PhysicsWallah Shares Jump 10%: Motilal Oswal Sets ₹200 Target, Sees 57% Upside

Shares of PhysicsWallah Ltd rallied nearly 10% in intraday trade on Thursday, November 5, after the edtech company reported a sharp rise in its consolidated net profit for the second quarter of FY27. The strong earnings performance drew investor attention, while domestic brokerage Motilal Oswal Financial Services reiterated its Buy rating and retained a target price of ₹200 per share.

The stock touched an intraday high of ₹140 on the BSE, rising 9.85% from its previous closing price of ₹127.45. It subsequently pared some gains and was quoted around ₹133.05, up approximately 4.4%, in a market update published at around 11 am. Share prices can change during the trading session.

PhysicsWallah Q2 FY27 Results: Net Profit More Than Doubles

PhysicsWallah reported consolidated net profit of ₹143.63 crore for the quarter ended September 30, 2026, compared with ₹69.71 crore in the corresponding quarter last year. This represents growth of approximately 106% year-on-year.

The company's revenue from operations increased 18.2% year-on-year to ₹1,242.26 crore, against ₹1,051.24 crore in the September 2025 quarter.

The results reflect growth in the company's online business and a recovery in NEET-related enrolments following the postponement of the examination cycle. The company also reported stronger enrolment activity across several categories beyond its traditional JEE and NEET preparation segments.

PhysicsWallah's online revenue increased 26.4% year-on-year to ₹694 crore, while revenue from its offline business rose 9% to ₹541 crore.

Motilal Oswal Maintains Buy Rating, Sets ₹200 Target

Motilal Oswal Financial Services has maintained its Buy recommendation on PhysicsWallah shares with a target price of ₹200.

Based on the previous closing price of ₹127.45, the brokerage's target indicates a potential upside of approximately 57%. This is a brokerage estimate, not a guaranteed return, and the implied upside changes with the market price.

The brokerage acknowledged that the disruption in the NEET examination cycle was visible in the company's performance. Growth in other categories, however, helped offset some of the weakness.

Motilal Oswal also highlighted that first-half FY27 collections grew 15% year-on-year, below its expectations. It believes this could moderate the company's growth during FY27. For the online business, the brokerage estimates consolidated organic revenue growth of 25.3% in FY27.

NEET Disruption and Diversification Remain Key Factors

According to Motilal Oswal, the disruption in the NEET cycle could keep growth relatively subdued in FY27. However, the brokerage sees encouraging signs of diversification across the education company's business.

At the entry end of the preparation funnel, PhysicsWallah is expanding in K-12 and foundation courses. At the other end, it is developing skills-based offerings and postgraduate test-preparation categories.

These newer segments could help broaden the company's revenue base and reduce its dependence on core JEE and NEET preparation.

The brokerage also pointed to improving traction in premium offerings. It expects the company's expansion into new categories, alongside stronger premium-course adoption, to support growth over the longer term.