Interim report
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Physicswallah Limited (Formerly known as ‘Physicswallah Private Limited’) Plot No. B-8, Tower A 101-119, Noida One, Noida, Sector 62, Dadri, Gautam Buddha Nagar, Uttar Pradesh - 201309; CIN: L80900UP2020PLC129223; Contact: 0120-6618164; Website: www.pw.live; Email Id: compliance@pw.live PHYSICSWALLAH LIMITED Date : November 04, 2026 National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 India BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 India Symbol: PWL Scrip Code: 544609 Sub: Int imation under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) - Outcome of Board Meeting - Unaudited Financial Results for the quarter and half year ended September 30, 2026 Dear Sir /Madam, In reference to our earlier communication dated October 3 0, 202 6 and pursuant to the provisions of Regulation 30 and 33 of the SEBI Listing Regulations, this is to inform you that based on the recommendation of the Audit Committee, the Board of Directors of the Company at its meeting held today i.e. Wednesday, November 04, 2026, has inter alia, considered and approved the Un audited Standalone and Consolidated Financial Results (“ Unaudited Financial Results”) of the Company for the quarter and half year ended September 30, 2026. In view of the aforesaid, please find enclosed herewith: a) Auditor's Limited Review Report on the Unaudited Financial Results; and b) Unaudited Financial Results The meeting of the Board of Directors of the Company commenced at 02:45 P.M. (IST) and concluded at 03:37 P.M. (IST). This disclosure will also be hosted on the Company's website viz. https://www.pw.live/investor-relations You are requested to take the above on record. Thank you. Yours sincerely, For Physicswallah Limited Ajinkya Jain Group General Counsel, Company Secretary & Compliance Officer Membership No.: A33261 I
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S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants 6 7, Instituti onal Area Sector 44, Gurugram - 122 003 Haryana, India Tel: +91124 681 6000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Physicswallah Limited (formerly known as Physicswallah Private Limited) I . We have reviewed the accompanying statement of unaudited standalone financial results of Physicswallah Limited (formerly known as Physicswallah Private Limited) (the "Company") for the quarter ended September 30, 2026 and year to date from April O I, 2026 to September 30, 2026 (the "Sta tement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 20 15, as amended (the "Listing Regulations"). 2. The Compan y's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reportin g" prescribed under Section 133 of the Companies Act, 20 I 3 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement s (SRE) 24 10, "Rev iew of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries , primarily of persons responsi ble for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principle s generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed , or that it contains any material misstatement. For S.R. Batliboi & Associates LLP Chartered Accountants ICAI Firm registration number: 101049W /E300004 ~ per Vmeet Kedia Partner Membership No.: 212230 UDIN: 26212230ITGSYX8741 Place: Gurugram Date: November 04, 2026 SR Ball1boi & .Ass,:;ciat es LLP. l'I Limi t ed liab ility Part nership with LLP Identit y No. AAB-4295 Regn Office 22. C.imac Street, Block B', Jro Floor. l"ot.-;na,700 016
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Physicswallah Limited (formerly known as Physicswallah Private Limited) CIN: L80900UP2020PLC129223 Registered office: Plot no. B-8, Tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh, India - 201309 Tel: +91-9289926531, Website: www.pw.live, Email ID: investorsrelation@pw.live Statement of Standalone Unaudited Financial Results for the quarter and six months ended September 30, 2026 Particulars Income Revenue from operations Other income Total income Expenses Direct expenses Purchase of traded goods sold Change in inventories of stock in trade and finished goods Cost of raw material and components consumed Employee benefits expense Finance costs Depreciation and amortisation expense Net loss on remeasurement of financial instruments at fair value Other expenses Total expenses Profit/(loss) before exceptional items and tax for the period/year Exceptional items Profitl(loss) before tax for the period/year Tax expenses Current tax Deferred tax expense/( credit) Total tax expenses/(credit) Profit/(loss) for the period/year Other comprehensive income/(loss) A. Items that will not be reclassified to profit or loss in subsequent period Re-measurement gain/(loss) on defined benefit plans Income tax effect on above Total other comprehensive income/(loss) for the period/year Total comprehensive income/(loss) for the period/year Paid up equity share capital Face value of share (INR) Other Equity Earnings/(loss) per equity share (not annualised for quarters): Basic Diluted S.R. Battibol &Associates UP, G11U1J9 for Identification Quarter ended September 30, June 30, 2026 2026 Unaudited Unaudited 1,105.96 927.72 93.39 107.59 1,199.35 1,035.31 122.95 126.44 22.49 33.02 5.00 (5.76) 20.60 35.27 472.42 473.18 23.09 22.89 88.57 84.55 12.59 36.23 203.75 252.37 971.46 1,058.19 227.89 (22.88) 54.92 - 172.97 (22.88) 62.86 1.00 1.94 2.46 64.80 3.46 108.17 (26.34) 2.76 (0.71) (0 70 0.18 2.06 (0.53 110.23 (26.871 290.50 290.09 1 1 0.37 (0.09) 0.37 (009) (Amount in INR crores· except per share data) Six months ended Year ended September 30, September 30, September 30, March 31, 2025 2026 2025 2026 Unaudited Unaudited Unaudited Audited 895.85 2,033.68 1,589.93 3,244.56 50.77 200.98 114.17 251.33 946.62 2,234.66 1,704.10 3,495.89 113.38 249.39 215.04 416.59 5.23 55.51 15.35 65.64 (6.32) (0.76) 1.31 (18.64) 24.49 55.87 48.90 90.86 423.08 945.60 833.27 1,709.31 22.71 45.98 53.63 93.12 8134 173.12 158.07 337.19 0.32 48.82 11.92 54.98 164.03 456.12 374.12 674.87 828.26 2,029.65 1,711.61 3,423.92 118.36 205.01 (7.51) 71.97 - 54.92 - 87.74 118.36 150.09 (7.51) (15.77) 6.44 63.86 6.44 32.29 22.81 4.40 (5.43) (8.14) 29.25 68.26 1.01 24.15 89.11 81.83 (8.52) (39.92) 1.24 2.05 2 .81 2.93 (0.31) (0.52) (0.71) (0.74) 0.93 1.53 2.10 2.19 90.04 83.36 (6.421 (37.73' 218.71 290.50 218.71 285.97 1 1 1 1 4,825.68 0.34 0.28 (0.03) (0.15) 0.34 0.28 (0.03) (0.15)
