Physicswallah Limited

PWL.NS

Education & Training Services · Consumer Defensive

Price

₹131.59

+6.10 (+4.86%)

Market Cap

₹376.31B

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

−2.4% over 2y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 2.86B (2023) → 2.79B (2025)

PhysicsWallah (PW) is an Indian online education company that helps students prepare for competitive exams like JEE and NEET, which are required to get into top engineering and medical colleges in India. It offers video lectures, practice tests, and study materials through its app and website, targeting middle- and high-school students across India. Founded by teacher Alakh Pandey, PW became popular by offering affordable courses compared to traditional coaching centers.

The company earns money by selling online course subscriptions and also runs physical offline coaching centers called PW Vidyapeeth across several Indian cities. It operates almost entirely within India, where demand for exam preparation is enormous due to intense competition for limited college seats. PW's main competitive edge is its low pricing and strong brand recognition among students from smaller cities and towns. Its key risk is a thin operating margin, meaning it currently spends more than it earns from operations, making the path to consistent profitability an important challenge to watch.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+54.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+38.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

77.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$36.7B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Physicswallah Limited grew revenue 54% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

24.8%

Thin — 24.8% gross margin

Operating Margin

-10.5%

Losing money on operations — -10.5%

ROCE

-2.0%

Weak — -2.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

N/A

Data not available

EPS YoY

N/A

Data not available

EPS Consistency

2/2 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

23.4%

Converts sales into free cash efficiently (23.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.05

Conservative — low debt load (0.05)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/A

Data not available

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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