
| Particulars | As at | |
|---|---|---|
| March 31, 2026 | March 31, 2025 | |
| Audited | Audited | |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 258.90 | 218.77 |
| Capital work in progress | 4.84 | 6.56 |
| Goodwill | 24.06 | 24.06 |
| Other intangible assets | 29.08 | 37.74 |
| Intangible assets under development | 3.05 | 2.76 |
| Right-of-use assets | 876.97 | 840.64 |
| Financial assets | ||
| i. Investments | 1,334.84 | 487.51 |
| ii. Loans | 145.98 | 117.80 |
| iii. Other financial assets | 87.96 | 167.06 |
| Deferred tax assets (net) | 101.12 | 93.72 |
| Non-current tax asset (net) | 9.35 | 20.51 |
| Other non-current assets | 4.52 | 8.66 |
| Total Non-current Assets | 2,880.67 | 2,025.79 |
| Current assets | ||
| Inventories | 99.00 | 70.99 |
| Financial assets | ||
| i. Investments | 1,857.13 | 1,340.72 |
| ii. Trade receivables | 55.39 | 32.53 |
| iii. Cash and cash equivalents | 309.06 | 22.07 |
| iv. Bank balances other than (iii) above | 746.06 | 121.40 |
| v. Loans | 0.92 | 6.53 |
| vi. Other financial assets | 1,768.48 | 504.79 |
| Current tax asset (net) | ||
| Other current assets | 67.26 | 52.16 |
| Total Current Assets | 4,903.30 | 2,151.20 |
| TOTAL ASSETS | 7,783.97 | 4,176.98 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Equity share capital | 285.97 | 218.39 |
| Instrument entirely equity in nature | - | 834.45 |
| Other equity | 4,825.68 | 919.78 |
| Total equity | 5,111.65 | 1,972.62 |
| Non-current liabilities | ||
| Financial liabilities | ||
| i. Lease liabilities | 800.44 | 773.46 |
| ii. Other financial liabilities | 122.00 | 153.66 |
| Other non-current liabilities | 57.80 | 29.40 |
| Provisions | 39.67 | 20.18 |
| Total non-current liabilities | 1,019.91 | 976.70 |
| Current liabilities | ||
| Financial liabilities | ||
| i. Lease liabilities | 184.90 | 139.13 |
| ii. Trade payables | ||
| - Total outstanding dues of micro and small enterprises; and | 52.98 | 14.12 |
| - Total outstanding dues of creditors other than micro and small enterprises | 170.30 | 141.01 |
| iii. Other financial liabilities | 106.94 | 94.05 |
| Other current liabilities | 1,109.83 | 822.31 |
| Provisions | 27.46 | 17.04 |
| Total current liabilities | 1,652.41 | 1,227.66 |
| TOTAL EQUITY AND LIABILITIES | 7,783.97 | 4,176.98 |
S.R. Ballibol & Associates LLP, Gurugram
for Identification
S.R. BALLIBOL
Physicowallah Limited (formerly known as Physicowallah Private Limited)
CIN: U80900UP2020PLC129223
Registered office: Plot no. B-8, tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh
T.: +91-9289926531, Website: www.pw.live, Email Id: lvestor@[email protected]
Audited Standalone Statement of Cash flows for the year ended March 31, 2026
(Amount in INR scores; except per share data)
| Particulars | Year ended | |
|---|---|---|
| March 31, 2026 | March 31, 2025 | |
| Audited | Audited | |
| A. Cash flow from operating activities | ||
| Loss before tax after exceptional items | (1577) | (15046) |
| Adjustments for: | ||
| Depreciation and amortisation expense | 337.19 | 266.76 |
| Provision for diminution in value of investment in subsidiary | 66.45 | 41.58 |
| Net loss on remeasurement of derivative assets and liabilities | 54.98 | 95.12 |
| Share based payment to employees | 160.75 | 83.80 |
| Provision for inventory obsolescence | 8.80 | 6.68 |
| Profit on sale of plant, property and equipment | (0.33) | - |
| Provision for expected credit losses | 5.73 | 5.93 |
| Property, plant and equipment and Intangibles under development written off | - | 10.92 |
| Impairment of loan to subsidiary | 1.02 | 2.25 |
| Interest income | (119.15) | (58.26) |
| Finance costs | 78.54 | 67.03 |
| Gross on derecognition of leases | (4.67) | (5.00) |
| Expenses incurred towards Initial Public Offer | 8.29 | - |
| Excess provision written back | - | (0.34) |
| Unrealised gain on investments | (35.79) | (45.09) |
| Unwinding of interest on deferred consideration | - | 0.13 |
| Profit on sale of investments | (44.82) | (23.98) |
| Operating profit before working capital changes | 501.22 | 297.09 |
| Movement in working capital: | ||
| (Increase) in inventories | (36.81) | (29.87) |
| (Decrease)/(Increase) in loans | - | (2.46) |
| (Increase) in trade receivables | (27.48) | (17.16) |
| (Increase) in other financial assets | (6.47) | (66.01) |
| (Increase) in other current & non-current assets | (13.81) | (34.61) |
| Increase in trade payables | 67.49 | 65.00 |
| Increase/(Decrease) in other financial liabilities | 11.09 | (42.97) |
| Increase in provisions | 32.84 | 22.21 |
| Increase in other current & non-current liabilities | 315.93 | 286.45 |
| Cash generated from operations | 842.00 | 477.63 |
| Direct taxes paid (net of refunds and interest) | (21.14) | (5.01) |
| Net cash generated from operating activities (A) | 820.56 | 472.02 |
| B. Cash flows from investing activities | ||
| Purchase of property, plant and equipment (including capital work in progress, capital advances and payable for capital goods) | (174.14) | (130.71) |
| Proceeds from sale of property, plant and equipment | 0.42 | - |
| Purchase of intangible assets | (3.92) | (4.44) |
| Investment in subsidiaries | (776.99) | (117.62) |
