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PhysicsWallah ups marketing spend by 50% in H1 FY26 as offline expansion accelerates
PhysicsWallah Q2 FY26: To strengthen its nationwide presence, PW plans to open more than 75 new centres in FY27 across 27 states — including 45+ Vidyapeeth centres, 10 Pathshala centres, and 20 other centres.
Physicswallah's marketing costs grew to 1.8% of revenue, driven by what the company described as “strategic investments” to support category expansion and the scaling of its offline footprint.
PhysicsWallah Limited (PW) significantly increased its marketing expenditure in the first half of FY26, with spending rising 50% year-on-year. Marketing costs grew to 1.8% of revenue, driven by what the company described as “strategic investments” to support category expansion and the scaling of its offline footprint.
Despite the half-year spike, PW expects full-year marketing spending to moderate to 8–9% of revenue, down from 9.6% in FY24.
“As we broaden our presence beyond our core JEE and NEET offerings, we made deliberate investments in new verticals including CuriousJr and the Institute of Innovation and Skills to build early awareness and accelerate adoption,” the company said.
PW’s offline business continued to show strong momentum, with margins improving significantly over the past two financial years. The company’s Vidyapeeth vertical remains the backbone of its offline operations, contributing a little over 65% of offline revenue during H1 FY26.
To strengthen its nationwide presence, PW plans to open more than 75 new centres in FY27 across 27 states — including 45+ Vidyapeeth centres, 10 Pathshala centres, and 20 other centres. The expansion spans major metros such as Delhi, Mumbai, Hyderabad, and Kolkata, as well as tier-1 and tier-2 cities like Jaipur, Kanpur, Patna, Guwahati, and Indore.
On the financial front, PW reported a 70% year-on-year rise in profit, reaching Rs 69.7 crore in Q2 FY26. Revenue from operations grew 26% YoY to Rs 1,051.2 crore, led primarily by its online learning ecosystem, which continues to account for more than 90% of total enrolments. Online revenue rose to Rs 536 crore, while offline revenue climbed to Rs 478 crore, reflecting increasing demand for the company’s physical learning centres.
Adjusted EBITDA grew 38% YoY to Rs 269 crore, while free cash flow stood at Rs 2,552 crore as of September 30, 2025, excluding IPO proceeds.
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