Physicswallah：第一季度业绩超预期；上调至增持评级

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

16 August 2026

Physicswallah

▲Overweight

1Q print beats; upgrade to OW

Previous: Neutral

PHYS.NS, PWL IN

Price (14 Aug 26):Rs117.12

Price Target (Jun-27):Rs148.00

The 1QFY27 print beat on revenues (4% ahead of JPMe, 1% below cons) and on

Pre-Ind AS Ebitda margins (ahead of JPMe by 320bps). Revenue grew 24% YY

primarily driven by faster online channel growth at 38% YY, while the offline

channel grew at 19% YY. PWL has maintained its guidance of 30% revenue growth

in FY27 as NEET revenues and collections have not been lost but just shifted. PWL

maintained its guide for Ebitda breakeven in offline business in FY27, with both

offline and online margins improving by 500-600bps YY in 1Q. It has decided to

divest its NBFC arm FinZ Finance due to its focus on building the core education

platform rather than a lending business. Stock is down 18% in last 1M (vs Nifty

flat) on worries surrounding NEET exam delays. However, with that now behind,

and operational performance better than expected in 1Q, as well as the retained

guidance on both growth and margins, we upgrade the stock to OW with an

unchanged Jun-27 PT of Rs148.

1Q print beat. 1Q print beat on revenues (4% ahead of JPMe, 1% below cons) and

on Pre-Ind AS Ebitda margins (ahead of JPMe by 320bps). Revenue grew 24% YY

primarily driven by faster online channel growth at 38% YY, while the offline

channel grew at 19% YY.

Head of APAC Telecoms and India

TMT Research

Ankur Rudra, CFA AC

(65) 6801-3237

J.P. Morgan Securities Singapore Private Limited

Bhavik Mehta, CFA

(91-22) 6157-3871

J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

Harshit Sharma

(91-22) 6157-5879

J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

Style Exposure

FY27 revenue growth guide maintained at 30%. PWL has maintained its

guidance of 30% revenue growth in FY27. Management highlighted that offline

revenue growth would have been 22-25% if NEET exams had not been delayed.

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