Is India’s test prep market hitting a ceiling in terms of growth? That’s the soft signal from PhysicsWallah after its Q3 earnings call. The edtech major made it clear: the next phase of growth won’t start at Class 11. It will start much earlier. PW reported a 33.4% YoY jump in consolidated net profit to ₹102 Cr for the quarter ended December 2025, up from ₹76.7 Cr a year ago. Flush with IPO proceeds and ₹642.9 Cr in operating cash flows during 9M FY26, the company has over ₹5,000 Cr to invest in the next phase, clear on net letting it set idle. Starting with expansion in high-demand regions, especially southern India, while doubling down on core unit economics to drive predictable, profitable scale. But the bigger story is its ambitious long-term bet on K-12 or school education. “Focused investments in the K-12 platform form a key part of PhysicsWallah’s strategy. As you would have seen, we acquired Tender Heart, and we are now partnering with Tender Heart, and we find ourselves in a very leading position to now create a quality K-12 platform,” management said about the partnership with Tender Heart School in Ranchi. However, PW has not disclosed… Read MoreInc42 Media