| Investment in associate | - | (5.00) |
| Loan (given)/repayment to/from related parties | (34.54) | 7.10 |
| Loan (given)/repayment to/from employees and other parties | 10.54 | (3.87) |
| Purchase of investments | (2,316.89) | (4,677.75) |
| Proceeds from sale of investments | 1,721.03 | 3,519.21 |
| Maturity of bank deposits | 831.33 | 515.79 |
| Investment in bank deposits | (2,657.20) | (624.68) |
| Interest received | 90.77 | 4.73 |
| Net cash used in investing activities (B) | (3,305.59) | (1,517.24) |
| C. Cash flows from financing activities | ||
| Proceeds from issuance of compulsorily convertible preference shares | - | 1,267.24 |
| Proceeds from issuance of equity share capital (Net of expenses incurred towards Initial Public Offer) | 2,996.66 | - |
| Proceeds from exercise price of share options | 0.67 | 0.56 |
| Repayment of interest portion of the lease liabilities | (77.89) | (63.77) |
| Repayment of principal portion of the lease liabilities | (143.72) | (95.47) |
| Interest paid | - | (2.64) |
| Repayment of borrowings | - | (67.00) |
| Net cash generated from financing activities (C) | 2,775.72 | 1,035.92 |
| Net increase/(decrease) in cash and cash equivalents (A+B+C) | 286.99 | (5.70) |
| Cash and cash equivalents at the beginning of the year | 22.07 | 27.77 |
| Cash and cash equivalents at the end of the year | 309.06 | 22.07 |
| Cash and cash equivalents comprise of following: | ||
| Balances with banks | ||
| i) on current account | 90.78 | 15.34 |
| ii) Deposits with original maturity of less than three months | 211.15 | - |
| Cash on hand | 6.27 | 6.08 |
| Cash in transit | 0.86 | 0.29 |
| 309.06 | 22.07 |
S.R. Baliboi & Associates LLP, Gurugram
for Identification
S.R. BALIBOI & ASSOCIATES LLP
Physicswallah Limited (formerly known as Physicswallah Private Limited)
CIN: U80980UP2020PLC129223
Registered office: Plot no. B-8, tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh
T.: +91-9289926531, Website: www.pw.live, Email id: [email protected]
Notes to the audited Standalone Financial Results
-
The Statement of audited Standalone Financial Results has been prepared in accordance with the applicable Indian accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act"), read with the relevant rules thereunder and in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The Statement of audited Standalone Financial Results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held on May 27, 2026.
-
The Statement of audited standalone financial results of the Company includes the results for the quarter ended March 31, 2026 and March 31, 2025, being the balancing figure between audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the respective financial years. The figures for the quarter and nine months ended December 31, 2024 have been approved by the Board of directors but have not been subjected to review or audit by statutory auditors.
-
During the year ended March 31, 2026, the Company has completed its initial public offer (IPO) of 31,93,30,321 equity shares of face value of INR "1" each at a issue price of INR 109 per share (including a share premium of INR 108 per share), comprising fresh issue of 28,44,68,537 shares and offer for sale of 3,48,62,384 shares by selling shareholders. The equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on November 18, 2025. The utilization of the net IPO proceeds in relation to fresh issue is summarized below:
(Amount in INR Crores)
| S.No. | Objects of the issue | Amount of net proceeds in the offer document | Amount unutilised as of December 31, 2025 | Amount utilised during the quarter | Amount unutilised upto March 31, 2026 |
|---|---|---|---|---|---|
| 1 | Capital expenditure for fit-outs of new offline and hybrid centers of the Company | 460.55 | 458.13 | 17.35 | 440.78 |
| 2 | Expenditure towards lease payments of existing identified offline and hybrid centers operated by Company | 548.31 | 534.83 | 42.91 | 491.92 |
| 3 | I+C30investment in Subsidiary, Xylem Learning Private Limited for expenditure towards: | ||||
| i) | Capital expenditure for fit-outs of new offline centers of Xylem ("New Xylem Centers") | 31.65 | 31.65 | - | 31.65 |
| ii) | Lease payments for Xylem's existing identified offline centers and hostels | 15.52 | 15.52 | - | 15.52 |
| 4 | Investment in Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes' existing identified offline centers | 28.00 | 28.00 | - | 28.00 |
| 5 | Expenditure towards server and cloud related infrastructure costs | 200.11 | 200.11 | 15.12 | 184.99 |
| 6 | Expenditure towards marketing initiatives | 710.00 | 710.00 | 23.34 | 686.66 |
| 7 | Acquisition of additional shareholding in Subsidiary, Utkarsh Classes & Edutech Private Limited | 26.50 | 0.03 | - | 0.03 |
| 8 | Funding inorganic growth through unidentified acquisitions and general corporate purposes | 941.15 | 697.79 | 303.36 | 394.43 |
| Total | 2,961.79 | 2,676.06 | 402.08 | 2,273.98 |
Out of the net proceeds of INR 2,273.98 crore which were unutilised as at March 31, 2026 were temporarily invested in fixed deposits with scheduled commercial banks and kept in public offer account and monitoring account.
