Axis lifts India's PhysicsWallah PT on strong online growth, improving offline profitability
16/09/2026 05:01
BUZZ-Axis lifts India's PhysicsWallah PT on strong online growth, improving offline profitability ** Axis Capital reiterates "Add" on PhysicsWallah PHYS.NS and hikes PT to 143 rupees from 131 rupees
** Says online business remained strong with unique paying users up 18% y/y in FY26 driven by growth across multiple exam categories and premium offerings
** Adds core segments highly profitable, while newer growth areas such as NEET PG, Curious Jr. and vernacular courses nearing profitability and supporting diversification
** Offline economics improving as all pre-FY24 centres now EBITDA-positive and newer centres expected to break even within 24 months - Axis
** Eight analysts have a "buy" rating on avg; median PT is 145 rupees - data compiled by LSEG
** PHYS down 1.4% on Wednesday, YTD down ~3%
(Reporting by Urvi Dugar in Bengaluru)
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