Indian edtech large PhysicsWallah has reported its monetary outcomes for Q3 FY26, displaying that the corporate crossed its full FY25 income throughout the first 9 months of FY26. This was pushed by progress in each on-line and offline training companies.

For the quarter ended December 31, 2025, the corporate’s income from operations elevated 33.7% yr on yr to Rs 1,082.4 crore, in contrast with Rs 809.7 crore in Q3 FY25.

Revenue after tax rose 33% yr on yr to Rs 102.3 crore. The PAT margin for the quarter stood at 9.4%. Adjusted EBITDA elevated 40% yr on yr to Rs 351.2 crore, with an adjusted EBITDA margin of 32.4%.

On a sequential foundation, revenue after tax elevated from Rs 69.7 crore in Q2 FY26 to Rs 102.3 crore in Q3 FY26, representing a progress of roughly 47%. In the course of the quarter, the corporate earned Rs 64.5 crore as different earnings from curiosity and positive aspects on monetary belongings. Consequently, complete earnings for Q3 FY26 stood at Rs 1,146.9 crore.

Complete bills for the quarter had been Rs 863.8 crore, in contrast with Rs 650.9 crore in Q3 FY25. Worker profit bills, together with share-based funds, stood at Rs 489.7 crore, making it the most important value part. Depreciation and amortisation bills had been Rs 113.2 crore. Direct bills and stock motion amounted to Rs 168.8 crore.

For the 9 months ended FY26, income from operations grew 31% yr on yr to Rs 2,980.7 crore. The expansion was supported by a rise in distinctive paid customers from 3.60 million in 9M FY25 to 4.37 million in 9M FY26.

Adjusted EBITDA for the nine-month interval elevated 36% yr on yr to Rs 647.4 crore, with an adjusted EBITDA margin of 21.7%. Revenue after tax for 9M FY26 stood at Rs 45 crore, after adjusting for one-time bills of Rs 23.6 crore.

Money circulation from operations throughout 9M FY26 was Rs 642.9 crore, in contrast with Rs 506.9 crore generated through the full FY25. As of December 31, 2025, the corporate’s steadiness was Rs 5,054.4 crore, which incorporates proceeds from its IPO.

Throughout 9M FY26, PhysicsWallah recorded 3.96 million paid on-line enrollments, representing a 20% year-on-year improve. Offline scholar enrollments grew 36% yr on yr to 0.41 million.

As of December 31, 2025, the corporate operated 318 centres throughout India, in contrast with 186 centres a yr earlier. The centre community included, 122 PW Vidyapeeth centres, 75 PW Pathshala centres, 53 different PW centres, and 68 subsidiary centres

The corporate expanded its choices to 16 classes through the interval and added three new classes in Q3 FY26. The corporate stated that its progress was supported by a diversified portfolio protecting on-line programs, offline programs, value-added providers, crash programs, and newer examination segments resembling state boards and civil providers.

The state boards class recorded roughly 175,000 enrollments in its first yr of operations. Vernacular course choices in Marathi, Bangla, Gujarati, Kannada, and Odia attracted round 90,000 enrollments inside 9 month.

PhysicsWallah continued investments in AI-based initiatives, together with AI Guru, Ask AI, AI Grader, AI Mentor, and AI Books. Its AI-driven English-speaking software, PW Talks, crossed a million sign-ups through the interval.

PhysicsWallah made its inventory market debut on November 18, 2025, itemizing on the NSE at Rs 145 per share, which was approximately 33% higher than its issue price of Rs 109 per share. The Rs 3,480 crore IPO consisted of a recent problem of Rs 3,100 crore and a suggestion on the market of Rs 380 crore.