- Exceptional items comprises of :
(Amount in INR Crores)
| Particulars | Quarter ended | Year ended | |||
|---|---|---|---|---|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Impairment loss on investment in subsidiaries | 66.45 | - | 41.58 | 66.45 | 41.58 |
| Expenses incurred towards Initial Public Offer | - | 8.29 | - | 8.29 | - |
| Remeasurement impact on employees benefit obligations pursuant to labour code changes | - | 13.00 | - | 13.00 | - |
| Total | 66.45 | 21.29 | 41.58 | 87.74 | 41.58 |
S.R. Balliboi & Associates LLP, Gurugram
for Identification
S.R. B
Physicswallah Limited (formerly known as Physicswallah Private Limited)
CIN: U80900UP2020PLC129223
Registered office: Plot no. B-8, tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh
T.: +91-9289926531, Website: www.pw.live, Email id: [email protected]
Notes to the audited Standalone Financial Results
5 On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively, the "Labour Codes"), which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes introduce several changes, including a uniform definition of wages and enhanced leave-related benefits. To ensure smooth implementation, the Ministry of Labour and Employment has also issued the Frequently Asked Questions (FAQs) on the four codes. The Company has assessed the financial implications of these changes, which have resulted in an increase in gratuity liability arising from past service costs, increase in leave liability and overtime allowance by INR 13 crore. Considering that the enactment of the Labour Codes is non-recurring in nature, the Company has presented the incremental impact as "Impact of Labour Codes" under Exceptional Item in the financial results for the year ended March 31, 2026. The Company continues to monitor developments relating to the Labour Codes and will evaluate the impact, if any, on the remeasurement of liabilities pertaining to employee benefits.
6 The Company is primarily engaged in the education business by providing online and offline coaching services and sale of study materials which falls within a single reportable segment as the Chief Operating Decision Makers ('CODM') of the Company views the entire business activities as coaching services. Accordingly, there are no additional disclosure to be furnished in accordance with the requirements of the Ind AS 108 - Operating Segments with respect to single reportable segment. Further, the Company majorly operates in India, hence it does not have any revenue and non-current operating assets located outside India. The Company does not have any single external customer, contributing to 10% or more of the Company's total revenue.
7 During the year ended March 31, 2026
a. The Company has entered into a share purchase agreement ("SPA") April 15, 2025 to acquire 28.57% shares and control in Kay Lifestyle and Wellness Private Limited ("KLWPL") for a consideration of INR 2 crores with a right to further acquire additional 21.43% within twelve months as per SPA. The Company held 41% shares in KLWPL as on March 31, 2026.
b. The Company has entered into a share purchase agreement ("SPA") dated September 02, 2025 to acquire 40% shares and control in Guiding Light Education Technologies Private Limited ("Sarthi") for a consideration of INR 95 crores with a right to further acquire additional 45% in next 5 years as per SPA. The Company had obtained control on the same date based on the rights available to it as per the SPA.
c. Pursuant to approval by the Board of Director on October 15, 2025, the Company has converted 10,845,270 Compulsorily Convertible Preference Shares (CCPS) into 10,203,174 equity shares. Pursuant to the conversion, the Company has also issued 35 bonus equity shares for each such equity share, resulting in the allotment of 357,111,090 bonus shares.
d. The Company has invested INR 414.6 crores into equity shares of the Subsidiary Company, Penpencil Edu Services Private Limited ("Penpencil") to support expansion of business including school management services comprising technology implementation, academic support and operational assistance. Penpencil has acquired, land and building of existing K12 school operations and rights to provide school management and support services to the school for a total consideration of INR 138 crores. The Company has accounted for this acquisition at fair value.
e. The Company has acquired 100% shares and control in Nextseed Foundation for a consideration of INR 0.01 crore on March 18, 2026.
8 The Company has approved a bonus issue in the ratio of 1:35, i.e., thirty-five (35) bonus equity shares of INR 1 each for one (1) fully paid-up equity share held (including outstanding stock options) as on March 07, 2025.
9 Item exceeding 10% of total expenditure (included in other expenses):
(Amount in INR Crore)
| Particulars | Quarter ended | Year ended | |||
|---|---|---|---|---|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Advertisement and publicity expenses | 75.31 | 55.75 | 81.06 | 304.95 | 232.95 |
10 Effective current quarter, the Company has opted to present amounts in INR crores. Accordingly, previous period / year figures have also been changed from presentation in INR millions to INR crores.
11 The financial results are available on the Company's website and on the websites of the stock exchanges where the Company's equity shares are listed (NSE and BSE).
For and on behalf of Board of Directors of
Physicswallah Limited (formerly known as Physicswallah Private Limited)
Alakh Pandey
Whole Time Director and CEO
Place: Noida
Date: May 27, 2026
S.R. Belliboi & Associates LLP, Gurugram
for Identification
S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants
67, Institutional Area
Sector 44, Gurugram - 122 003
Haryana, India
Tel: +91 124 681 6000
Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To
The Board of Directors of
Physicswallah Limited (formerly known as Physicswallah Private Limited)
B-8, Tower A, 101-119, Noida One, Noida Sector 62,
Gautam Buddha Nagar, Dadri, Uttar Pradesh,
India, 201309.
Report on the audit of the Consolidated Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date consolidated financial results of Physicswallah Limited (formerly known as Physicswallah Private Limited) (“Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) and its associate for the quarter and year ended March 31, 2026 (“Statement”), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial information of the subsidiaries and associate, the Statement:
i. includes the results of the following entities listed in Annexure I
ii. are presented in accordance with the requirements of the Listing Regulations in this regard; and
iii. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net loss, other comprehensive income and other financial information of the Group for the quarter and for the year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Results” section of our report. We are independent of the Group, and its associate in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.
