PWL · Consumer Services
Physicswallah Ltd. reported revenue of ₹1,082 cr for October to December 2025, +33.6% on the year and +2.9% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹236 cr, a margin of 21.8%, −90 bps on the year and +458 bps on the quarter. Over the last 6 quarters the margin has ranged from −37.5% to 22.7%, averaging 5.2%. Operating costs grew +35.1%, faster than revenue at +33.6%, so operating profit grew less than sales.
Net profit was ₹102 cr, +32.5% on the year and +46.3% on the quarter, with earnings per share of ₹0.35. Profit before other income, one-offs and tax grew faster, at +45.1%; other income, one-offs or tax held the headline back.
For platform businesses the line that matters is how fast losses narrow as revenue scales; contribution margin and customer metrics carry the story the statements only hint at. The quarterly statements do not carry contribution margin, order or user growth and cash burn; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q2 FY26 |
|---|---|
| GOV or GMV (₹ cr) | 440.5 |
| Take rate | 3,918% |
| Contribution margin | 29.5% |
| Adjusted EBITDA (₹ cr) | 270 |
| ESOP cost (₹ cr) | 41 |
| Customers or MTU (lakh) | 3.62 |
| Quarterly cash burn (₹ cr) | 927.55 |
Read using the New-age and platform framework (named in the filing read). Primary valuation lens: EV/Sales and contribution margin; no earnings measure.
Read more closely in this sector: ESOP cost against adjusted EBITDA · Cash runway at the current burn · Related-party revenue · Contribution margin trend.
| Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹832 cr | ₹810 cr | ₹610 cr | ₹847 cr | ₹1,051 cr | ₹1,082 cr | ₹919 cr | ₹1,050 cr | ₹1,242 cr |
| YoY | — | — | — | — | +26% | +34% | +51% | +24% | +18% |
| EBITDA margin | 16.1% | 22.7% | −37.5% | −9.0% | 17.2% | 21.8% | 3.2% | −5.3% | 22.2% |
| Other income, % of PBT | 50% | 36% | — | — | 48% | 28% | — | — | 44% |
| Exceptional items | — | — | — | — | — | — | — | — | −₹20.1 cr |
| Tax rate | 34% | 31% | — | — | 29% | 29% | — | — | 32% |
| Net profit | ₹41.0 cr | ₹77.0 cr | −₹289 cr | −₹127 cr | ₹69.7 cr | ₹102 cr | −₹69.0 cr | −₹88.3 cr | ₹144 cr |
| YoY | — | — | — | — | +70% | +32% | — | — | +106% |
| Core profit YoY | — | — | — | — | +67% | +45% | — | — | +165% |
| EPS | ₹7.42 | ₹15.11 | −₹1.34 | −₹0.55 | ₹0.28 | ₹0.35 | −₹0.26 | −₹0.27 | ₹0.49 |
| Flags | 1 | 1 | · | · | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Physicswallah Ltd. reported revenue of ₹1,082 cr (+33.6% on the year) and net profit of ₹102 cr (+32.5% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +45.1% on the year, against +32.5% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.