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Physicswallah Limited (formerly known as Physicswallah Private Limited) CIN: L80900UP2020PLC129223 Registered office: Plot no. B-8, Tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh, India - 201309 Tel.: +91-9289926531, Website: www.pw.live, Email ID: investonrelation@pw.Jive Unaudited Standalone Statement of Assets and Liabilities as at September 30, 2026 (Amount in INR crores; except per share data) Particulars ASSETS Non-current assets Property, plant and equipment Capital work in progress Goodwill Other intangible assets Intangible assets under development Right-of-use assets Financial assets i. Investments ii. Loans iii. Other financial assets Deferred tax assets (net) Non-current tax asset (net) Other non-current assets Total non-current assets Current assets Inventories Financial assets i. Investments ii. Trade receivables iii. Cash and cash equivalents iv. Bank balances other than (iii) above v. Loans vi. Other financial assets Other current assets Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Equity share capital Other equity Total equity Non-current liabilities Financial liabilities i. Borrowings ii. Lease liabilities iii. Other financial liabilities Other non-current liabilities Provisions Total non-current liabilities Current liabilities Financial liabilities i. Borrowings ii. Lease liabilities iii. Trade payables - Total outstanding dues of micro and small enterprises; and - Total outstanding dues of creditors other than micro and small enterprises iv. Other financial liabilities Other current liabilities Provisions Total current liabilities TOTAL EQUITY AND LIABILITIES S.R. Battibol iAssoclates UP,~ for Identification As at September 30, 2026 I March 31, 2026 Unaudited I Audited 251.11 258.90 1.32 4.84 24.06 24.06 27.52 29.08 3.05 783.86 876.97 1,453.49 1,334.84 145.26 145.98 79.65 87.96 96.20 101.12 15.98 9.35 83.48 4.52 2,961.93 2,880.67 117.58 99.00 2,371.81 1,857.13 47.37 55.39 144.79 309.06 433.50 746.06 9.25 0.92 2,257.58 1,768.48 67.38 67.26 5,449.26 4,903.30 8 411.19 7,783.97 290.50 285.97 4,985 .81 4,825.68 5,276.31 5,111.65 2.69 - 714.32 800.44 105.86 122.00 92.87 57.80 50.23 39.67 %5.97 1,019.91 2.19 - 189.69 184.90 72.62 52.98 157.31 170.30 165.82 106.94 1,548.77 1,109.83 32.51 27.46 2,168.91 1,652.41 8 411.19 7 783.97
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Physicswallah Limited (formerly known as Physicswallah Private Limited) CIN: L80900UP2020PLC129223 Registered office: Plot no. B-8, Tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh, India - 201309 Tel.: +91-9289926531, Website: www.pw.live, Email ID: investorsrelation@pw.live Unaudited Standalone Statement of Cash Flows for the six months period ended September 30, 2026 (Amount in JNR crores • except per share data) l Six months period ended Particulars I Sentember 30, 2026 I September 30, 2025 A. Cash Flow from operating activities Profit/(loss) before tax after exceptional items Adjustments for: Deprec iation and amortisation expense Provision for diminution in value of investment in subsidiaries Net loss on remeasurement of derivative assets and liabilities Share based compensation to employees Profit on sale of property, plant and equipment Provision for expected credit losses Property, plant and equipment and Intangibles under development written off Impair ment ofloan to subs idiary Impairment of investment in non-convertible debentures Interest income Finance costs Gain on derecognition of leases Unrealised gain on investments Profit on sale of investments Operating profit before working capital changes Movement in working capital: (Increase ) in inventories Decrease in loans (Increase )/Decrease in trade receivables (Increase )/Decrease in other financial assets (Increase )/Decrease in other current and non-current assets Increase in trade payables Increase in other financia l liabilities Increase in provisions Increase in other current and non-current liabilities Cash generated from operations Direct taxes paid (net of refunds and interest) Net cash generated from operating activities (A) B. Cash Flow from investing activities Purchase of property, plant and equipment (including capital work in progress, capital advances and payable for capital goods) Proceeds from sale of property, plant and equipment Purchase of intangible assets Investment in subsidiaries Loan (given)/repayment to/from related parties Loan (given)/repayment to/from employees and other parties Purchase of investments Proceeds from sale of investments Maturity of bank deposits Investment in bank deposits Interest received Net cash used in investing activities (B) C. Cash Flow from financing activities Proceeds from exercise of share options Repayment of interest portion of the lease liabilities Repayment of principal portion of the lease liabilities Interest paid Proceeds from borrowings Repayment of borrowings Net cash used in financing activities (C) Net (decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Cash and cash equivalents comprises of the following: Balances with banks i) on current account ii) Deposits with original maturity of less than three months Cash on hand Cash in transit S.R. Battibol iAssoclates UP,~ for klenliflcatfon -- ~B\NALl-4,s, Clj >- ~ :x: ~ ;.;:; 0- 0 * -- I Unaudited I Unaudited 150.09 (7.51) 173.12 158.07 54.92 48.82 11.92 76.32 76.40 (0.10) 4.58 5.68 0.49 - 1.23 0.88 17.00 (110.36) (33.34) 40.33 50.6 1 (3.03) (138) (11.84) (39.02) /60.43) (15.53) 381.24 206.68 (18.58) (8.83) - 1.24 4.02 (14.96) (46.06) 19.82 0.30 (22.52) 6.13 32.23 45.20 19.66 17.66 1440 474 .00 653.54 863.91 901.26 (70.49) (3 34) 793.42 897.92 (142.81) (92.17) O.D7 (1.22) (341) (199.83) (145 .01) (280) (8.45) 0.04 8.56 (1,652.89) (1,58 1.06) 1,210.48 794.82 1,046.28 309.85 (1,183.19) (89.45) 91.13 15.02 1834.81) (791.231 1.23 0.09 (39.79) (38.07) (89.18) (67.79) (0.02) (12.13) 4.90 (0.02) <122.88) (117.90) (164.27) (11.21) 309.06 22.07 144.79 10.86 43.12 9.97 100.47 LOI 0.77 0.19 0.12 144.79 10.86