Management’s Responsibilities for the Consolidated Financial Results
The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net loss and other comprehensive income and other financial information of the Group including its associate in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associate are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective companies and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that
S.R. BatliboI & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295
Regd. Office : 22, Camar Street, Block 'B', 3rd Floor, Kolkata-700 016
www.srbatliboia.com
S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants
give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.
In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of their respective companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its associate are also responsible for overseeing the financial reporting process of their respective companies.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its associate to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associate of which we are the independent auditors to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the Master Circular issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.
S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants
Other Matter
The accompanying Statement includes the audited financial results and other financial information, in respect of:
-
14 subsidiaries, whose financial statements include total assets of Rs. 894.47 crores as at March 31, 2026, total revenues of Rs. 182.30 crores and Rs. 663.96 crores, total net profit after tax of Rs. 12.93 crores and total net loss after tax of Rs. 22.25 crores, total comprehensive income of Rs. 14.14 crores and total comprehensive loss of Rs. 21.27 crores, for the quarter and the year ended on that date respectively, and net cash inflows of Rs. 18.86 crores for the year ended March 31, 2026, as considered in the Statement which have been audited by their respective independent auditors.
-
1 associate, whose financial statements include Group’s share of net profit of Rs. 0.05 crores and Rs. 0.26 crores and Group’s share of total comprehensive income of Rs. 0.07 crores and Rs. 0.28 crores for the quarter and for the year ended March 31, 2026 respectively, as considered in the Statement whose financial statements, other financial information have been audited by their respective independent auditors.
The independent auditor’s report on the financial information of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associate is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above.
One of these subsidiaries are located outside India whose financial statements and other financial information have been prepared in accordance with the accounting principles generally accepted in their respective country and which have been audited by other auditors under generally accepted auditing standards applicable in their respective country. The Holding Company’s management has converted the financial statements of such subsidiary located outside India from accounting principles generally accepted in their respective country to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company’s management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.
Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial information certified by the Management.
We have neither audited nor reviewed the accompanying consolidated financial results and other financial information for the quarter ended March 31, 2025, which has been presented solely based on the information compiled by the management.
The Statement includes the results for the quarter ended March 31, 2026 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2026 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Vineet Kedia
Partner
Membership No.: 212230
UDIN: 26212230GAOOAB9801
Place: Gurugram
Date: May 27, 2026
S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants
Annexure – I to Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
| Sr. No. | Holding Company |
|---|---|
| 1 | Physicswallah Limited (formerly known as Physicswallah Private Limited) |
| Sr. No. | List of Subsidiaries |
| --- | --- |
| 1 | Penpencil Edu Services Private Limited |
| 2 | Ineuron Intelligence Private Limited |
| 3 | Knowledge Planet Holdings Limited and its subsidiaries: |
| a. Knowledge Planet Centre LLC | |
| b. Knowledge Planet Training Centre LLC | |
| c. Achievers Planet Tests Preparation Centre LLC | |
| d. Achievers Planet Training Centre LLC | |
| e. Knowledge Planet Arabia For Training LLC | |
| f. PhysicsWallah Gulf LLC | |
| g. Knowledge Planet Information Technology LLC | |
| h. Al Fareed Services Tests LLC | |
| i. Planet Achievers Tests Services Centre LLC | |
| j. Dar Al Ibtikar Services Tests LLC | |
| 4 | Utkarsh Classes & Edutech Private Limited |
| 5 | Preponline Futurist Private Limited |
| 6 | Xylem Learning Private Limited and its subsidiaries: |
| a. PSC Exams Today Private Limited | |
| b. Xylem Minimart | |
| c. Xylem Foundation | |
| 7 | PW Foundation |
| 8 | Physics Wallah Inc., w.e.f. July 31, 2024 |
| 9 | Finz Finance Private Limited, w.e.f. December 16, 2024 |
| 10 | Finz Fintech Private Limited, w.e.f. December 30, 2024 |
| 11 | Bharat Innovation Global Private Limited, w.e.f. November 26, 2024 |
