JPMorgan initiates India's PhysicsWallah with 'overweight' on growth prospects

Physicswallah

21/04/2026 07:49

** Shares of India's PhysicsWallah PHYS.NS rise 2.75% to 109.95 rupees

** JPMorgan initiates coverage with "overweight", sets target price at 125 rupees, saying co benefits from a large addressable online test-prep market expected to grow strongly over FY25–30

** Expects online business to grow about 30% over FY26–28 with margins rising to about 33%

** Says disruptive low-cost pricing model and large addressable market to help co gain market share

** Adds offline centres and school business provide additional growth prospects

** PHYS rated "buy" on average by five analysts, median PT at 128 rupees -- data compiled by LSEG

** YTD stock down 19.5%

 (Reporting by Surbhi Misra in Bengaluru)

 ((Surbhi.Misra@thomsonreuters.com |  X: https://twitter.com/SurbhiMisra_  |;))