Physicswallah Limited

PWL.NS

Education & Training Services · Consumer Defensive

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

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.

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

+25.2% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+35.7% YoY

YoY Growth Rate

EPS growth accelerating

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

Strong grower

Physicswallah Limited is growing revenue at 25% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

Profit per sale

Gross Margin

17.0%

Thin — 17.0% gross margin

Profit after running costs

Operating Margin

-11.7%

Losing money on operations — -11.7%

Return on the money invested

ROCE

-0.3%

Weak — -0.3% return on capital

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

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/3 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

4742%

—

Turns 4742% of profit into real cash

Spare cash per sale

FCF Margin

22.2%

Converts sales into free cash efficiently (22.2%)

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

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/A

no trend

Data not available

Cheaper or dearer next year

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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