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Physicswallah Limited (formerly known as Physicswallah Private Limited) CIN: L80900UP2020PLC129223 Registered office: Plot no. B-8, Tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh, India - 201309 Tel.: +91-9289926531, Website: www.pw.live, Email ID: investorsrelation@pw.live Notes to the Unaudited Standalone Financial Results for the quarter and six months ended September 30, 2026 The Statement of Unaudited Standalone Financial Results has been prepared in accordance with the applicable Indian accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act"), read with the relevant rules thereunder and in terms of Regulation 33 ofSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The Statement of Unaudited Standalone Financial Results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held on November 04, 2026. 2 The Statement of Unaudited Standalone Financial Results of the Company includes the results for the quarter ended September 30, 2025 being balancing figure between unaudited year-to-date figures up to the second quarter and the published audited figures up to the first quarter of the previous year. 3 During the year ended March 31, 2026, the Company has completed Its Initial public offer (IPO) of 31,93,30,321 equity shares of face value ofINR "I" each at an issue price ofINR 109 per share (including a share premium ofINR 108 per share), comprising fresh issue of28,44,68,537 shares and offer for sale of 3,48,62,384 shares by selling shareholders . The equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on November 18, 2025. The utilization of the net !PO proceeds in relation to fresh issue is summarized below: (Amount in INR crores) Amount as Amount Amount Amount S.No. Objects of the issue proposed in the unutilized as of utilized during unutilized upto September 30, offer document March 31, 2026 the period 2026 1 Capital expenditure for fit-outs of new offiine and hybrid centers of 460.55 440.78 17.17 423.61 the Company 2 Expend iture towards lease payments of existing identified offline 548.31 491.92 91.05 400.87 and hybrid centers operated by Company 3 Investment in Subsidiary, Xylem Learning Private Limited for expenditure towards: i) Capital expenditure for fit-outs of new offiine centers of Xylem 31.65 31.65 - 31.65 ("New Xylem Centers") ii) Lease payments for Xylem' s existing identified offiine centers and 15.52 15.52 6.15 9.37 hostels 4 Investment in Subsidiary, Utkarsh Classes & Edutech Private 28.00 28.00 3.96 24.04 Limited for expenditure towards lease payments for Utkarsh Classes' existing identified offiine centers 5 Expenditure towards server and cloud related infrastructure costs 200.11 184.99 45.98 139.01 6 Expenditure towards marketing initiatives 710.00 686.66 92.18 594.48 7 Acquisition of additional shareholding in Subsidiary, Utkarsh 26.50 0.03 0.03 - Classes & Edutech Private Limited 8 Funding inorganic growth through unidentified acquisitions and 941.15 394.43 252.00 142.43 general corporate purposes* Total 2,961.79 2,273.98 508.52 1,765.46 Unutilised net proceeds ofINR 1,765.46 crore as at September 30, 2026 were temporarily invested in fixed deposits with scheduled commercial banks and maintained in the Monitoring Account. *Utilisation of current quarter includes INR 71.74 crore under general corporate purpose with respect to acquisition of additional stake for existing subsidiary, which was outside the Objects of the Issue in the Prospectus. Upon identification, the said amount was regularised by depositing back the amount on October 30, 2026 to the Monitoring Account from the Company's current account. 4 Exceptional items comprises of: Particulars Impairment loss on investment in subsidiaries Expenses incurred towards Initial Public Offer Remeasurement impact on employee benefit obligations pursuant to labour code changes Total S.R. Battibol &Associates LLP, Glllq9 IOI' klsntiflcadon Quarter ended September 30, June 30, 2026 2026 54.92 - - - - - 54.92 - (Amount in INR crores) Six months ended Year ended September 30, September 30, September 30, March 31, 2025 2026 2025 2026 - 54.92 - 66.45 - - - 8.29 - - - 13.00 - 54.92 - 87.74
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Physicswallah Limited (formerly known as Physicswallah Private Limited) CIN: L80900UP2020PLC129223 Registered office: Plot no. B-8, Tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh, India - 201309 Tel.: +91-9289926531, Website: www.pw.Iive, Email ID: investorsrelation@pw.Iive Notes to the Unaudited Standalone Financial Results for the quarter and six months ended September 30, 2026 5 During the six months ended September 30, 2026: a. The Company has incorporated Physicswallah Student Housing Private Limited with an investment ofINR 5.01 crores, which has been incorporated for the purpose of providing hostel accommodation to students. b. The Company has invested INR 120.00 crores into equity shares of its wholly owned subsidiary Company, Finz Finance Private Limited to support the business expansion. c. The Company has invested INR 3.00 crores into equity shares of its wholly owned subsidiary Company, Preponline Futurist Private Limited to support the business expansion. 6 During the quarter ended September 30, 2026, pursuant to a plan considered by the Board of Directors on August 14, 2026, FinZ Finance Private Limited ("FinZ"), a wholly owned subsidiary of the Company, opted to discontinue its lending business and sell its entire standard loan portfolio to an unrelated non banking financial company. FinZ ceased originating new loans from September 20, 2026. Subsequently, on October 3, 2026, FinZ transferred its loan portfolio to Auxilo Finserve Private Limited for a consideration ofINR 95.79 crores. 7 In accordance with Ind AS 108 'Operating Segments', segment information has been included in the consolidated financial results of the Company and therefore, no separate disclosure on segment information is included in standalone financial results. 8 Item exceeding 10% of total expenditure (included in other expenses) : (Amount in INR crores) Particulars Quarter ended Six months ended Year ended September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 Advertisement and publicity expenses 76.94 113.45 72.64 190.39 173.89 304.95 9 Effective from March 31, 2026, the Company has opted to present amounts in INR crores. Accordingly, previous period/year figures have also been changed from presentation in INR millions to INR crores. 10 The financial results are available on the Company's website and on the websites of the stock exchanges where the Company's equity shares are listed (NSE andBSE) . For and on behalf of Board of Directors of Physics ",.,__,_._,.., ly known as Physicswallah Private Limited) 1._'y, - r/· Prateek ~ /O Whole Dir . r--/ * Place: Noida Date: November 04, 2026 S.R. Battibol &Associates LLP, ~ for Identification