| 12 | Kay Lifestyle And Wellness Private Limited, w.e.f. April 15, 2025 |
| 13 | Guiding Light Education Technologies Private Limited, w.e.f. September 2, 2025 |
| 14 | Nextseed Foundation w.e.f. March 18, 2026 |
| Sr. No. | List of Associate |
| --- | --- |
| 1 | Sheryians Private Limited, w.e.f. November 27, 2024 |
1
Physicswallah Limited (formerly known as Physicswallah Private Limited)
CIN: U80908UP2020PLC129223
Registered office: Plot no. B-8, tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh, India - 201309
T.: +91-9289926531, Website: www.gw.live, Email id: [email protected]
Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2026
(Amounts in INR crores; except per share data)
| Particulars | Quarter ended | Year ended | |||
|---|---|---|---|---|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Audited | Unaudited | Unaudited | Audited | Audited | |
| Refer note 2 | Refer note 2 | ||||
| Income | |||||
| Revenue from operations | 918.80 | 1,082.42 | 609.60 | 3,899.54 | 2,886.64 |
| Other income | 64.78 | 64.51 | 57.20 | 231.50 | 152.45 |
| Total income | 983.58 | 1,146.93 | 666.80 | 4,131.04 | 3,039.09 |
| Expenses | |||||
| Direct expenses | 143.65 | 147.29 | 135.77 | 599.61 | 513.34 |
| Purchase of traded goods | 45.78 | 4.96 | 20.24 | 78.50 | 54.46 |
| Change in inventories of stock in trade and finished goods | (9.00) | (5.23) | (21.80) | (15.48) | (18.29) |
| Cost of raw material and components consumed | 24.20 | 21.84 | 31.84 | 101.86 | 86.54 |
| Employee benefits expenses | 486.71 | 489.74 | 375.79 | 1,905.98 | 1,401.24 |
| Finance costs | 23.29 | 20.66 | 27.69 | 101.89 | 85.32 |
| Depreciation and amortisation expense | 121.88 | 113.19 | 97.87 | 437.39 | 366.42 |
| Net loss /(gain) on remeasurement of financial instruments at fair value | (3.19) | 7.19 | 108.24 | 10.77 | 114.63 |
| Other expenses | 201.87 | 180.24 | 188.05 | 848.29 | 661.19 |
| Total expenses | 1,035.19 | 979.88 | 963.69 | 4,068.81 | 3,264.85 |
| Profit/(loss) before share of profit/(loss) of associates, exceptional items and tax for the period / year | (51.61) | 167.05 | (296.89) | 62.23 | (225.76) |
| Share of profit/(loss) of associates | 0.06 | 0.16 | (0.12) | 0.26 | (0.12) |
| Profit/(loss) before exceptional items and tax for the period / year | (51.55) | 167.21 | (297.01) | 62.49 | (225.88) |
| Exceptional items (refer note 4) | 29.01 | 23.56 | 32.67 | 52.57 | 32.67 |
| Profit/(loss) before tax for the period / year | (80.56) | 143.65 | (329.68) | 9.92 | (258.55) |
| Income Tax expense: | |||||
| i. Current tax | 13.22 | 21.90 | (0.31) | 41.75 | 1.53 |
| ii. Deferred tax expense/(credit) | (24.64) | 19.48 | (40.10) | (7.66) | (16.82) |
| Total tax expense/(credit) | (11.42) | 41.38 | (40.41) | 34.09 | (15.29) |
| Profit/(loss) for the period / year | (69.14) | 102.27 | (289.27) | (24.17) | (243.26) |
| Other comprehensive income/(loss) | |||||
| A. Items that will not be reclassified to profit or loss in subsequent period / years | |||||
| Re-measurement gain on defined benefit plans | 1.91 | (0.04) | 2.45 | 5.41 | 3.87 |
| Income tax relating to re-measurement gain on defined benefit plans | (0.04) | (0.48) | (0.75) | (0.76) | |
| 1.91 | (0.08) | 1.97 | 4.66 | 3.11 | |
| Exchange differences on translation of Foreign operations | (0.40) | (2.28) | (0.71) | (1.40) | (0.18) |
| Income tax effect | |||||
| (0.40) | (2.28) | (0.71) | (1.40) | (0.18) | |
| Other comprehensive income for the period / year, net of tax | 1.51 | (2.36) | 1.26 | 3.26 | 2.93 |
| Total comprehensive income/(loss) for the period / years | (67.63) | 99.91 | (288.01) | (20.91) | (240.33) |
| Profit/(loss) for the period / year | |||||
| Attributable to: | |||||
| Owners of the parent | (74.89) | 100.51 | (293.10) | (22.49) | (215.90) |
| Non-controlling interests | 5.75 | 1.76 | 3.82 | (1.68) | (27.36) |
| (69.14) | 102.27 | (289.28) | (24.17) | (243.26) | |
| Other comprehensive income/(loss) for the period / year, net of tax | |||||
| Attributable to: | |||||
| Owners of the parent | 0.94 | (2.31) | 0.87 | 2.49 | 2.40 |
| Non-controlling interests | 0.57 | (0.05) | 0.40 | 0.77 | 0.52 |
| 1.51 | (2.36) | 1.27 | 3.26 | 2.92 | |
| Total comprehensive income/(loss) for the period / year, net of tax | |||||
| Attributable to: | |||||
| Owners of the parent | (73.95) | 98.21 | (292.23) | (20.00) | (213.49) |
| Non-controlling interests | 6.32 | 1.70 | 4.32 | (0.91) | (26.84) |
| (67.63) | 99.91 | (288.01) | (20.91) | (240.33) | |
| Paid up equity share capital | 285.99 | 285.97 | 218.39 | 285.99 | 218.39 |
| Face value of share (INR) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Other Equity | 4,234.40 | 471.72 | |||
| Earnings per share (not annualised for quarters) | |||||
| Basic | (0.26) | 0.37 | (1.17) | (0.08) | (0.86) |
| Diluted | (0.26) | 0.36 | (1.17) | (0.08) | (0.86) |
S.R. Batliboi & Associates LLP, Gurugram
for Identification
Physicswallah Limited (formerly known as Physicswallah Private Limited)
CIN: L80900UP2020PLC129223
Registered office: Plat no. B-8, tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh, India - 201389
T.: +91-9289926531, Website: www.pw.live, Email id: [email protected]
Audited Consolidated Statement of Assets and Liabilities as at March 31, 2026
(Amounts in INR crores; except per share data)
| Particulars | As at | |
|---|---|---|
| March 31, 2026 | March 31, 2025 | |
