Goldman Sachs starts India's Physicswallah with 'neutral'
24/12/2025 04:43
** Goldman Sachs starts coverage on edtech firm Physicswallah PHYS.NS with "neutral", PT of 135 rupees ** Highlights strong execution in online segment but flags limited visibility on margins and growth in newer categories ** PHYS down around 1% at 133 rupees on the day ** Brokerage forecasts revenue to grow at 24% CAGR over FY30, expects 80% EBITDA CAGR due to low base and less competitive landscape ** Goldman Sachs among first brokerages to start coverage on PHYS - data compiled by LSEG ** Stock down 14.5% since listing mid-November (Reporting by Kashish Tandon in Bengaluru) ((Kashish.tandon@thomsonreuters.com))
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