Is India’s test prep market hitting a ceiling in terms of growth? That’s the soft signal from PhysicsWallah after its Q3 earnings call.
The edtech major made it clear: the next phase of growth won’t start at Class 11. It will start much earlier.
PW reported a 33.4% YoY jump in consolidated net profit to ₹102 Cr for the quarter ended December 2025, up from ₹76.7 Cr a year ago. Flush with IPO proceeds and ₹642.9 Cr in operating cash flows during 9M FY26, the company has over ₹5,000 Cr to invest in the next phase, clear on net…

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