| Audited | Audited | |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 445.01 | 286.09 |
| Capital work in progress | 4.95 | 6.56 |
| Goodwill | 273.56 | 223.25 |
| Other intangible assets | 183.57 | 159.08 |
| Intangible assets under development | 3.05 | 2.76 |
| Right-of-me assets | 927.82 | 917.59 |
| Investments accounted for using equity method | 5.14 | 4.88 |
| Financial assets | ||
| i. Investments | 191.10 | 55.16 |
| ii. Loans | 44.89 | 30.39 |
| iii. Other financial assets | 74.86 | 100.56 |
| Deferred tax assets (net) | 88.23 | 95.55 |
| Non-current tax asset (net) | 10.38 | 22.89 |
| Other non-current assets | 4.66 | 14.89 |
| Total Non-current Assets | 2,257.22 | 1,919.65 |
| Current assets | ||
| Inventories | 101.89 | 77.03 |
| Financial assets | ||
| i. Investments | 2,229.74 | 1,340.72 |
| ii. Trade receivables | 81.80 | 41.54 |
| iii. Cash and cash equivalents | 359.50 | 53.71 |
| iv. Bank balances other than (iii) above | 766.72 | 121.57 |
| v. Loans | 0.94 | 6.55 |
| vi. Other financial assets | 1,793.45 | 531.30 |
| Other current assets | 85.54 | 64.30 |
| Total Current Assets | 5,419.58 | 2,236.72 |
| TOTAL ASSETS | 7,676.80 | 4,156.37 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Equity share capital | 285.99 | 218.39 |
| Instrument entirely equity in nature | - | 834.45 |
| Other equity | 4,234.40 | 471.72 |
| Equity attributable to equity holders of the parent | 4,520.39 | 1,524.56 |
| Non-controlling interests | 50.37 | 28.96 |
| Total Equity | 4,570.76 | 1,553.52 |
| Financial liabilities | ||
| i. Borrowings | 0.20 | 0.24 |
| ii. Lease liabilities | 837.09 | 832.70 |
| iii. Other financial liabilities | 302.14 | 286.73 |
| Other non-current liabilities | 57.80 | 29.40 |
| Provisions | 42.53 | 22.20 |
| Total non-current liabilities | 1,239.76 | 1,171.27 |
| Current liabilities | ||
| Financial liabilities | ||
| i. Borrowings | 10.30 | 0.09 |
| ii. Lease liabilities | 204.52 | 163.63 |
| iii. Trade payables | ||
| - Total outstanding dues of micro and small enterprises; and | 55.04 | 28.68 |
| - Total outstanding dues of creditors other than micro and small enterprises | 193.55 | 158.26 |
| iv. Other financial liabilities | 161.21 | 142.38 |
| Other current liabilities | 1,209.33 | 918.44 |
| Provisions | 32.33 | 20.10 |
| Total current liabilities | 1,866.28 | 1,431.58 |
| Total liabilities | 3,106.04 | 2,602.85 |
| TOTAL EQUITY AND LIABILITIES | 7,676.80 | 4,156.37 |
S.R. Ballibol & Associates LLP, Gurugram
for Identification
Physicowallah Limited (formerly known as Physicowallah Private Limited)
CIN: U80900UP2020PLC129223
Registered office: Plot no. B-6, tower A 101-119, Noida Ono, Noida Sector 62, Gautam Buddha Nagar, Dedri, Uttar Pradesh, India - 201309
T.: +91-9289926531, Website: www.pw.live, Email id: [email protected]
Audited Consolidated Statement of Cash flows for the year ended March 31, 2026
(Amounts in INR errors; except per share data)
| Particulars | Year ended | |
|---|---|---|
| March 31, 2026 | March 31, 2025 | |
| Audited | Audited | |
| A. Cash flow from operating activities | ||
| Profit /(Loss) before tax after exceptional items | 9.92 | (258.55) |
| Adjustments for: | ||
| Depreciation and amortisation expense | 437.39 | 366.42 |
| Net loss on remeasurement of financial instruments at fair value | 10.77 | 114.63 |
| Employee stock compensation expense | 171.15 | 89.38 |
| Property, plant and equipment and intangible assets under development written off | 0.79 | 10.92 |
| Provision for inventory obsolescence | 8.68 | 7.59 |
| Provision for expected credit losses | 10.65 | 10.08 |
| Net gain on PVTPL investments | (41.92) | (45.09) |
| Expenses incurred towards Initial Public Offer | 8.29 | - |
| Gain on sale of plant, property and equipment | (1.47) | (0.68) |
| Interest income | (115.06) | (56.68) |
| Finance costs | 85.77 | 74.32 |
| Unwinding of interest on deferred consideration | - | 0.13 |
| Bad debts written off | (0.02) | (2.70) |
| Gain on derecognition of leases | (8.37) | (5.84) |
| Net gain on sale of mutual funds | (48.49) | (24.97) |
| Impairment of intangible assets and goodwill | 29.01 | 32.67 |
| Share of loss of associates (net) | (0.26) | 0.12 |
| Operating profit before working capital changes | 556.83 | 311.75 |
| Movement in working capital: | ||
| Decrease / (Increase) in inventories | (33.54) | (31.20) |
| Decrease / (Increase) in trade receivables | (45.11) | (18.99) |
| Decrease/(Increase) in other financial assets | (12.91) | (52.28) |
| Decrease / (Increase) in other current & non - current assets | (17.00) | (39.93) |
| (Decrease) / Increase in trade payable | 60.82 | 43.59 |
| (Decrease) in other financial liabilities | 33.80 | (25.30) |
| (Decrease) / Increase in provision | 37.97 | 24.40 |
| Increase / (Decrease) in other current & non - current liabilities | 282.86 | 296.95 |
| Cash flow from operations | 863.72 | 508.98 |
| Direct taxes paid (net of refunds and interest) | (30.48) | (1.86) |
| Net cash inflow from operating activities (A) | 833.24 | 507.04 |
| B. Cash flows from investing activities | ||
| Purchase of property, plant and equipment (including capital work in progress, capital advances and payable for capital goods) | (321.71) | (166.44) |
| Purchase of intangible assets and intangible assets under development | (21.36) | (5.77) |
| Proceeds from sale of property, plant and equipment | 4.08 | 5.42 |
