This Edtech Stock Rises 46% in 6 Months: Can the Comeback Beat Its Listing Price?
- September 11, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
CMP approximately Rs 126.75 (11 Sep 2026). 6-month return 46.01%, since listing -11.41%. 52W range Rs 77.72 to Rs 161.99. Market cap Rs 36,769 Cr.
Quick Answer
PhysicsWallah is the edtech stock that has gained approximately 46% in six months. The rebound came from sharply lower FY26 losses, 33% online revenue growth in Q1 FY27 and brokerage upgrades. It still trades about 11% below its November 2025 listing price, so the rally is a recovery rather than a new high.
This edtech stock has climbed approximately 46% in six months, rising from around Rs 87 in early March 2026 to about Rs 126.75 on 11 September 2026. The 6-month return of 46.01% ranks 32nd in a screen of 101 large-cap and mid-cap NSE shares as of 10 September 2026.
The company is PhysicsWallah Ltd (NSE: PWL), the test-prep and online learning platform founded by Alakh Pandey and Prateek Boob. The PhysicsWallah share price traded near Rs 126.75 on the morning of 11 September 2026, broadly flat on the day, giving a market capitalisation of approximately Rs 36,769 crore. There is an important catch: this edtech stock listed in November 2025 and still trades about 11% below its listing price of Rs 143.10.
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How Much Has This Edtech Stock Returned?
This edtech stock has returned 46.01% over six months, which is the headline figure. Because it listed only in November 2025, the longer periods in the screen all measure the same thing: the return since listing, which is minus 11.41%.
Here is how this edtech stock has performed across time frames, with its rank in a screen of 101 NSE stocks:
| Period | Return (%) | Rank (out of 101) |
|---|---|---|
| 6 Months | 46.01% | 32 |
| Since Listing (18 Nov 2025, 1Y/3Y/5Y columns) | -11.41% | Not ranked separately |
| Versus IPO price of Rs 109 | Approximately +16% | Not ranked |
Returns are simple price changes and are not annualised. This edtech stock has not split its shares or issued a bonus since listing, so the 46% gain is genuine price appreciation.
The path of this edtech stock matters. It listed at Rs 143.10 on NSE, touched a high of about Rs 162 within days, then slid below its Rs 109 issue price by February 2026. It hit a 52-week low of approximately Rs 77.72 before the recovery that produced the 6-month return.
Why Did This Edtech Stock Rise 46% in 6 Months?
This edtech stock rose 46% in six months mainly because losses narrowed sharply, online revenue kept growing at more than 30%, and brokerages turned more positive after two sets of results. A deeply oversold starting point also helped. Each driver below is backed by reported numbers.
1. A Low Base After the Post-Listing Slump
The rally in this edtech stock began from a depressed level. After the three-month lock-in for pre-IPO shareholders ended on 12 February 2026, about 7.17 crore shares became free to trade, and the stock fell to around Rs 89 by 26 February. At that point it was down about 45% from its post-listing high.
The market value had shrunk to roughly Rs 25,451 crore from about Rs 45,975 crore at listing. When a newly listed edtech stock falls that far that fast, even modest good news can spark a sharp rebound, and that is what followed.
2. FY26 Results Showed Losses Almost Wiped Out
On 29 May 2026, the company reported Q4 FY26 revenue of approximately Rs 919 crore, up about 51% from a year earlier. The quarterly net loss shrank to around Rs 75 crore from Rs 293 crore in the same quarter of FY25, and pre-IndAS EBITDA turned positive.
These numbers told investors that the edtech stock was close to breakeven. For the full year, revenue rose around 35% to approximately Rs 3,900 crore, while the net loss fell to about Rs 24 crore from Rs 243 crore. EBITDA more than doubled to roughly Rs 549 crore. The edtech stock gained about 5% on the results day, touching Rs 117.65.
3. Strong Q1 FY27 Online Growth
The June 2026 quarter numbers for this edtech stock, released in mid-August, pushed this edtech stock higher again. Operating revenue grew about 24% year on year to approximately Rs 1,054 crore, and online revenue jumped around 33% to Rs 549 crore. K-12 and early-learning enrolments grew about 41% to 7.8 lakh.
Reported EBITDA turned positive at around Rs 52 crore from a loss of Rs 21 crore a year earlier. The shares jumped as much as 9.5% intraday on 17 August 2026 to about Rs 128, even though offline growth looked soft because of a shift in NEET exam timing.
