General Updates

PHYSICSWALLAH LIMITED Date: November 04, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra (E), Mumbai – 400 051 India Mumbai – 400 001 India Symbol: PWL Scrip Code: 544609 Sub: Shareholders’ letter on the financial results for the quarter and half year ended September 30, 2026 Dear Sir/Madam, Pursuant to Regulations 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Shareholders’ letter dated November 04, 2026, on the financial results of the Company for the quarter and half year ended September 30, 2026. 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 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 PPHHYYSSIICCSSWWAALLLLAAHH LLIIMMIITTEEDD QQ22 FFYY2277 DRAFT · ILLUSTRATIVE FIGURES T H E F I R S T L E A R N I N G P A R T N E R SHAREHOLDERS' LETTER & RESULTS Q2 FY27 Q2 FY27 | November 4th, 2026 SHAREHOLDERS’ LETTER Enabling affordable, high-quality PPHHYYSSIICCSSWWAALLLLAAHH LLIIMMIITTEEDD education at scale through a QQ22 FFYY2277 community-powered, omnichannel consumer tech platform SHAREHOLDERS’ LETTER PPHHYYSSIICCSSWWAALLLLAAHH LLIIMMIITTEEDD QQ22 FFYY2277 KEY TAKEAWAYS Growing faster, earning better: H1 Revenue up 21%, from a loss last year to a ₹55 Cr profit this year. KEY METRICS H1 & Q2 FY27 H1 FY27 (APR–SEP) REVENUE FROM OPERATIONS PRE-INDAS EBITDA PROFIT AFTER TAX ₹2,293 Cr ₹190 Cr ₹55 Cr 8.3% margin 2.4% margin ▲21% YoY Vs ₹72 Cr (3.8% margin) in H1 Vs –₹57 Cr loss in H1 FY26 FY26 Q2 FY27 (JUL–SEP) REVENUE FROM OPERATIONS PRE-INDAS EBITDA TOTAL ENROLMENTS* ₹1,242 Cr ₹233 Cr 1.85 Mn 18.8% margin ▲18% YoY Vs ₹161 Cr (15.3% margin) in ▲10.9% YoY Q2 FY26 16+ 370 19,104 7,117 Online Exam Categories Offline Centres Employees Faculty Members KEY TAKEAWAYS Revenue grew 21% YoY in H1 and 18% YoY in Q2 H1FY27revenuerose20.8%YoYto₹2,293Crfrom₹1,898Cr.Q2FY27revenuerose18.2%YoYto₹1,242Cr from₹1,051Cr.ACPUonenrolmentsrose9.2%YoYto₹4,280from₹3,918. Profitability improved: H1 Pre-IndAS EBITDA up 2.6x and PAT of ₹55 Cr vs a ₹57 Cr loss H1 Pre-IndAS EBITDA rose to ₹190 Cr from ₹72 Cr, with the margin up ~450 bps to 8.3%. In Q2, Pre-IndAS EBITDArose45%YoYto₹233Cratan18.8%margin,andPATturned2.0xYoYto₹142Cr. Treasury to support long-term growth Treasury stood at ₹5,268 Cr as of September 30, 2026, including IPO proceeds. Disciplined capital allocationwithafocusononlinefirstinorganicinitiativesandAI. PAGE NO. 2 SHAREHOLDERS’ LETTER PPHHYYSSIICCSSWWAALLLLAAHH LLIIMMIITTEEDD QQ22 FFYY2277 SECTION A — THE QUARTER How did the business and its segments perform in Q2 FY27, and what drove this performance? ₹ CR – CONSOLIDATED Q2 FY27 Q2 FY26 YOY H1 FY27 H1 FY26 YOY Online Revenue 694 549 26.4% 1,242 961 29.3% Offline Revenue 541 496 9.0% 1,031 924 11.6% Other Revenue 8 6 22.4% 20 13 44.9% Revenue from Operations 1,242 1,051 18.2% 2,293 1,898 20.8% Online Pre-IndAS EBITDA 239 162 47.2% 312 187 66.8% Offline Pre-IndAS EBITDA -8 -7 -3.5% -108 -120 10.1% Others Pre-IndAS EBITDA 2 6 -62.6% -14 6 - Pre-IndAS EBITDA (margin) 233 (18.8%) 161 (15.3%) +351 bps 190 (8.3%) 72 (3.8%) +450 bps Profit before tax 209 (16.8%) 99 (9.4%) +743 bps 126 (5.5%) -53 (-2.8%) +830 bps Profit after tax (margin) 142 (11.5%) 70 (6.6%) +482 bps 55 (2.4%) -57 (-3.0%) +543 bps In H1 FY27, revenue from operations grew 20.8% YoY to ₹2,293 Cr. Pre-IndAS EBITDA rose 2.6x to ₹190 Cr, lifting the margin~450bpsto8.3%,andPATturnedtoa₹55Crprofitfroma₹57Crlossayearago.InQ2FY27,revenuegrew18.2%to ₹1,242Cr,Pre-IndASEBITDArose45%to₹233Cratan18.8%margin,andPATgrew2.0xto₹142Cr. Operatingleveragedrovethemargingain.Bothsegmentsimproved:Online’sPre-IndASEBITDAmarginrose~565bpsto 25.1% and Offline’s loss margin narrowed ~253 bps to −10.5%. Total operating costs, including