| Interest received | 93.89 | 5.98 |
| Loans given to employees and other parties | (8.89) | (19.36) |
| Investment in associates | - | (3.03) |
| Investment in subsidiary net of cash acquired (refer note (43)) | (56.70) | (53.64) |
| Acquisition of non controlling interest | (177.40) | - |
| Purchase of investments | (2,969.13) | (4,676.38) |
| Proceeds from sale of investments | 2,034.53 | 3,523.29 |
| Maturity of bank deposits | 757.23 | 503.50 |
| Investment in bank deposits | (2,617.04) | (624.84) |
| Net cash used in investing activities (B) | (3,282.50) | (1,513.24) |
| C. Cash flows from financing activities | ||
| Proceeds from issuance of CCPS | - | 1,267.23 |
| Proceeds from exercise of stock options | 0.61 | 0.56 |
| Interest and other finance charges paid | (0.49) | (2.78) |
| Proceeds from issuance of equity share capital | 2,996.73 | - |
| Proceeds/(Repayment) of borrowings | 10.17 | (72.39) |
| Payment of interest portion of lease liability | (84.60) | (71.55) |
| Payment of principal portion of lease liability | (167.39) | (114.32) |
| Net cash generated from financing activities (C) | 2,785.05 | 1,006.75 |
| Net increase in cash and cash equivalents (A+B+C) | 305.79 | 0.55 |
| Cash and cash equivalents at the beginning of the year | 53.71 | 53.16 |
| Cash and cash equivalents at the end of the year | 359.50 | 53.71 |
| Cash and cash equivalents comprise of following: | ||
| Cash on hand | 6.84 | 6.59 |
| Cash on transit | 0.86 | - |
| Cheque in hand | - | 0.29 |
| Balances with banks | ||
| i) on current account | 139.30 | 35.38 |
| ii) Deposits with original maturity of less than three months | 212.50 | 11.45 |
| 359.50 | 53.71 |
S.R. Balliboi & Associates LLP, Gurugram
for Identification
Physicswallah Limited (formerly known as Physicswallah Private Limited)
CIN: U80900UP2020PLC129223
Registered office: Plot no. B-8, tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh
T.: +91-9289926531, Website: www.pw.live, Email id: [email protected]
Notes to the Audited Consolidated Financial Results
-
The Statement of audited Consolidated Financial Results has been prepared in accordance with the applicable Indian accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act"), read with the relevant rules thereunder and in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The Statement of audited Consolidated Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors of the Physicswallah Limited (the "Holding Company") in their respective meetings held on May 27, 2026.
-
The Statement of audited consolidated financial results of the Company and its subsidiaries (collectively the "Group") and its interest in associate includes the results for the quarter ended March 31, 2026 and March 31, 2025, being the balancing figure between audited figures in respect of the full financial year and the published unsudited year to date figures up to the third quarter of the respective financial years. The figures for the quarter and nine months ended December 31, 2024 have been approved by the Board of directors but have not been subjected to review or audit by statutory auditors.
-
During the year ended March 31, 2026, the Company has completed its initial public offer (IPO) of 31,93,30,321 equity shares of face value of INR "1" each at a issue price of INR 109 per share (including a share premium of INR 108 per share), comprising fresh issue of 28,44,68,537 shares and offer for sale of 3,48,62,384 shares by selling shareholders. The equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on November 18, 2025. The utilization of the net IPO proceeds in relation to fresh issue is summarized below:
(Amount in INR crores)
| S.No. | Objects of the issue | Amount of net proceeds in the offer document | Amount unutilised as of December 31, 2025 | Amount utilised during the quarter | Amount unutilised upto March 31, 2026 |
|---|---|---|---|---|---|
| 1 | Capital expenditure for fit-outs of new offline and hybrid centers of the Company | 460.55 | 458.13 | 17.35 | 440.78 |
| 2 | Expenditure towards lease payments of existing identified offline and hybrid centers operated by the Company | 548.31 | 534.83 | 42.91 | 491.92 |
| 3 | Investment in Subsidiary, Xylem Learning Private Limited for expenditure towards: | ||||
| i) | Capital expenditure for fit-outs of new offline centers of Xylem ("New Xylem Centers") | 31.65 | 31.65 | - | 31.65 |
| ii) | Lease payments for Xylem's existing identified offline centers and hostels | 15.52 | 15.52 | - | 15.52 |
| 4 | Investment in Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes' existing identified offline centers | 28.00 | 28.00 | - | 28.00 |
| 5 | Expenditure towards server and cloud related infrastructure costs | 200.11 | 200.11 | 15.12 | 184.99 |
| 6 | Expenditure towards marketing initiatives | 710.00 | 710.00 | 23.34 | 686.66 |
| 7 | Acquisition of additional shareholding in Subsidiary, Utkarsh Classes & Edutech Private Limited | 26.50 | 0.03 | - | 0.03 |
| 8 | Funding inorganic growth through unidentified acquisitions and general corporate purposes | 941.15 | 697.79 | 303.36 | 394.43 |
| Total | 2,961.79 | 2,676.06 | 402.08 | 2,273.98 |
Out of the net proceeds, INR 2,273.98 crores which were unutilised as at March 31, 2026 were temporarily invested in fixed deposits with scheduled commercial banks and kept in public offer account and monitoring account.