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S.R. BATLIBOI & ASSOCIATES LLP 6 7, Institutional Area Sector 44, Gurugram - 122 003 Haryana, India Chartered Accountants L Tel: +91124 681 6000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Physicswallah Limited (formerly known as Physicswallah Private Limited) I. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Physicswallah Limited (formerly known as Physicswallah Private Limited) (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), and its associate for the quarter ended September 30, 2026 and year to date from April 01, 2026 to September 30, 2026 (the " Statement") attached herewith , being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 , as amended (the "Listing Regulations"). 2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 , "Review oflnterim Financial lnfonnation Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consist s of making inquiries , primarily of persons responsible for financial and accounting matters , and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an _audit opinion. We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations , to the extent applicable. 4. The Statement includes the results of the entities listed in Annexure I. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below , nothing has come to our attention that causes us to believe that the accompanying Statement , prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (' Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generall y accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed , or that it contains any material misstatement. S.R. Batliboi & .A ssociates LLP, a Limited Liability Par l n,grship with LLP Identity No. AA.8-4295 Regd . Office . 22, Camec St1ee1, Bloc k 'B', 3rd Floor, Kollo'ata-700 0 16
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S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants 6. The accompan ying Statement include s the unaudited interim financial results and other financial information , in respect of: • 15 subsidiaries, whose unaudited interim financial results include total assets of Rs. 1,099.90 crores as at September 30, 2026, total revenues of Rs. 130.59 crores and Rs. 271.40 crores, total net loss after tax of Rs. 9. 79 crores and Rs. 48 .41 crores , total comprehensive loss of Rs. 9.87 crores and Rs. 48.45 crores , for the quarter ended September 30, 2026 and the period ended on that date respectively , and net cash outflows of Rs. 22.65 crores for the period from April O 1, 2026 to September 30, 2026 , as considered in the Statement which have been reviewed by their respective independent auditors. • One associate whose unaudited interim financial results include Group 's share of net profit of Rs. 0.05 crores and net loss of Rs. 0.06 crores and Group 's share of total comprehensive income of Rs. 0.05 crores and total comprehensive losses of Rs. 0.06 crores for the quarter ended September 30, 2026 and for the period from April O 1, 2026 to September 30, 2026 respectively , as considered in the Statement whose interim financial results, other financial information have been reviewed by its independent auditor. The independent auditor's reports on interim financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosure s in respect of these subsidiaries and associates is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above . 7. Two of these subsidiaries are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial results of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us. Our conclusion on the Statement in respect of matters stated in para 6 and 7 above is not modified with respect to our reliance on the work done and the reports of the other auditors For S.R. Batliboi & Associates LLP Chartered Accountants ICAI Firm registration number: 101049W /E300004 per Vineet Kedia Partner Membership No.: 212230 UDIN: 26212230PJVAPV4903 Place: Gurugram Date : November 04, 2026
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L S.R. BATL/80/ & ASSOCIATES LLP Chartered Accountants Annexure - I to Independent Auditor's Report on the Quarterly Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Sr. No. Holding Company 1 Physicswallah Limited (formerly known as Physicswallah Private Limited ) Sr. No. List of Subsidiaries 1 Penpencil Edu Services Private Limited 2 Ineuron Intelligence Private Limited 3 Knowledge Planet Holdings Limited and its subsidiaries : a. Knowledge Planet Centre LLC b. Knowledge Planet Training Centre LLC C. Achievers Planet Tests Preparation Centre LLC d. Achievers Planet Training Centre LLC e. Knowledge Planet Arabia For Training LLC f. Physics Wallah Gulf LLC g. Knowledge Planet Information Technology LLC h. Al Fareed Services Tests LLC I. Planet Achievers Tests Services Centre LLC j. Dar Al lbtikar Services Tests LLC 4 Utkarsh Classes & Edutech Private Limited 5 Preponline Futurist Private Limited 6 Xylem Leaming Private Limited and its subsidiaries: a. PSC Exams Today Private Limited b. Xylem Minimart C. Xylem Foundation 7 PW Foundation 8 Physics Wallah Inc. 9 Finz Finance Private Limited 10 Finz Fintech Private Limited I 1 Bharat Innovation Global Private Limited 12 Kay Lifestyle and Wellness Private Limited , w.e.f. April 15, 2025 13 Guiding Light Education Technologies Private Limited , w.e.f. September 2, 2025 14 Nextseed Foundation w.e.f . March 18, 2026 15 Physicswallah Student Housing Private Limited w.e.f. June 18, 2026 Sr. No. List of Associate 1 Sheryians Private Limited
