PHYSICSWALLAH LTD (PWL) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of PHYSICSWALLAH LTD ₹33.64, price ₹120, upside -72.0%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Physicswallah Limited offers test preparation courses and study materials.
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Physicswallah Limited offers test preparation courses and study materials. The company's test preparation courses, including joint entrance exam, national eligibility cum entrance test, and foundation; other-test preparation courses for other competitive entrance examinations for undergraduate and post-graduate studies, public administration jobs, and professional qualifications; and upskilling courses for students and professionals. It offers its courses through online channels, which includes its social media channels, website, and apps; hybrid centers, its two-teacher model where a student attends a live online classes at a physical center and can benefit from another faculty that is present at the center to resolve questions and participate in revision classes; offline centers where its faculty conducts live classes in a physical center. It also offers hospitality services. The company was incorporated in 2020 and is based in Noida, India.
Stock analysis
PHYSICSWALLAH LTD (PWL) currently trades at ₹120.17, while our model-based Fair Value estimate is ₹33.64, 72.0% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ₹37.13 per share, and 0 of the 11 models we run sit above the ₹120.17 price.
Bear case: the Asset-Based group reads lowest at ₹10.44, and 11 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹22.70 (bear) to ₹56.30 (bull), the price of ₹120.17 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
PHYSICSWALLAH LTD reported revenue of ₹36.0B in FY2026 versus ₹7.4B in FY2023, a compound +69.4%/yr. Reported net income was −₹225M in FY2026.
Key figures
Market cap ₹390B (≈ $4.0B) · P/S ratio 9.49 · EPS (TTM) ₹0.0700 · Net margin −0.6% · Return on equity −0.8% · Return on assets (EBIT) −6.2% · Operating margin −11.7% · Revenue (TTM) ₹41.1B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
For context, the median of 10 Consumer Defensive peers we cover trades at 26% fair-value upside, at −72%, PWL screens richer than that median.
Fair Value models
Bear ₹22.70Fair Value ₹33.64Bull ₹56.30
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹0.0355 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+25.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+69.4%
’23
’24
’25
’26
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−3.0% (2023) → −3.3% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+34.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+23.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +29.0% a year for the price and +18.7% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Education & Training Services · 116 stocks
Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside−72.0% · Bottom 25%
Profitability
Return on assets−0.6% · Bottom 25%
Net margin (TTM)0.5% · Below median
Operating margin (TTM)−11.7% · Bottom 25%
Growth and dividend
Revenue growth23.9% · Top 25%
Valuation Multiplesvs Education & Training Services median · lower = cheaper
P/B0.09× · Cheapest 25%
P/S (TTM)0.10× · Cheapest 25%
P/FCF0.7× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 49
FUTURE (revenue growth)100· sector 37
PAST (return on equity)0· sector 38
HEALTH (low debt)100· sector 95
DIVIDEND (yield)0· sector 49
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "PHYSICSWALLAH LTD Fair Value". https://www.fairvalue-calculator.com/stock/PWL
Frequently asked questions
Is PHYSICSWALLAH LTD (PWL) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of ₹33.64 versus a price of ₹120.17, about −72% upside (overvalued).
What is the fair value of PWL?
Our model-based fair value for PHYSICSWALLAH LTD is ₹33.64 (as of Sep 28, 2026), built from audited fundamentals. The current price: ₹120.17.
What is the quality score of PWL?
PHYSICSWALLAH LTD has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for PHYSICSWALLAH LTD (PWL)?
Our model-based price target is the fair value of ₹33.64 (as of Sep 28, 2026) from 11 valuation models. Cautious scenario ₹22.70, optimistic scenario ₹56.30. It is a calculation from audited fundamentals, not an analyst target.
What is the PHYSICSWALLAH LTD stock forecast for 2026?
Our models put fair value at ₹33.64, about −72% upside versus a price of ₹120.17 (overvalued). Cautious scenario ₹22.70, optimistic scenario ₹56.30. The calculation is refreshed regularly with new filings.
What is the revenue of PHYSICSWALLAH LTD (PWL)?
PHYSICSWALLAH LTD reported trailing-twelve-month revenue of about ₹41.1B (latest available figure, as of Sep 28, 2026).
What growth is priced into PHYSICSWALLAH LTD (PWL)?
