PhysicsWallah Q4 Results 2026: Revenue up 51% YoY

Key takeaway from the March-quarter print

PhysicsWallah reported a sharp year-on-year rise in operating revenue for Q4 FY26, alongside a material reduction in losses versus the year-ago quarter. The Noida-based edtech firm said performance was supported by growth in paid users and the expansion of its offline centre network. Multiple reports also flagged better cash flow and a stronger full-year revenue run-rate in FY26.

The quarterly update matters for investors tracking whether scaled edtech models can reduce losses while sustaining growth. It also highlights how PhysicsWallah is balancing its online business with a growing offline presence, a shift that has been visible across several Indian education companies over recent years.

Q4 FY26: Revenue rises, losses narrow

For the quarter ended 31 March 2026, PhysicsWallah reported consolidated revenue from operations of ₹918.80 crore (also cited as ₹919 crore in some reports). This was up 50.72% year-on-year versus ₹609.60 crore in Q4 FY25.

On profitability, the company’s consolidated net loss for Q4 FY26 was reported at ₹74.89 crore in one update, while other reports put the loss at ₹74 crore or ₹69.1 crore. The comparable loss in Q4 FY25 was cited at ₹293 crore or ₹289.3 crore. Despite the differences in the reported loss figure across summaries, the direction was consistent: a steep year-on-year contraction in losses.

Sequentially, however, PhysicsWallah swung back into a loss in Q4 FY26 after reporting a profit of ₹102.27 crore (also cited as ₹102.3 crore) in Q3 FY26. Revenue also declined quarter-on-quarter, with Q4 revenue down 15.12% from ₹1,082.4 crore reported for Q3 FY26.

Expense and operating metrics disclosed for the quarter

One report stated that total expenses rose 7% year-on-year to ₹1,035.2 crore in Q4 FY26. This provides context on why profitability remained negative even as revenue grew strongly.

On operating profitability, there were multiple EBITDA data points cited. One report said EBITDA for the quarter stood at ₹65 crore, with a margin of 7%. Another summary stated that EBITDA rose 184% year-on-year to ₹549 crore. Separately, a full-year summary mentioned EBITDA of ₹300 crore, described as a three-times increase from last year. These figures were presented across different sources and formats, and readers should treat them as reported in those updates.

Full-year FY26: Revenue crosses ₹3,899 crore, losses shrink

For FY26, PhysicsWallah’s revenue from operations was reported at around ₹3,899 crore to ₹3,900 crore, implying 35% year-on-year growth from about ₹2,886.6 crore to ₹2,887 crore in FY25. Several reports consistently referenced the full-year revenue crossing the ₹3,899 crore mark.

Losses for FY26 were also cited with small variations. One update said losses fell to ₹22 crore from ₹216 crore in FY25. Another said the net loss was ₹24.2 crore to ₹24.3 crore in FY26 versus ₹243.3 crore in FY25, describing a roughly 90% reduction. A separate summary also referenced profit before tax of ₹10 crore in FY26 compared with a loss before tax of ₹259 crore in FY25.

Offline expansion, acquisitions, and enrolments

Management commentary in the updates linked FY26 growth to expansion in offline centres, acquisitions, and rising student enrolments. One report highlighted that Q4 revenue growth included a minor contribution from the Saarthi acquisition.

On operating scale, the company said its online business recorded over 4.87 million enrolments in FY26, an 18% increase from last year. Offline enrolments grew 42% year-on-year to 470,000, with the network expanding to 353 centres across the country. Another FY26 data point mentioned offline revenue rising 31% year-on-year to ₹1,774 crore, indicating that physical centres are becoming a more meaningful contributor.

AI-led product investments mentioned by the company

PhysicsWallah said it continues to invest in AI-led initiatives, listing products and features such as AI Guru, Ask AI, AI Grader, AI Mentor, and AI Books. These initiatives were presented as part of a broader push to improve learning experience and operational efficiency.

The company’s emphasis on AI tools comes alongside the expansion of offline delivery, underlining a mixed model that combines large-scale digital distribution with centre-led offerings.

Summary table: reported financial and operating highlights

Market and business implications to watch

The quarter reflects a pattern visible in the sector: growth is increasingly being supported by offline centres and higher paid participation, while companies attempt to manage costs to reduce losses. For PhysicsWallah, the sequential revenue dip from Q3 FY26 to Q4 FY26, along with a swing from quarterly profit to loss, is also a reminder that profitability may remain sensitive to expense timing and growth investments.

PhysicsWallah also went public in November last year, as stated in one report, which can change how investors evaluate quarterly execution and disclosure. One summary attributed profitability impacts to one-time labour code and IPO expenses, which is relevant context for interpreting year-on-year comparisons.

Conclusion

PhysicsWallah’s Q4 FY26 results showed strong year-on-year revenue growth to about ₹919 crore and a sharply narrower loss versus Q4 FY25, even as revenue fell sequentially from Q3 FY26. For FY26, operating revenue crossed ₹3,899 crore, with losses reported significantly lower than FY25 across multiple updates. The company has linked the improvement to growth in paid users, a larger offline footprint, acquisitions, and continued investment in AI-led learning tools.