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Physicswallah Limited (formerly known as Pbysicswallah Private Limited) CIN: U0900UP2020PLC129223 Registered office: Plot no. B-8, Tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh, India -201309 Tel.: +91-9289926531, Website : www.pw.live, Email ID: invutonrelation@pw.live Statement of Unaudited Consolidated Financial Results for the quarter and six months ended September 30, 2026 (Amounts in INR crores· exceot oer share data) Quarter ended Six months ended Year ended Part iculars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Continuing Operations Income Revenue from operations 1,242.26 1,050.34 1,051.24 2,292.60 1,898.33 3,899.54 Other income 92.38 108.86 47.17 201.24 102.21 231.50 Total income 1,334.64 1,159.20 1,098.41 2,493.84 2,000.54 4,131.04 Expenses Direct expenses 164.31 166.43 155.13 330.74 308.67 599.6 1 Purchase of traded goods 25.44 43.85 8.99 69.29 35.40 78.50 Change in inventories of stock in trade and finished goods 5.36 (9.86) (5.35) (4.50) (1.25) (15.48) Cost of raw material and components consumed 20.85 35.47 24.60 56.32 48.20 101.86 Employee benefits expense 522.38 526.47 473.06 1,048.85 929.53 1,905.98 Finance costs 26.02 25.50 24.76 51.52 57.94 101.89 Depreciation and amortisation expense 113.03 110.67 104.69 223.70 202.32 437.39 Net loss/(gain) on remeasurement of financial instruments at fair value (9.54) 44.35 0.62 34.81 6.77 10.77 Other expenses 237.58 299.29 213.05 536.87 466.18 848.29 Total expenses 1,105.43 1,242.17 999.55 2,347.60 2,053.76 4,068.81 Profit/(loss) before share of Profit/(loss) of associates, exceptional items and tax for the period/year from 229.21 (82.97) 98.86 146.24 (53.22) 62.23 continuing oper ations Share ofProfit/(loss) of associates 0.05 (0.11) 0.01 (0.06) 0.05 0.26 Profit/(loss) before exceptional items and tax for the period/year from continuing operations 229.26 (83.08) 98.87 146.18 (53.17) 62.49 Exceptional items (refer note 4) 20.11 20.11 52.57 Profit/(loss) before tax for the period/year from continuing oper ations 209.15 (83.08) 98.87 126.07 (53.17) 9.92 Income Tax expense: i. Current tax 65.88 1.78 6.42 67.66 6.63 41.75 ii. Deferred tax expense/(credit) 0.98 2.18 22.73 3.16 (2.50) (7.66) Total tax npense/(credit) 66.86 3.96 29.15 70.82 4.1 3 34.09 Profit/(1011) for the period/year from continuing operations 142.29 (87.04) 69.72 55.25 (57.30) (24.17) Discontinued Operations (Refer note 7) a) Profit/(loss) for the period/year from discontinued operations before tax 1.34 (1.24) 0.10 b) Tax expense of discontinued operations Profit/(1011) for the period/year from discontinued operations 1.34 (1 .24} 0.10 Profit/ (loss) for the period/year 143.63 (88.28) 69.72 55.35 (57.30 (24.171 Other comprehensive income/(loss) A. Items that will not be reclassified to profit or 1011 in subsequent period/year Re-measurement gain/(loss) on defined benefit plans 2.87 (0.47) 1.57 2.40 3.54 5.41 Income tax relating to re-measurement gain on defined benefit plans (0 69) 0.17 /OJI) (0.52) (0.71) I0.75) 2.18 (0.30 1.26 1.88 2.83 4.66 Exchange differences on translation of foreign operations (0.15) (0.20) 1.38 (0.35) 1.28 (1.40) Income tax effect (0.15 (0.20 1.38 (0.35 1.28 (1.40 Other comprehensive income for the period/year, net of tax 2.03 ro.50 2.64 1.53 4.11 3.26 Total comprehensive incomc/(loss) for the period/year 145.66 (88.78 72.36 56.88 (53.19 (20.91 Profit/(loss) for the period/year Attributable to: Owners of the parent 145.57 (77.57) 72.33 68.00 (48.12) (22.49) Non-controlling interests (1.94) (10.71) (2.62) (12.65) (9.18) ( 1.68) 143.63 (88.28 69.71 55.35 (57.30 (24.17) Other comprehensive loss for the period/year, net of tax Attributable to· Owners of the parent 1.97 (0.55) 2.53 1.42 3.86 2.49 Non-controlling interests 0.06 0.05 0. 11 0.11 0.25 0.77 2.03 (0.50 2.64 1.53 4.11 3.26 Total comprehensive income/(loss) for the period/year, net of tax Attributable to: Owners of the parent 147.54 (78.12) 74.85 69.42 (44.26) (20.00) Non-controlling interests (1.88) (10.66) (2.50) (12.54) (8.93) (0.91) 145.66 (88.78 72.35 56.88 (53.19 (20.91 Paid up equity share capital 290.50 290.09 218.71 290.50 218.71 285 .99 Face value per equity share (INR) 1.00 1.00 1.00 1.00 1.00 1.00 Other Equity 4,234.40 Earnings/(loss) per share from continuing operations (not annualised for quarters) Basic 0.49 (0.26) 0.28 0.19 (0.19) (0.08) Diluted 0.48 (0.26) 0.27 0.19 (0.19) (0.08) Earnings/(loss) per share from discontinued operations (not annualised for quarters) Basic (0.01) Dil~ted . . . . li)/j~~All.,c?,Y< (0.01) Earn~ngs/(loss) per share from continuing and d11contmued opera ot annualised r quarters) 0.49 (0.27) 0.28 0.19 (0.19) (0.08) BaS1c l>- 1 / Diluted :::C 1 )~ , 0.48 (0.27) 0.27 0.19 (0.19) (0.08) 0- .,,. , S.R. Battibol !. Associates UP, G11ui,a ~ / --'°' Identification
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Physicswallah Limited (formerly known as Physicswallah Private Limited) CIN: L80900UP2020PLC129223 Registered office: Plot no. B-8, Tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh, India - 201309 Tel.: +91-9289926531, Website: www.pw.Iive, Email ID: investorsrelation@pw.live Unaudited Consolidated Statement of Assets and Liabilities as at September JO, 2026 (Amounts in INR crores · excef)( per share data) I As at Particulars I Seotember 30, 2026 I March 31, 2026 I Unaudited l Audited ASSETS Non-current assets Property, plant and equipment 432.87 445.01 Capital work in progress 1.32 4.95 Goodwill 253.45 273.56 Other intangible assets 157.81 183.57 Intangible assets under development 305 Right-of-use assets 865.30 927.82 Investments accounted for using equity method 5 08 5.14 Financial assets i. Investments 174.10 191.10 ii. Loans 48.55 44.89 iii. Other financial assets 90.86 74.86 Deferred tax assets (net) 84.74 88.23 Non-current tax asset (net) 20.26 10.38 Other non-current assets 83.61 4.66 Total non-current assets 2,217.95 2,257.22 Current assets Inventories 124.22 101.89 Financial assets i. Investments 2,788.79 2,229.74 ii. Trade receivables 74.35 81.80 iii. Cash and cash equivalents 172.59 359.50 iv. Bank balances other than (iii) above 454.70 766.72 v. Loans 1.28 0.94 vi. Other financial assets 2,310.36 