PhysicsWallah (PW), India’s tech-enabled education company, is expanding beyond competitive and professional examination preparation into online K-12 and early learning, as it seeks to build a broader lifelong learning ecosystem.
The company said its online K-12 portfolio, currently covering Grades 1 to 12, is being developed primarily through completely online programmes. The strategy allows PW to leverage its teacher network, content capabilities and technology platform to offer affordable, outcome-oriented learning at scale.
In its shareholders’ letter following the Q1 FY27 results, PW said the move would enable it to engage with learners earlier in their academic journey and support them through higher education, competitive examinations and professional upskilling.
K-12 business gains momentum
PW’s State Boards business has expanded to 10 states, with enrolments growing 100% year-on-year in Q1 FY27.
Other school-learning categories also recorded strong growth. Commerce and Curious Jr. enrolments increased by more than 50% YoY during the quarter, while Curious Jr. enrolments rose 67% and collections surged 145% YoY.
Curious Jr. is a small-cohort online learning programme that provides personalised mentorship based on individual learning requirements. PW attributed its strong momentum to high net promoter scores (NPS) and word-of-mouth referrals from students and parents.
The company said Foundation (Grades 6-10), CBSE/ICSE Boards and Commerce were already double-digit EBITDA-margin businesses in FY26, while State Boards were profitable on a full-year basis. PW expects State Boards to become a double-digit EBITDA-margin business this year.
Curious Jr. remains an investment-focused category as the company builds scale around the programme.
School partnerships double
PW is also expanding its school-integrated programmes, which it describes as a capital-light model involving partnerships with schools to provide academic services.
The company partnered with 38 schools and reached around 5,400 students last year. This year, partnerships have increased to 80 schools, with PW expecting to reach approximately 2.5 times the number of students.
Offline business remains significant
Offline operations contributed 46% of total revenue in Q1 FY27, compared with 51% in Q1 FY26. Offline revenue nevertheless grew 14% YoY.
The company said the offline business was affected by delays in batch launches at Vidyapeeth, Pathshala and subsidiary centres, particularly because of the NEET re-examination cycle.
NEET enrolments were 19% lower as of June 30, 2026, compared with the year-earlier period. However, momentum improved significantly from July, with enrolments growing 82% YoY.
Offline average revenue per user (ARPU) increased 7% to ₹12,633 during the quarter.
Centre maturity drives profitability
PW said the economics of its offline model improve as centres mature. New centres typically require upfront expenditure on faculty, rentals and infrastructure, while student enrolments build over successive academic cycles.
Centres opened in 2022, 2023 and 2024 were EBITDA profitable in FY26. Centres opened in 2025 remained EBITDA loss-making at a single-digit margin as they continue to scale.
The company has also shifted towards a more hyperlocal centre model for facilities opened from 2024 onwards, aligning capacity more closely with local demand. PW said newer centres typically reach profitability within 24 months of launch.
AI-powered learning moves forward
Among PW’s new initiatives is PW Books, an AI-powered digital-book product designed to provide an immersive, device-friendly alternative to traditional PDF-based learning.
Paid PW Books went live on July 11, 2026, using the content engine that already powers PW’s classrooms.
The company is also progressing towards an AI-enabled personalised 1:1 tutor. Following product experiments and proof-of-concepts, PW said it is now significantly advanced in developing an AI tutor designed not merely to answer questions but to teach.
The proposed tutor will support interactive voice conversations, guide students through concepts, ask questions, assess understanding and proactively encourage learners towards mastery.
From exam preparation to lifelong learning
PW’s expansion into K-12 and early learning represents a strategic shift from being primarily identified with competitive examination preparation to becoming a broader education platform.
By engaging students earlier and continuing to support them across academic and professional milestones, the company aims to deepen learner relationships, improve retention and increase lifetime learner value.
The combination of online scale, offline reach, personalised learning and AI-led products could therefore become central to PW’s next phase of growth.