Physicswallah Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Physicswallah Ltd trades at ₹125, in a downtrend and 37 weeks into that stage. That is +1.6% against its own 200-day average. It sits at 65% of a 52-week range of ₹83 to ₹147. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 15 straight weeks.

Today the stock is in a downtrend — week 37 of stage 4. At ₹125 it trades +1.6% versus its 200-day average and sits at 65% of its 52-week range (₹83–₹147).

Against the market, two honest reads. Cumulative: over the last 8 months the stock moved −7% while the NIFTY 500 moved −2% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 15 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

P/E does not price Physicswallah Ltd — earnings are negative, so there is no multiple to rank against its own history. The revenue and margin lines below are where a turn, when it comes, would show first. On sales the market values Physicswallah Ltd at 9.3× its FY26 revenue of ₹3,900 Cr.

With earnings negative, P/E does not price — there is no multiple to rank against its own history. The revenue and margin lines below are where the turn, when it comes, will show first.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Physicswallah Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

46.8/100 — rank 3 of 3 in Platform - Education · 35% evidence confidence · provisional, ranked below fully-evidenced peers

Physicswallah Ltd scores 46.8 out of 100 against the 3 companies it is compared with in Platform - Education, ranking 3. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 23.3 + 3.5 + 10 + 10 = 46.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Physicswallah Ltd reported ₹919 Cr of revenue in the Mar 26 quarter, +50.7% year on year. That is the 3rd straight quarter of year-on-year growth. Over 4 years it has compounded at 102.3% a year. The last full year, FY26, came in at ₹3,900 Cr. The last four reported quarters add to ₹3,899 Cr.

FY26 revenue came in at ₹3,900 Cr (+35.1% on the year), capping 4 years at 102.3% compound. The latest quarter (Mar 26) printed ₹919 Cr, +50.7% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +36.9% growth against the decade's 102.3% — the current year is running slower than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Physicswallah Ltd's operating margin is 3.1% in the Mar 26 quarter, +41.1 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −50.0% to 57.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 3.1%, +41.1 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −50.0%–57.0%.

Why the margin moved: operating margin went +40.6 pp year on year while gross margin went −1.7 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Physicswallah Ltd posted a net loss of ₹69.0 Cr in the Mar 26 quarter. The full FY26 year was a loss of ₹24.0 Cr. That loss is 7.5% of the quarter's revenue. The same quarter a year earlier lost ₹289 Cr.

Mar 26 profit was ₹−69.0 Cr, null year on year. On the full year, FY26 printed ₹−24.0 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Physicswallah Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY26 that was ₹833 Cr of operating cash against ₹−24.0 Cr of profit. After ₹680 Cr of capital spending, ₹153 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹833 Cr against reported profit of ₹−24.0 Cr, leaving free cash of ₹153 Cr after ₹680 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the bigger cash user is investment — capital spending ran 1.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Physicswallah Ltd's cash conversion cycle runs 8 days in FY26, up from 0 days in FY22. Capital spending ran ₹1,813 Cr over the last 3 years. At FY26 sales of ₹3,900 Cr each day of that cycle holds about ₹10.7 Cr, so roughly ₹85.0 Cr sits inside the business at any moment.

FY26: debtors at 8 days (an asset-light business — no inventory to speak of) — for a full cycle of 8 days, looser than FY22's 0.

In money terms: at FY26 sales of ₹3,900 Cr, each day of the cycle holds about ₹10.7 Cr — so the 8-day loop keeps roughly ₹85.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,813 Cr over the last 3 fiscal years against ₹1,101 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹5.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Physicswallah Ltd earns a ROCE of 4% in FY26. That is up from a trough of −172% in FY24. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −0.6% net margin on 0.51× asset turns.

FY26 ROCE is 4%, recovered from a FY24 trough of −172% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): −0.6% net margin × 0.51× asset turns × 1.70× balance-sheet leverage ≈ −0.5% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 18% on reported income across 7 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Physicswallah Ltd carries ₹1,052 Cr of borrowings against ₹4,520 Cr of equity in FY26, a debt-to-equity of 0.23. Operating profit covers the interest bill 4×. Over 4 years borrowings went from ₹0.0 Cr to ₹1,052 Cr. Capital spending ran ₹1,813 Cr across the last 3 of those years.

FY26: borrowings of ₹1,052 Cr against equity of ₹4,520 Cr — a debt-to-equity of 0.23. Operating profit covers the interest bill 4×. Over 4 years borrowings went from ₹0.0 Cr to ₹1,052 Cr while capital spending ran ₹1,813 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 18% on reported income across 7 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Physicswallah Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Physicswallah Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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