1,793.45 Other current assets 87.10 85.54 Total current assets 6,013.39 5,419.58 Assets classified as held for sale 95.34 - TOTAL ASSETS 8 326.68 7.676.80 EQUITY AND LIABILITIES Equity Equity share capital 290.50 285.99 Other equity 4,398.27 4,234.40 Equity attributable to equity holden of the parent 4,688.77 4,520.39 Non-controlling interests 20.11 50.37 Total Equity 4,708.88 4,570.76 Non-current liabilities Financial liabilities i. Borrowings 2.92 0.20 ii. Lease liabilities 779.98 837.09 iii. Other financial liabilities 240.72 302.14 Other non-current liabilities 92.87 57.80 Provisions 53.57 42.53 Total non-current liabilities 1,170.06 1,239.76 Current liabilities Financial liabilities i. Borrowings 9 03 10.30 ii. Lease liabilities 208.52 204.52 iii. Trade payables - Total outstanding dues of micro and small enterprises ; and 76.46 55 04 - Total outstanding dues of creditors other than micro and small enterprises 172.79 193.55 iv. Other financial liabilities 211.09 161.21 Other current liabilities 1,730.57 1,209.33 Provisions 37.46 32.33 Total current liabilities 2,445.92 1,866.28 Total liabilities 3,615.98 3,106.04 Liabilities directly associated with the assets held for sale 1.82 TOTAL EQUITY AND LIABILITIES 8 326.68 7 676.80 ~ /4~ .,., "'-'"",S.-.)..___ ~ ~ ~ -I>-- ':vl =.. S.R. Baffibol &Associates UP, G111qa1 :c '11 0- C) for Identification *
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Physicswallah Limited (formerly known as Physicswallah Private Limited) CIN: L80900UP2020PLC129223 Registered office: Plot no. B-8, Tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Prad.,.h, India - 201309 Tel.: +91-9289926531, Website: www.pw.live, Email ID: investorsrelation@pw.live Unaudited Consolidated Statement of Cash Flows for the six months ended September 30, 2026 /Amounts in INR crores • except per share data) I Six months ended Particulars I Sentember 30, 2026 I September 30, 2025 A. Cash Flow from operating activities Profit/(loss) before tax after exceptional items Continuing Operations Discontinued Operations Continuing and Discontinued Operations Adjustments for: Depreciation and amortisation expense Net loss on remeasurement of financial instruments at fair value Employee stock compensation expense Property, plant and equipment and intangible assets under development written off Provision for inventory obsolescence Provision for expected credit losses Net gain on FVTPL investments Gain on sale of property, plant and equipment Interest income Finance costs Gain on derecognition ofleases Liability written back Net gain on sale of mutual funds Impairment of intangible assets and goodwill Impairment of investment in non-convertible debentures Provision for supplier advances Bad debts written off Share of Profit/(loss) of associates (net) Operating profit before working capital changes Movement in working capital: (Increase) in inventories Decrease in loans (Increase )/Decrease in trade receivables (Increase )/Decrease in other financial assets (Increase) in other current and non-current assets Increase in trade payables lncrease/(Decrease) in other financial liabilities Increase in provision Increase in other current and non-current liabilities Cash Flow from operations Direct taxes paid (net ofrefunds and interest) Net cash inflow from operating activities (A) B. Cash Flow from investing activities Purchase of property, plant and equipment (including capital work in progress , capital advances and payable for capital goods) Purchase of intangible assets and intangible assets under development Proceeds from sale of property, plant and equipment Interest received Loans given to employees and other parties Investment in subsidiary net of cash acquired Acquisition of non controlling interest Purchase of investments Proceeds from sale of investments Investment in bank deposits Maturity of bank deposits Net cash used in investing activities (B) C. Cash Flow from financing activities Proceeds from exercise of stock options Interest and other finance charges paid Proceeds/(Repayment) of borrowings Payment of interest portion oflease liability Payment of principal portion oflease liability Net cash used in financing activities (C) Net increase/(decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Cash and cash equivalents from continuing operations Cash and cash equivalents classified as held for sale Cash and cash equivalents at the end of the period comprises of the following: Balances with banks i) In current account ii) Deposits with original maturity ofless than three months Cash on hand Cash in transit S.R. Baffibof &Associates LLP, ~ for ld&ntiflcatlon -- ~~~All.-1,s,(.. I~ -~~~ 0-- 7 (!) * -- I Unaudited I Unaudited 126.07 (53.17) 0.10 126.17 (53.17) 223.70 202.32 34.81 6.77 80.09 82.36 0.57 0.74 (0.37) (0.14) 9.98 6.48 (22.91) (40.82) (0.23) (0.79) (106.85) (32.31) 44.39 54.52 (4.09) (4.71) (0.31) (0.52) (62.90) (15.97) 20.11 - 17.00 0.08 0.62 - 0.06 (0.05) 359.92 204.71 (21.96) (11.25) 1.31 5.27 (9.11) (54.89) 26.40 (124) (60.05) 0.13 33.91 41.74 (11.07) 18.57 14.62 557.76 741.92 905.30 931.39 (77.73) (3 84) 827.57 927.5S (156.09) (104.20) (0.67) (3.46) 1.70 2.62 90.02 19.55 (99.34) (5.16) (56.70) (71.81) (1,902.90) (1,682.35) 1,429.66 813.79 (1,240.07) 311.90 1,077.05 (90.05) /872.4S) (794.06) 1.12 0.09 (0.34) (12.20) 1.45 6.53 (43.52) (41.88) (100.74) (79.86) 1142.03) (127.32 (186.91) 6.17 359.50 53.71 172.S9 59,88 172.59 59.88 - 61.30 56.08 109.60 2.20 I.SO 1.48 0.19 0.12 172.59 S9.88