lease payments, fell ~450 bps as a share of revenue: employee cost (ex-ESOP) fell 235 bps to 42.3%, other expenses fell 114 bps to 23.4%, and marketingcostfellto9.4%ofrevenuefrom10.6%inH1. AI automation now resolves 80% of student support queries and writes 92% of committed code, and deeper market penetrationspreadsourlargelyfixedcontent,facultyandplatformcostsacrossmorelearners. Online Offline • H1 revenue grew 29.3% YoY to ₹1,242 Cr, and Pre- • H1 revenue grew 11.6% YoY to ₹1,031 Cr; the Pre- IndAS EBITDA rose 66.8% to ₹312 Cr at a 25.1% IndAS EBITDA loss narrowed to ₹108 Cr from ₹120 Cr margin, up ~565 bps. (−10.5% margin, from −13.0%). • H1 ACPU on unique enrolments rose 9.2% YoY to • In H1, Enrolments rose 4.7%and ARPU 5.4%, as ₹4,280, lifted by a richer premium mix and a shift to centres grew to 370 from 314. higher-priced categories: Civil Services +34.2%, • In H1, Vidyapeeth, our largest brand, contributed GATE +30.7%, Foundation +22.6%, MBA +21.4%. ₹681.8 Cr (66% of offline revenue) and 0.25 Mn • Q2 collections grew 24.9% YoY to ₹550 Crfrom enrolments. ₹440.5 Cr in Q2 FY26. • Q2 unique Enrolments grew 12.9% to 1.5 Mn, further, Q2 ACPU grew 10.6% PAGE NO. 3 SHAREHOLDERS’ LETTER PPHHYYSSIICCSSWWAALLLLAAHH LLIIMMIITTEEDD QQ22 FFYY2277 SECTION A — THE QUARTER How is the NEET business recovering, and what is the outlook? Ans. Since NEET UG 2026results came out onJuly 16, 2026, the delayedpost-result demand has ramped up versus last year. InQ2 FY27,OnlineNEETenrolmentsgrewover30%. Thisrecoveryhasnarrowedthegapbutnotclosedit.Wecompareeachbusinessoveritsadmissioncycle: • PWOnline:NEETcollectionsareabout7%belowlastyear,andenrolmentsabout13%below. • PWOffline:NEETenrolmentsfortheacademicyearareabout8%lower. Themainreasonistheshorterpost-resultwindow.Further,Xylem,acquiredforNEETinKerala,carriesaheavyNEETdependence.A month-longdelayinresultsleftstudentslesstimetodecideandcutintotheusualadmissioncycle.Weexpectthisgaptoshowinthe full-yearNEETnumbers.Atthecompanylevel,weexpecttopartlycoverthisgapthroughourK-12categoriesandournewcategories includingEarnersetc. OurNEETCrashCourseprogrammesstartlaterintheyearandwillalsohelpNEETrecovery.WithNTAmovingNEETfullyonlinefrom nextyear,wethinkourdigital-firstplatformiswellplacedforthenextcycle. We expect the impact to be transient. Demand should recover over the medium to long term as India’s medical education system expands: more medical colleges, more MBBS seats, and greater use of existing hospital infrastructure to widen access to medical educationacrossdistricts. WHAT SUPPORTS THE RECOVERY 01 Near term: new and short-duration courses 02 FY28: computer-based NEET exam We are launching courses such as Earners and crash courses The anticipated transition of NEET to a computer-based to close the gap, helped by improving enrolment in short- examination format in FY28 could provide an additional duration courses. demand catalyst. PAGE NO. 5 SHAREHOLDERS’ LETTER PPHHYYSSIICCSSWWAALLLLAAHH LLIIMMIITTEEDD QQ22 FFYY2277 SECTION B — REGIONAL EXPANSION Q3 What is PW's strategy for South India and its current status? Ans.PWbuiltitsJEE-NEETleadershipintheHindibelt,startingwithUttarPradeshandBihar,andextendedittoWestBengal,Maharashtra andotherlargestates.SouthIndiaisournextlegofgrowth:a~15MnTAMacrossAndhraPradesh,Telangana,TamilNadu,Karnatakaand Kerala(~13 Mn state-board students and ~2.1Mn JEE-NEET aspirants), in aregion where ourpresence is stillearly.Earlytraction there is encouraging,whichiswhywearesteppingupourfocusnow. WHY SOUTH INDIA? ~15 Mn students across the five states: ~13 Mn state-board learners in Classes 9–12 and ~2.1 Mn JEE [Showing first 8,000 characters — download PDF for full document]