Updated 10:45 IST, January 1st 2024
Physics Wallah records staggering 3.4x surge in revenue, maintains profitability streak in FY23
Physics Wallah's online categories experienced 2.5x growth in terms of student headcount, surging from 9 lakh in FY22 to an impressive 23.5 lakh in FY23.

Physics Wallah (PW), the edtech unicorn, has yet again defied industry norms by reporting an exceptional surge in revenue, maintaining profitability for the third consecutive year. In FY23, the company's total revenue witnessed a remarkable 3.4-fold increase, soaring to Rs 798 crore. This impressive financial performance comes amidst a backdrop of strategic growth, expansion into new categories, and a relentless commitment to quality education.
Key financial highlights
- Total revenue surges to Rs 798 crore in FY23, marking a 3.4x increase from the previous fiscal year.
- PW's revenue from operations reaches Rs 771.76 crore in FY23, compared to Rs 232.47 crore in the previous fiscal year and Rs 24.6 crore in FY21.
- Adjusted EBITDA stands at Rs 127 crore in FY23, slightly down from Rs 134 crore in FY22, after accounting for ESOP costs, LER, and one-time inventory provisioning.
Strategic growth initiatives
Physics Wallah's success is attributed to its strategic approach to customer acquisition costs (CaCs), community building, and sustainable business practices. The company has focused on growth, capital, and integration across the value chain, fostering a business model that has proven both scalable and profitable.
In FY23, PW's online categories experienced a significant 2.5x growth in terms of student headcount, surging from 9 lakh in FY22 to an impressive 23.5 lakh in FY23. The offline student headcount also saw remarkable growth, reaching 60,000 enrolments in FY23, reflecting a 5.5x increase.
Acquisitions and partnerships
PW's strategic vision extended beyond organic growth, with the company raising $100 million during FY23. This capital injection facilitated a series of acquisitions and partnerships, totalling eight in the fiscal year. These endeavors are projected to contribute approximately Rs 500 crore to the FY24 financials.
Financial resilience
In contrast to industry trends, PW reported an adjusted EBITDA of Rs 127 crore in FY23, demonstrating the company's financial resilience and steady profitability. The firm's total expenses increased to Rs 777 crore in FY23, including non-cash expenses such as ESOPs, LER, and inventory provisions, compared to Rs 103 crore in the previous fiscal year.

Expansion plans
PW's commitment to reshaping India's education landscape is evident in its expansion plans. The company, which has thrived in the online space, strategically pivoted to establish Vidyapeeth and Pathshala centers across India. Looking ahead, Physics Wallah aims to expand to 120+ centres through its Vidyapeeth (Offline) and Pathshala (Hybrid) centers, with a target of teaching 2.5 lakh students by the 2024-25 academic year.
Leadership perspective
Prateek Maheshwari, Co-founder of PW, highlighted the significant growth in both online and offline spaces, emphasising the company's foothold in categories such as NEET/JEE, UPSC, Commerce, Gate, Government One-day exams, and Skills. The company's Founder and CEO, Alakh Pandey, reinforced PW's commitment to investing in reshaping India's education and contributing to societal upliftment.
PW's cash reserves also witnessed a substantial improvement, reaching almost Rs 750 crore as of March 31, 2023. The company remains positioned to continue its transformative journey, plowing back free cash flows to serve more students and contribute to societal transformation.
Published 13:06 IST, December 31st 2023