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Physicswallab Limited (formerly known as Pbysicswallab Private Limited) CIN: L80900UP2020PLC129223 Registered office: Plot no. B-8, Tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh, India - 201309 Tel: +91-9289926531, Website: www.pw.Iive, Email ID: investorsrelation@pw.live Unaudited consolidated segment-wise Revenue, Results, Assets and Liabilities for the quarter and six months ended September 30, 2026 (Amounts in INR crores) Ouarter ended Six months ended Year ended S.No. Segment information September 30, June 30, September 30, September 30, September 30, Man:b31, 2026 2026 2025 2026 2025 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited I Segment revenue (a) Offiine 540.87 489.90 496.10 1,030.77 924.00 1,844.11 (b) Online 693.52 548.79 548.72 1,242.31 960.86 2,011.11 (c) Others 7.87 11.65 6.42 19.52 13.47 44.32 Total se2ment revenue 1.242.26 1 050.34 1 051.24 2 292.60 1 898.33 3.899.54 Seement revenue from discontinued onerations 5.11 3.61 - 8.72 - - Less: Inter seo-ment revenue - - - Total revenue from onerations 1 247.37 1 053.95 1 051.24 2 301.32 1 898.33 3 899.54 2 Segment results (a) Offiine 68.00 (27.17) 61.01 40.83 9.25 25.96 (b) Online 250.40 75.90 170.77 326.30 196.06 522.72 (c) Others 2.42 (15.26\ 5.93 (12.84\ 6.04 5.12 Total 320.82 33.47 237.71 354.29 211.35 553.80 Unallocated (54.43 /44.89) /56.01 l /99.32) (99.75) (172.76 Total segment results from continuing operations 266.39 /l l.42l 181.70 254.97 111.60 381.04 Segment results from discontinued operations 1.34 /1.24) - 0.10 - - Total se2ment results 267.73 '12.66) 181.70 255.07 111.60 381.04 3 Depreciation, depletion and amortisation expense (a) Offiine 77.76 77.59 76.66 155.35 150.20 319.12 (b) Online 7.24 6.07 3.02 13.31 5.20 13.95 (c) Others 1.72 1.54 0.36 3.27 0.75 2.03 (d) Unallocated 26.31 25.47 24.65 51.77 46.17 102.29 Less: Total depreciation, depletion and amortisation expense 113.03 110.67 104.69 223.70 202.32 437.39 4 Finance costs (a) Offiine 22.72 21.80 20.45 44.52 49.78 89.97 (b) Online 0.10 1.29 0.63 1.39 1.07 2.94 (c) Others (0.57) 0.70 (0.16) 0.14 0.02 0.60 (d) Unallocated 3.77 1.71 3.84 5.47 7.07 8.38 Less: Total Finance costs 26.02 25.50 24.76 51.52 57.94 101.89 Add: Other income, net of(expenses) 92.38 108.86 47.17 201.24 102.21 231.50 Less: Net loss on remeasurement of financial instruments at fair value (9.54) 44.35 0.62 34.81 6.77 10.77 Profit/Ooss) before exceotional items and tax 230.60 (84.32) 98.80 146.28 (53.22 62.49 Add: Net exceotional 2ain//loss) /20.11 - (20.11 (52.57 Profit/Ooss l before tax 210.49 (84.321 98.80 126.17 (53.22 9.92 5 Segment assets (a) Offiine 1,149.94 1,268.93 1,167.33 1,149.94 1,167.33 1,188.06 (b) Online 174.62 195.44 94.66 174.62 94.66 149.65 (c) Others 521.19 619.52 275.84 521.19 275.84 506.11 Total segment assets 1 845.75 2 083.89 1 537.83 1845.75 1 537.83 1 843.82 Add: Unallocated assets 6 385.59 6 373.91 3 412.25 6 385.59 3 412.25 5 832.98 Total se2ment assets from continuin2 ooerations 8 231.34 8 457.80 4 950.08 8 231.34 4 950.08 7 676.80 Add: Discontinued ooerations 95.34 - - 95.34 - - Total se2meot assets 8 326.68 8 457.80 4 950.08 8 326.68 4.950.08 7 676.80 6 Segment liabilities (a) Offiine 2,007.20 2,132.54 1,919.35 2,007.20 1,919.35 1,801.71 (b) Online 1,039.97 1,076.32 839.84 1,039.97 839.84 598.39 (c) Others 11.71 20.75 12.64 11.71 12.64 20.78 Total segment liabilities 3 058.88 3 229.61 2 771.83 3 058.88 2 771.83 2 420.88 Add: Unallocated liabilities 557.10 705.36 731.07 557.10 731.07 685.16 Total se2meot liabilities from continuine ooerations 3 615.98 3 934.97 3 502.90 3 615.98 3 502.90 3 106.04 Add: Discontinued ooerations 1.82 1.82 Total se2ment liabilities 3 617.80 3 934.97 3 502.90 3 617.80 3 502.90 3 106.04 Notes: !. Effective FY 2026-27, pursuant to increased focus on separate KPI's for offiine and online segments, the Chief Operating Decision Maker (CODM) has commenced reviewing the Group's performance and allocating resources based on distinct business lines. Accordingly, the Group has identified and disclosed the following reportable segments: i) Offiine segment which comprises of classroom based coaching services delivered through physical centers, B2B book sales and hostel accomodation services. ii) Online segment which comprises ofonline coaching and learning services and sale of books. iii) Others which comprises the sale of hardware devices, student financing services and support services to k-12 schools. iv) As pcnnitted by Ind AS I 08 on 'Operating Segments', the Company has disclosed the segment information only as a part of the consolidated financial results. S.R. Battibol iAssoclates LlP, ~ for Identification
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Physicswallah Limited (formerly known as Physicswallah Private Limited) CIN: L80900UP2020PLC129223 Registered office: Plot no. B-8, Tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh, India - 201309 Tel.: +91-9289926531, Website: www.pw.live, Email ID: investorsrelation@pw.live Notes to the Unaudited Consolidated Financial Results for the quarter and six months ended September 30, 2026 The Statement of Unaudited Consolidated Financial Results has been prepared in accordance with the applicable Indian accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act"), read with the relevant rules thereunder and in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The Statement of Unaudited Consolidated Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors of the Physicswallah Limited (the "Holding Company") in their respective meetings held on November 04, 2026. 2 The Statement of Unaudited consolidated Financial Results of the Company and its subsidiaries (collectively the "Group") and its interest in associate includes the results for the quarter ended September 30, 2025 being the balancing figure between unaudited year-to-date figures up to the second quarter and the published audited figures up to the first quarter of the previous year. During the year ended March 31 , 2026, the Company has completed its initial public offer (!PO) of 31,93,30,321 equity shares of face value of!NR "I" each at an issue price of lNR 109 per share (including a share premium of lNR 108 per share), comprising fresh issue of 28,44,68,537 shares and offer for sale of 3,48,62,384 shares by selling shareholders. The equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on November 18, 2025. The utilization of the net !PO proceeds in relation to fresh issue is summarized below: (Amount in INR crores) Amount of net Amount unutili.sed Amount utilised Amount unutilised S.No. Objects of the issue proceeds in the as of March 31, during the period upto Septem her 30, offer document 2026 2026 I Capital expenditure for fit-outs of new offline and hybrid centers of the Company 460.55 440.78 17.17 423.61 2 Expenditure towards lease payments of existing identified offline and hybrid centers operated