4. Brokerage Upgrades and New Coverage
After the Q1 numbers, a foreign brokerage upgraded the stock to overweight with a target of Rs 148, and a domestic brokerage upgraded it to buy with a target of Rs 140. On 4 September 2026 another domestic brokerage started coverage with a buy rating and a target of Rs 200, and the stock rose about 5% that day to close near Rs 126.55.
These calls reframed the edtech stock as a scale platform rather than a loss-making startup. The initiating note pointed to YouTube channels with more than 100 million subscribers and projected online revenue growth of around 28% a year through FY30.
5. Clear Guidance on Profitability
For an edtech stock that burned cash in FY24, clear targets matter. Management has guided for around 30% revenue growth in FY27 and a doubling of pre-IndAS EBITDA. It expects the offline segment to reach pre-IndAS EBITDA breakeven in FY27, and the co-founder has said the group aims for net profit at the PAT level by Q3 FY27. The company also said it would divest its education-lending arm, FinZ, which removes a concern some analysts had flagged.
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Edtech Stock Financials: What the Quarterly Numbers Show
The quarterly numbers explain why this edtech stock rallied, and also why caution is still needed. Profitability swings with the academic calendar, so the September and December quarters are strong while the March and June quarters tend to show losses.
| Quarter | Total Income (Rs Cr) | EBITDA (Rs Cr) | Operating Margin | Net Profit (Rs Cr) |
|---|---|---|---|---|
| Jun 2025 | 902.13 | -21.26 | -2.51% | -127.01 |
| Sep 2025 | 1,098.41 | 228.30 | 21.72% | 69.71 |
| Dec 2025 | 1,146.93 | 300.90 | 25.64% | 102.27 |
| Mar 2026 | 983.58 | 93.56 | 7.03% | -69.14 |
| Jun 2026 | 1,162.81 | 51.96 | 4.92% | -88.28 |
Total income includes other income, which is why it is higher than reported operating revenue. For this edtech stock, over the last four quarters, net profit adds up to only about Rs 15 crore, so the trailing PE of roughly 2,535 is not a useful valuation guide.
The yearly picture shows the turnaround more clearly. The company lost about Rs 1,131 crore in FY24 on heavy spending, cut that to Rs 243 crore in FY25, and to around Rs 24 crore in FY26. Operating cash flow was approximately Rs 507 crore in FY25, which gives the business room to fund offline expansion.
Is This Edtech Stock Expensive at the Current PhysicsWallah Share Price?
On trailing earnings, yes, this edtech stock looks expensive, because profits are close to zero. Investors are paying for expected growth, not current earnings.
| Metric | Value |
|---|---|
| Current price (11 Sep 2026) | Approximately Rs 126.75 |
| Market capitalisation | Approximately Rs 36,769 crore |
| 52-week high / low | Rs 161.99 / Rs 77.72 |
| Trailing PE | Approximately 2,535 (not meaningful) |
| Industry PE | Approximately 110.5 |
| Price to book | Approximately 8.13 |
| Debt to equity | Approximately 0.23 |
A price-to-book near 8 and a thin earnings base mean this edtech stock depends heavily on the company hitting its FY27 profit targets. Debt is modest, which lowers balance-sheet risk. Compared with an industry PE of about 110, this edtech stock is priced for years of strong growth.
Who Owns This Edtech Stock?
The founders still control this edtech stock, and institutions hold roughly a quarter of the equity. The PhysicsWallah share price has not been hurt by founder selling so far. Promoter holding fell from 96.13% before the IPO to 72.30% after listing, and then to 71.27% in June 2026.
| Holder | Nov 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Promoters | 72.30% | 72.30% | 72.30% | 71.27% |
| FIIs | 11.89% | 12.40% | 11.56% | 12.02% |
| DIIs | 13.00% | 12.74% | 13.46% | 13.11% |
| Public | 2.81% | 2.56% | 2.68% | 3.60% |
FII holding edged up to 12.02% in the June 2026 quarter, and domestic institutions held about 13.11%. Several mutual funds hold this edtech stock, including small-cap, midcap and flexicap schemes. The small public float is worth keeping in mind, as further stake sales by early investors can add supply.
Risks for This Edtech Stock
This edtech stock has rallied, but the risks are real and should be weighed before buying.