For today's price to be fair in a discounted-cash-flow model, PHYSICSWALLAH LTD would have to grow free cash flow by +34.4 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +69.4 % per year. As of Sep 28, 2026.
What discount rate (WACC) does the fair value of PWL use?
Our models discount PHYSICSWALLAH LTD at 12.4 %: a base by market capitalisation (mid), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For PHYSICSWALLAH LTD that is +34.4 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has PHYSICSWALLAH LTD (PWL) delivered so far?
Over the past 3 years revenue at PHYSICSWALLAH LTD grew +69.4 % a year. The price currently implies +34.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of PHYSICSWALLAH LTD (PWL) growing?
The median revenue growth in the sector is +0.6 % a year. That is the yardstick for the growth priced into PHYSICSWALLAH LTD (+34.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of PHYSICSWALLAH LTD (PWL)?
The free-cash-flow yield on the price is 1.80 %: that much free cash flow PHYSICSWALLAH LTD produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PHYSICSWALLAH LTD (PWL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PHYSICSWALLAH LTD it is ₹33.64 per share (as of Sep 28, 2026), against a price of ₹120.17. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is PHYSICSWALLAH LTD stock overvalued or undervalued in 2026?
As of Sep 28, 2026, PWL trades above its calculated fair value: price ₹120.17, fair value ₹33.64, a gap of about −72% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PWL?
No. The price is what the market pays today (₹120.17); the fair value is what the company's own numbers justify (₹33.64). For PHYSICSWALLAH LTD the two are ₹86.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is PHYSICSWALLAH LTD worth?
The market values PHYSICSWALLAH LTD at about ₹390B (market capitalisation, as of Sep 28, 2026). Per share that is ₹120.17; our models calculate a fair value of ₹33.64 per share.
What do the bullish and bearish scenarios say about PWL?
Our models span a range for PHYSICSWALLAH LTD: cautious scenario ₹22.70, base ₹33.64, optimistic ₹56.30 per share (as of Sep 28, 2026, price ₹120.17). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of PHYSICSWALLAH LTD (PWL)?
Balance-sheet figures for PHYSICSWALLAH LTD (as of Sep 28, 2026): return on equity −0.8%. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
Which stocks are comparable to PHYSICSWALLAH LTD?
From the same area (Consumer Defensive) we also value New Oriental Education & Technology Group, TAL Education Group, Laureate Education, Inc, Covista Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is PHYSICSWALLAH LTD stock attractive at the current price?
The data as of Sep 28, 2026: price ₹120.17, calculated fair value ₹33.64 (−72%), Quality Score 58/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PWL calculated?
We run PHYSICSWALLAH LTD through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹33.64, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. PHYSICSWALLAH LTD itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of PHYSICSWALLAH LTD (PWL)?
The closing price on Oct 1, 2026 was ₹120.17. Our model-based fair value is ₹33.64, about −72% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PHYSICSWALLAH LTD right now?
The price sits above even our optimistic bull case (₹56.30). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹22.70 to ₹56.30) leaves room in how you read the outcome.
Key figures of PHYSICSWALLAH LTD
How large is the market capitalisation of PHYSICSWALLAH LTD (PWL)?
The market capitalisation of PHYSICSWALLAH LTD is ₹390B (≈ $4.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of PHYSICSWALLAH LTD (PWL)?
The price-to-sales ratio of PHYSICSWALLAH LTD is 9.49 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of PHYSICSWALLAH LTD (PWL)?
Earnings per share at PHYSICSWALLAH LTD are ₹0.0700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of PHYSICSWALLAH LTD (PWL)?
The net margin of PHYSICSWALLAH LTD is −0.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of PHYSICSWALLAH LTD (PWL)?
The return on equity (ROE) of PHYSICSWALLAH LTD is −0.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of PHYSICSWALLAH LTD (PWL)?
On an EBIT basis the return on assets of PHYSICSWALLAH LTD is −6.2% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of PHYSICSWALLAH LTD (PWL)?
The operating margin of PHYSICSWALLAH LTD is −11.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PHYSICSWALLAH LTD (PWL)?
Revenue at PHYSICSWALLAH LTD is growing +23.9% versus a year earlier (3y avg +69.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net cash does PHYSICSWALLAH LTD (PWL) hold?
PHYSICSWALLAH LTD holds more cash than debt, ₹741M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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