by the Company 548.31 491.92 91.05 400.87 3 Investment in Subsidiary, Xylem Learning Private Limited for expenditure towards: i) Capital expenditure for fit-outs of new offline centers of Xylem ("New Xylem Centers") 31.65 31.65 31.65 ii) Lease payments for Xylem's existing identified oflline centers and hostels 15.52 15.52 6.15 9.37 Investment in Subsidiary, Utkars h Classes & Edutech Private Limited for 4 expenditure towards lease payments for Utkarsh Classes' existing identified offline centers 28.00 28.00 3.96 24.04 5 Expenditure towards server and cloud related infrastructure costs 200.11 184.99 45.98 139.01 6 Expenditure towards marketing initiatives 710.00 686.66 92.18 594.48 7 Acquisition of additional shareholding in Subsidiary, Utkarsh Classes & Edutech Private Limited 26.50 0.03 0.03 8 Funding inorganic growth through unidentified acquisitions and general corporate purposes• 941.15 394.43 252.00 142.43 Total 2,961.79 2,273.98 508.52 1,765.46 Unutilised net proceeds of!NR 1,765.46 crore as at September 30, 2026 were temporarily invested in fixed deposits with scheduled commercial banks and maintained in the Monitoring Account. *Utilisation of current quarter includes lNR 71.74 crore under general corporate purpose with respect to acquisition of additional stake for existing subsidiary, which was outside the Objects of the Issue in the Prospectus. Upon identification, the said amount was regularised by depositing back the amount on October 30, 2026 to the Monitoring Account from the Company's current account. 4 Exceptional items comprises of: Particulars lmoairment of goodwill Exoenses incurred towards Initial Public Offer Remeasurement impact on employee benefit obligations oursuant to labour code changes Total S.R. Baflibol iAssoclates UP, G\n9a for Identification Septem her 30, 2026 20.11 - - 20.11 Quarter ended June 30, Septem her 30, 2026 2025 - -- (Amount in INR crores) Six months ended Year ended September 30, September 30, March 31, 2026 2025 2026 - 20.11 - 29.01 - - - 8.29 - - - 15.27 - 20.11 - 52.57
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Physicswallah Limited (formerly known as Physicswallah Private Limited) CIN: L80900UP2020PLC129223 Registered office: Plot no. B-8, Tower A 101-119, Noida One, Noida Sector 62, Gautam Buddha Nagar, Dadri, Uttar Pradesh, India - 201309 Tel.: +91-9289926531, Website: www.pw.Iive, Email ID: investorsrelation@pw.Iive Notes to the Unaudited Consolidated Financial Results for the quarter and six months ended September 30, 2026 During the six months ended September 30, 2026 a. The Company has incorporated Physicswallah Student Housing Private Limited with an investment of JNR 5.01 crores, which has been incorporated for the purpose of providing hostel accommodation to students. b. The Company has invested JNR 120.00 crores into equity shares of its wholly owned subsidiary Company, Finz Finance Private Limited to support the business expansion. c. The Company has invested JNR 3.00 crores into equity shares of its wholly owned subsidiary Company, Preponline Futurist Private Limited to support the business expans10n. 6 Item exceeding 10% of total expenditure (included in other expenses): (Amount in INR crores) Particulars Quarter ended Six months ended Year ended Septem her 30, I June 30, I Septem her 30, September 30, I Septem her 30, March 31, 2026 2026 2025 2026 2025 2026 Advertisement and oublicitv exoenses 87.92 I 128.47 I 84.30 216.39 I 202.15 353.37 7 During the quarter ended September 30, 2026, pursuant to a plan considered by the Board of Directors on August 14, 2026, Finz Finance Private Limited ("FinZ"), a wholly owned subsidiary of the Company, opted to discontinue its lending business and sell its entire standard loan portfolio to an unrelated non-banking financial company. FinZ ceased originating new loans from September 20, 2026. As at September 30, 2026, the criteria for classification as held for sale under Ind AS 105 were met. Accordingly, the loan portfolio, having a carrying amount of JNR 95.34 crores, was classified as "Assets classified as held for sale" in the consolidated balance sheet. Since the portfolio comprises financial assets within the scope oflnd AS 109, it continues to be measured at amortised cost in accordance with that Standard. As the lending business is the Finz's only operating business, it has been presented as a discontinued operation in accordance with Ind AS 105. The results of the discontinued operation have been presented separately in the statement of profit and loss, and the comparative figures have been re-presented accordingly. Subsequent to the reporting date, on October 3, 2026, FinZ transferred the loan portfolio to Auxilo Finserve Private Limited for consideration of!NR 95. 79 crores. Statement of discontinued operations • (Amount in JNR crores) Particulars Quarter ended Six months ended Year ended Septem her 30, June 30, Septem her 30, September 30, Septem her 30, March 31, 2026 2026 2025 2026 2025 2026 Total Income (a) 5.11 3.61 - 8.72 - Total Expenses (b) 3.77 4.85 - 8.62 - - Profit/(loss) from discontinued operations before 1.34 (1.24) 0.10 - - tax (c = a-b) Tax expense of discontinued operations ( d) - - - Profit/(loss) from discontinued operations 1.34 (1.24) 0.10 - (e = c-d) 8 Effective from March 31, 2026, the Group has opted to present amounts in rNR crores. Accordingly, previous period/year figures have also been changed from presentation in JNR millions to JNR crores. 9 The financial results are available on the Holding Company's website and on the websites of the stock exchanges where the Holding Company's equity shares are listed (NSE andBSE). 10 Segment information for the Quarter and six months ended September 30, 2025 and year ended March 31, 2026 are presented in the unaudited financial results of September 30, 2026 were not presented in earlier Results and Financial Statement and are as approved/reviewed by the Company's Board of Directors and Chief Operating Decision Maker (CODM). For and on behalf of Board of Directors of Physicswallah Limited (formerly known as Physicswallah Private Limited) Pratee • Whole Place: Noi Date: November 04, 2026 S.R. Battibol &Associates LLP, G111qa1 '°' Identification