Physicswallah Limited (PWL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Physicswallah (PWL) is an online-first education platform with a growing offline centre network, and this quarter's print is the first real test of whether the NEET exam-calendar disruption that hit Q1 has reversed. The key things the results will speak to are the pace of NEET collection recovery — post-result collections grew 51% YoY between July 1 and August 13, 2026 — and the offline segment's path toward its FY27 full-year EBITDA profitability target.

Physicswallah Limited Q2 Results Date and Time

The board is scheduled to meet on November 4, 2026, to consider the Q2/H1 FY27 financial results for the period ended September 30, 2026. The trading window remains shut until November 6, 2026.

The Q2 FY27 earnings call is scheduled for November 4, 2026, at 6:00 PM IST. Speakers include Alakh Pandey, Prateek Boob and Amit Sachdeva.

What to expect from Physicswallah Limited's Q2 FY27 results

The Q2 print is the test of whether the NEET dislocation that cut online NEET collections 28% in Q1 has reversed — post-result collections grew 51% YoY between July 1 and August 13, 2026, and NEET enrolments were up 82% YoY since July. Management has reiterated FY27 guidance of over 30% revenue growth and upwards of 100% EBITDA improvement versus FY26's Rs. 549.20 Cr EBITDA, saying it is largely in line with the annual operating plan, though Q1's 24.42% revenue growth ran below the annual target.

The comparison base is demanding: Q2 FY26 revenue was Rs. 1,051.2 Cr at a 21.7% EBITDA margin with PAT of Rs. 69.7 Cr, and management has said Q2 and Q3 are typically its strongest revenue-recognition quarters while advising analysts to use H1 consolidated numbers.

The offline segment remains the swing factor, with Q1 Pre-IndAS EBITDA at Rs. (106) Cr on a (22%) margin against the FY27 full-year offline EBITDA profitability target, while other income of Rs. 108.86 Cr in Q1 and a treasury of Rs. 5,601 Cr continue to support the pre-tax line. The call is also expected to cover the completed FinZ Finance lending exit — a Rs. 95.79 Cr loan portfolio sold to Auxilo Finserve on October 3, 2026 — and progress on the M&A pipeline.

Key Things To Watch

FY27 guidance tracking: revenue, EBITDA and group PAT: Management reiterated the annual operating plan on August 14, 2026.

• Consolidated revenue growth of over 30% for FY27 — Q1 grew 24.42%, and management said it is largely in line with the annual operating plan
• EBITDA improvement of upwards of 100% versus FY26's Rs. 549.20 Cr, and full-year group PAT profitability for FY27 — Q1 PAT was Rs. (88) Cr including a Rs. 42 Cr Sarrthi IAS Ind AS 109 fair value charge
• Whether any fresh Ind AS 109 fair-value marks recur now that the Sarrthi IAS stake has been raised to 51%

Offline segment bridge to FY27 EBITDA profitability: Offline Pre-IndAS EBITDA was Rs. (106) Cr at a (22%) margin in Q1 FY27.

• Whether the offline loss narrows on schedule and whether near profitability by year-end is reaffirmed; offline PAT is targeted for FY28
• Seat utilization progress toward the 2.25 steady-state target (2.0 to 2.23 so far) and marketing spend normalisation beyond Q1's Rs. 128 Cr
• Kota centre student inflow decline and the four stated margin levers: student-teacher ratio of 80:1, seat utilization, fresher faculty costs and ARPU

NEET recovery flowing into Q2 collections: The NEET UG re-examination shifted enrolments and collections from Q1 into Q2.

• Whether the 51% YoY post-result online collections growth (July 1 to August 13, 2026) and 82% YoY NEET enrolment growth since July held through end-September
• Any quantification of NEET going fully online from FY27, which management calls an additional growth lever
• Management's direction to use H1 consolidated numbers and revenue as the better proxies given the NEET cycle change

Strategic updates: M&A, FinZ exit and segment reporting: Several corporate actions announced since Q1 have pending execution milestones.

• M&A pipeline against the 'couple of M&As in the next two quarters' guidance stated February 6, 2026; BIGPL stake completion from 90% to 100% within 6 months of the August 14, 2026 board approval
• FinZ Finance transition — completion of the Rs. 95.79 Cr loan portfolio transfer to Auxilo Finserve within 60 days of the October 3, 2026 deed
• Segment reporting methodology — the company committed to monitoring assumption and methodology evolution over the next three quarters after first reporting online/offline EBITDA separately in Q1 FY27

Online margin delivery and new-category milestones: Online Pre-IndAS EBITDA margin was 12% in Q1 FY27 against a 35-45% steady-state framing.

• Curious Junior break-even targeted this year (FY27) and State Boards reaching double-digit EBITDA margins this year
• Progress toward online revenue reaching 55% of overall revenues over three years (FY26: 50.1%)