- Exceptional items comprises of:
(Amount in INR crores)
| Particulars | Quarter ended | Year ended | |||
|---|---|---|---|---|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Impairment of goodwill | 29.01 | - | 30.54 | 29.01 | 30.54 |
| Impairment of intangible assets | - | - | 2.13 | - | 2.13 |
| Expenses incurred towards Initial Public Offer | - | 8.29 | - | 8.29 | - |
| Remeasurement impact on employee benefit obligations pursuant to labour code changes | - | 15.27 | - | 15.27 | - |
| Total | 29.01 | 23.56 | 32.67 | 52.57 | 32.67 |
- On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively, the "Labour Codes"), which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes introduce several changes, including a uniform definition of wages and enhanced leave-related benefits. To ensure smooth implementation, the Ministry of Labour and Employment has also issued the Frequently Asked Questions (FAQs) on the four codes. The Group has assessed the financial implications of these changes, which have resulted in an increase in gratuity liability arising from past service costs, increase in leave liability and overtime allowance by INR 15.27 crores. Considering that the enactment of the Labour Codes is non recurring in nature, the Group has presented the incremental impact as "Impact of Labour Codes" under Exceptional Item in the financial results for the year ended March 31, 2026. The Group continues to monitor developments relating to the Labour Codes and will evaluate the impact, if any, on the remeasurement of liabilities pertaining to employee benefits.
B.R. Balliboi & Associates LLP, Gurugram
for Identification
^{}[]
Physicswallab Limited (formerly known as Physicswallab Private Limited)
CIN: U80900UP2020PLC129223
Registered office: Plot no. B-8, tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh
T.: +91-9289926531, Website: www.pw.live, Email id: [email protected]
Notes to the Audited Consolidated Financial Results
6 The Group is primarily engaged in the education business by providing online and offline coaching services and sale of study materials which falls within a single reportable segment as the Chief Operating Decision Makers (CODM) of the Group views the entire business activities as coaching services. Accordingly, there are no additional disclosure to be furnished in accordance with the requirements of the Ind AS 108 - Operating Segments with respect to single reportable segment. Further, the Group majorly operates in India, hence it does not have any revenue and non-current operating assets located outside India. The Group does not have any single external customer, contributing to 10% or more of the Group's total revenue.
7 During the year ended March 31, 2026:
a. The Holding Company has entered into a share purchase agreement ("SPA") April 15, 2025 to acquire 28.57% shares and control in Kay Lifestyle and Wellness Private Limited ("KLWPL") for a consideration of INR 2 crores with a right to further acquire additional 21.43% within twelve months as per SPA. The Company has 41% shares in KLPWL as on March 31, 2026.
b. The Holding Company has entered into a share purchase agreement ("SPA") dated September 02, 2025 to acquire 40% shares and control in Guiding Light Education Technologies Private Limited ("Sarthi") for a consideration of INR 95 crores with a right to further acquire additional 45% in next 5 years as per SPA. The Group had obtained control on the same date based on the rights available to it as per the SPA.
c. Pursuant to approval by the Board of Director on October 15, 2025, the Company has converted 10,845,270 Compulsorily Convertible Preference Shares (CCPS) into 10,203,174 equity shares. Pursuant to the conversion, the Company has also issued 35 bonus equity shares for each such equity share, resulting in the allotment of 357,111,090 bonus shares.
d. The Holding Company has invested INR 414.6 crores into equity shares of the Subsidiary Company, Penpencil Edu Services Private Limited ("Penpencil") to support expansion of business including school management services comprising technology implementation, academic support and operational assistance. Penpencil has acquired, land and building of existing K12 school operations and rights to provide school management & support services to the school for a total consideration of INR 138 crores. The Group has accounted for this acquisition at fair value.
e. The Holding Company has acquired 100% shares and control in Nextseed Foundation for a consideration of INR 0.01 crores on March 18, 2026.
8 The Holding Company has approved a bonus issue in the ratio of 1:35, i.e., thirty-five (35) bonus equity shares of INR 1 each for one (1) fully paid-up equity share held (including outstanding stock options) as on March 07, 2025.
9 Item exceeding 10% of total expenditure (included in other expenses):
(Amount in INR crores)
| Particulars | Quarter ended | Year ended | |||
|---|---|---|---|---|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Advertisement and publicity expenses | 87.81 | 63.61 | 93.28 | 353.57 | 276.23 |
10 Effective current quarter, the Group has opted to present amounts in INR crores. Accordingly, previous period / year figures have also been changed from presentation in INR millions to INR crores.
11 The financial results are available on the Holding Company's website and on the websites of the stock exchanges where the Holding Company's equity shares are listed (NSE and BSE).
For and on behalf of Board of Directors of
Physicswallab Limited (formerly known as Physicswallab Private Limited)
S.R. Balliboi & Associates LLP, Gurugram
for Identification
P
PHYSICSWALLAH
LIMITED
Date: May 27, 2026
National Stock Exchange of India Limited
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex,
Bandra (E), Mumbai – 400 051 India
BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai – 400 001 India
Scrip Code: 544609
Symbol: PWL
Sub: Declaration on Audit Report with an unmodified opinion
Dear Sir/Madam,
Pursuant to regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, we hereby declare that M/s. S.R. Batliboi & Associates LLP, Statutory Auditor of the Company, has issued the Audit Report with an unmodified opinion on the Audited Standalone and Consolidated Financial Results of the Company for the financial year ended March 31, 2026.
Request you to kindly take the same on record.
Thank you.
Yours sincerely,
For Physicswallah Limited
Amit Sachdeva
Chief Financial Officer
Physicswallah Limited (Formerly known as ‘Physicswallah Private Limited’)
Plot No. B-8, Tower A 101-119, Noida One, Noida, Sector 62, Dadri, Gautam Buddha Nagar,
Uttar Pradesh - 201309; CIN: U80900UP2020PLC129223; Contact: 0120-6618164;
Website: www.pw.live; Email Id: [email protected]