The strong bottom-line performance was supported by a 26% YoY increase in revenue from operations, which rose to Rs 1,051.2 crore in Q2 FY26. Adjusted EBITDA stood at Rs 269.7 crore, reflecting a margin of 26%, up from 23% in the year-ago period.
For the first half of FY26 (H1 FY26), PhysicsWallah reported revenue of Rs 1,898.3 crore, a 29% YoY increase. Adjusted EBITDA for the same period stood at Rs 296.2 crore with a 16% margin.
Total paid users reached 3.62 million, a 21% rise from H1 FY25, with online channel users at 3.22 million and offline enrolments at 0.40 million.
The company’s offline expansion also accelerated, with 128 new centres added over the past year. As of H1 FY26, PhysicsWallah operates 314 centres across India, compared to 186 in the corresponding period last year. Faculty strength (including consultants) stood at 6,643.
PhysicsWallah generated Rs 644.1 crore in free cash flow for H1 FY26, compared to Rs 543.4 crore in H1 FY25. The company’s treasury, as of September 30, 2025, stood at Rs 2,551.9 crore, excluding IPO proceeds.
The company highlighted growing engagement on its online platform, with daily average users at 3.5 million, an average engagement time of 103 minutes, and a social media subscriber base of over 125 million across platforms. The company is also expanding into new exam categories, including State Boards, Civil Services, and vernacular-language segments to drive future growth.A new strategic initiative called “Pi”, a low-ticket, student-focused alternative to YouTube priced between Rs 300–400, has been launched to target previously untapped learner segments.
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