PhysicsWallah - Public Comps and Valuation Multiples

PhysicsWallah Overview

About PhysicsWallah

PhysicsWallah Ltd is engaged in the business of education by providing online and offline coaching and study material for test preparation of various competitive exams such as NEET, JEE, MBA, UPSC, GATE, CA, etc. Its channels of delivery include: (i) online, which includes social media channels, website and apps; (ii) tech-enabled offline centers (where the faculty conducts live classes in a physical center); or (iii) hybrid centers. The company operates in one reportable business segment i.e. engaged in the business of education by providing online and offline coaching and study materials. It majorly operates in India except for two subsidiaries which has its operation in Dubai and USA. The majority of its revenue comes from the offline centers located in Indian cities.

Founded

2020

HQ

Employees

18.0K+

Website

pw.live

Sectors

Learning Platforms

Financials

Last FY Revenue $317M

Last FY EBITDA $20.2M

EV

$4.2B

Valuation Multiples

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PhysicsWallah Financials

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PhysicsWallah P&L

In the most recent fiscal year, PhysicsWallah reported revenue of $317M and EBITDA of $20.2M.

PhysicsWallah expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	XXX	$317M	XXX	XXX	XXX
Gross Profit	XXX	$108M	XXX	XXX	XXX
Gross Margin	XXX	34%	XXX	XXX	XXX
EBITDA	XXX	$20.2M	XXX	XXX	XXX
EBITDA Margin	XXX	6%	XXX	XXX	XXX
EBIT	XXX	-$18.5M	XXX	XXX	XXX
EBIT Margin	XXX	-6%	XXX	XXX	XXX
Net Profit	XXX	-$23.8M	XXX	XXX	XXX
Net Margin	XXX	-8%	XXX	XXX	XXX
Net Debt	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for PhysicsWallah including revenue, profitability, and margin analysis across different time periods. In the most recent fiscal year, PhysicsWallah achieved $317M in revenue and $20.2M in EBITDA.
Financial Metric	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	Analyst estimates available to subscribers	$317M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	Analyst estimates available to subscribers	$108M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	Analyst estimates available to subscribers	33.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	Analyst estimates available to subscribers	$20.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	Analyst estimates available to subscribers	6.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	Analyst estimates available to subscribers	-$18.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	Analyst estimates available to subscribers	-5.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	Analyst estimates available to subscribers	-$23.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	Analyst estimates available to subscribers	-7.5% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for PhysicsWallah

This financial data table provides comprehensive performance metrics for PhysicsWallah, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Fiscal Year Performance

In the most recent fiscal year, PhysicsWallah reported $317M in total revenue.
Fiscal year EBITDA was $20.2M.
The company maintained a gross profit margin of 33.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 6.4%.
Net profit margin reached -7.5% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for PhysicsWallah. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

PhysicsWallah Stock Performance

PhysicsWallah has current market cap of INR 393B (or $4.3B), and EV of INR 384B (or $4.2B).

Market Cap Evolution

PhysicsWallah Stock Data

As of December 17, 2025, PhysicsWallah's stock price is INR 137 (or $2).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$4.2B	$4.3B	XXX	XXX	XXX	XXX	n/a

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PhysicsWallah Valuation Multiples

PhysicsWallah's trades at 13.4x EV/Revenue multiple, and 210.0x EV/EBITDA.

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PhysicsWallah Financial Valuation Multiples

As of December 17, 2025, PhysicsWallah has market cap of $4.3B and EV of $4.2B.

Equity research analysts estimate PhysicsWallah's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

PhysicsWallah's P/E ratio is not available.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$4.3B	XXX	$4.3B	XXX	XXX	XXX
EV (current)	$4.2B	XXX	$4.2B	XXX	XXX	XXX
EV/Revenue	n/a	XXX	13.4x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	210.0x	XXX	XXX	XXX
EV/EBIT	n/a	XXX	-229.7x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	n/a	XXX	-182.0x	XXX	XXX	XXX
EV/FCF	n/a	XXX	114.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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PhysicsWallah Margins & Growth Rates

PhysicsWallah's revenue per employee in the last FY averaged $18K, while opex per employee averaged $7K for the same period.

PhysicsWallah's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

PhysicsWallah's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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PhysicsWallah Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	6%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$18K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$7K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	10%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	40%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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