Analysts/Institutional Investor Meet/Con. Call Updates

PHYSICSWALLAH LIMITED Date: November 09, 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: Intimation under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) - Transcript of Earnings Conference Call Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI Listing Regulations, please find enclosed the transcript of the Earnings Conference Call held on November 04, 2026, Wednesday, at 06:00 P.M. (IST), on the performance of Unaudited Standalone and Consolidated 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 “Physicswallah Limited Q2 FY2027 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. ALAKH PANDEY – CHIEF EXECUTIVE OFFICER AND WHOLE TIME DIRECTOR – PHYSICS WALLAH LIMITED MR. PRATEEK BOOB – WHOLE TIME DIRECTOR – PHYSICS WALLAH LIMITED MR. AMIT SACHDEVA – CHIEF FINANCIAL OFFICER – PHYSICS WALLAH LIMITED Page 1 of 17 Physics Wallah Limited November 04, 2026 Moderator: Good evening, everyone, and thank you for joining Physics Wallah's Q2 FY2027 Earnings Conference Call. We hope you've had the opportunity to review our financial results and shareholders' letter, which have been uploaded on the Stock Exchanges and are also available on our investor relations website. Joining us today are Mr. Alakh Pandey, CEO and Whole-Time Director, Mr. Prateek Boob, Whole-Time Director, and Mr. Amit Sachdeva, Chief Financial Officer. Before we begin, I would like to remind everyone that certain statements made during this call may be forward- looking in nature and should be read together with the risk factors disclosed in our public filings. We request participants to limit themselves to two questions at a time and rejoin the queue for any additional questions. With that, I would like to hand over the call to Mr. Alakh Pandey. Alakh Pandey: Hello, everyone. Good evening. Namaskar. Happy Diwali to everyone in advance. This quarter has been amazing for PW. This was a very strong quarter for us. The Q2 revenue is INR1,242 crores, which is up by 18% year-on-year. The Pre-Ind AS EBITDA is INR233 crores, which is up by 45% at an 18.8% margin. PAT is positive. It is INR142 crores, doubled year-on-year. Talking about H1, H1 swung to a INR55 crores profit from a INR57 crores loss on a 21% revenue growth. Talking about online, the Q2 revenue is INR694 crores, up 26.4%. Pre-Ind AS EBITDA is INR239 crores, up by 47.2% at a 34.4% margin. What were the drivers for this growth. Q2 unique enrollments are up by 12.9% to 1.5 million and 3.44 million unique transacting users or students, up from 3.22 million. ACPU on unique enrollments up 9.2% to INR4,280 Infinity Pro collections up by 32%, with their share of collections rising to 35% from 31%. Infinity Pro collections quadrupled in Q2. Skills enrollment up 10.3x to 1.69 lakh. CA enrollments up by 19%. NEET PG enrollments at 9,500, up by 35%. There is one miss, that is the government exams enrollment, down by 24% because of the vacancies and the forms not coming out. NEET demand that was delayed in Q1, result came out on 16 July, a month late, showed up in Q2. So, in Q2, we saw NEET demand. Online NEET collections up by 27% and enrollment up over 30%. The gap has not fully closed. Full cycle online NEET collections are still 7% below last year, with enrollments 13% lower. Offline NEET enrollments for the academic year are 8% lower, and we expect this gap to be reflected in full year NEET numbers. We are launching aggressive crash courses, so we have preponed the crash courses this year. So, in Q3 and Q4, we'll be launching crash courses, mega crash courses for NEET, both in online and as well as in offline, and we hope to cover some of this delta. At the company level, we expect to partly cover this gap through K12 categories, new categories such as Earners, and of course, the NEET crash course that I have told you. We expect NEET Page 2 of 17 Physics Wallah Limited November 04, 2026 demand to recover over the medium to long term, supported by the anticipated transition to a computer-based examination format in FY 2028 and the structural expansion of India's medical education system. The base is broadening. Categories beyond JEE NEET contributed 73.8% of H1 enrollments, up from 64.8%. Boards and CUET enrollments up 130%. Foundation enrollments up 15% and collections up 40%. Vernacular enrollments up 77% to 1.2 lakh across 10 languages. Higher value categories such as civil services, GATE, and MBA also recorded strong ACPU growth. South India is our next leg of growth. I have been visiting South India frequently. Five states, 15 million students, and an online-first playbook. Approximately 10% of the revenue, actually 9% of H1 revenue is coming from South. Next, Prateek. Prateek Boob: Good evening, team. Prateek this side. Quick catch-up on funnel that we have 106 million cumulative app downloads and 4.1 million daily active users, with the engagement of 98 minutes. Offline, a calibrated scale-up, and now we are at 370 centers with the highest ever admission, 4.13 lakh enrollments in H1, delivered 66% of the H1 offline revenue comes from our Vidyapeeth. We are on track to deliver the overall revenue and the EBITDA growth numbers which we have stated earlier. AI across PW, we have amazing success, specifically this quarter. A big breakthrough in AI is all of our important live batches will be available in 12 different Indic languages as we plan the next academic year batches. You can imagine this as the same set of teachers, which are the star teachers in respective exam categories. The students of all Indic languages will be getting benefited with this live AI translation of our batches. This we have already demonstrated, and this is helping us in terms of creating South India distribution as well. Another big achievement which we could able to demonstrate in this quarter is our Socratic AI tutor launch. The product is live at tuto.pw.live. We have completed more than 5,000 hours of learning in this product, and this will be launched at Vishwas at a larger scale. Another big milestone in the company's journey is we got PW Digital University Incorporated, and it is India's first greenfield digital university, which will solve for our forward integration. As we are the largest player of high school examination in the country, this will be the natural forward integration for a lot of our kids. This is a quick headline update. A small update around FinZ that the INR96 crores of outstanding loan book is sold to Auxilo Finserve. The PW translation away from the direct lending, credit risk, and the lending capital requirement move to lending partners, while students continue to access the financing through third-party lenders. These are some major updates from my side. Now handing over to Amit for detailed financial walkthrough. Page 3 of 17 Physics Wallah Limited November 04, 2026 Amit Sachdeva: Thank you, Prateek sir. Good evening, everyone. Thank you all for joining our Second Quarter Earning Call for Physics Wallah. Firstly, wishing all of you and your loved ones a very happy Diwali in advance. We also had a great [Showing first 8,000 characters — download PDF for full document]