Still below listing price: Anyone who bought on listing day at Rs 143.10 is still down about 11%, and buyers near the Rs 162 peak are down around 22%. The 46% gain is a recovery, not a new high.
Seasonal losses: The company reported net losses in the March and June 2026 quarters. If the profit target for Q3 FY27 slips, sentiment around the edtech stock could turn quickly.
Offline execution: The edtech stock now depends on a physical business too. The centre network expanded to 353 locations from 198 in a year. Offline centres need rent, faculty and occupancy, and growth there looked soft in Q1 FY27 because of NEET timing.
Exam and regulatory risk: Changes to entrance exams, paper leaks or new rules on coaching centres can hit enrolments. Competition from free content and rival platforms keeps pricing pressure high across the sector.
Valuation and supply: A trailing PE above 2,500 leaves this edtech stock no room for disappointment. Future stake sales by pre-IPO investors could weigh on the PhysicsWallah share price.
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PhysicsWallah Share: Analyst View
Analysts have turned more positive on the PhysicsWallah share since the Q1 FY27 results. The common view is that online growth, rising K-12 enrolments and a path to profitability justify a premium, but the targets vary widely.
PhysicsWallah Share Price Target
The highest verified PhysicsWallah share price target is Rs 200 from a domestic brokerage that initiated coverage on 4 September 2026, implying about 58% upside from Rs 126.75. A foreign brokerage has a PhysicsWallah share price target of Rs 148, while another domestic brokerage sees Rs 140.
That domestic brokerage had earlier cut its rating after Q4 FY26 with a Rs 125 target, which shows how quickly views on this edtech stock can change. Any PhysicsWallah share price target is an estimate, not a promise, and depends on execution. The near-term levels to watch are the Rs 162 listing-week high on the upside and the Rs 109 IPO price as support.
Conclusion
This edtech stock has delivered a strong 46% recovery in six months, driven by a near-breakeven FY26, 33% online revenue growth in Q1 FY27 and a string of brokerage upgrades. The PhysicsWallah share price has bounced from a low near Rs 78 to about Rs 127.
Still, the stock trades around 11% below its listing price and depends on the company turning seasonal losses into steady profits. For investors tracking the PhysicsWallah share price, Q2 FY27 results and progress toward PAT profitability by Q3 FY27 will be the key tests. Position sizing and a clear stop loss are sensible with an edtech stock this volatile.
Disclaimer: Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Which edtech stock rose 46% in 6 months?
Ans. PhysicsWallah Ltd (NSE: PWL) is the edtech stock that gained approximately 46.01% over six months as of 10 September 2026. It ranked 32nd among 101 large-cap and mid-cap NSE stocks in the screen.
Why did PhysicsWallah shares rise in 2026?
Ans. The shares rose as FY26 losses narrowed to about Rs 24 crore, Q1 FY27 online revenue grew around 33% and EBITDA turned positive. Brokerage upgrades and new coverage with targets up to Rs 200 added momentum.
Is PhysicsWallah trading above its IPO price?
Ans. Yes, at around Rs 126.75 the stock is about 16% above its IPO price of Rs 109. However, it is still around 11% below its NSE listing price of Rs 143.10 from 18 November 2025.
What were PhysicsWallah Q1 FY27 results?
Ans. Operating revenue rose about 24% to approximately Rs 1,054 crore, and EBITDA turned positive at around Rs 52 crore. The company still posted a net loss of about Rs 88 crore, narrower than a year earlier.
What is the PhysicsWallah share price target?
Ans. Verified brokerage targets range from Rs 140 and Rs 148 to Rs 200, the highest from a domestic brokerage that initiated coverage in September 2026. Targets are estimates and may not be reached.
What is the 52-week high and low of PhysicsWallah?
Ans. The 52-week high is approximately Rs 161.99, touched shortly after listing in November 2025, and the 52-week low is about Rs 77.72. The stock currently trades near the middle of that range.
Who are the promoters of PhysicsWallah?
Ans. Co-founders Alakh Pandey and Prateek Boob are the promoters, holding about 35.64% each and 71.27% together as of June 2026. FIIs held around 12.02% and DIIs about 13.11%.
Is this edtech stock risky to buy after the rally?
Ans. Yes, it carries high risk because trailing profits are thin, quarterly results swing with the exam calendar and valuation is stretched. Staggered buying and consulting a SEBI-registered advisor are sensible steps.
