Shareholders'' Letter on unaudited financial results for the quarter ended June 30, 2026.

PHYSICSWALLAH LIMITED Date: August 14, 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 Scrip Code: 544609 Symbol: PWL Sub: Shareholders’ Letter on the financial results for the quarter ended June 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 August 14, 2026, on the financial results of the Company for the quarter ended June 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 QQ11 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 Q1 FY27 SHAREHOLDERS’ LETTER Enabling affordable, high-quality PPHHYYSSIICCSSWWAALLLLAAHH LLIIMMIITTEEDD education at scale through a QQ11 FFYY2277 community-powered, omnichannel consumer tech platform SHAREHOLDERS’ LETTER PPHHYYSSIICCSSWWAALLLLAAHH LLIIMMIITTEEDD QQ11 FFYY2277 KEY TAKEAWAYS Strong Start to FY27 with 24% Revenue Growth and Positive EBITDA; Underlying Profitability Remains Robust KEY METRICS Q1 FY27 REVENUE FROM OPERATIONS EBITDA Enrolments ₹1,054 Cr ₹52 Cr 2.5 Mn 4.9% margin ▲24% YoY Vs -21 Cr (-2.5% margins) in ▲2.4% YoY Q1 FY26 Enrolment cycle shift due to re-NEET 16+ 20 366 19,567 7,268 Online Exam Total Apps Offline Centres Employees Faculty Members Categories KEY TAKEAWAYS Robust Revenue Growth. Strong Start for This Fiscal In Q1 FY27, revenue increased by 24% YoY, driven by growth across both Online and Offline segments. Multiplecategoriesin ouronlineK12 andEarly Learning businessgrewataconsolidated 88% YoY. Online ACPU grew by 10% YoY, reflecting a higher contribution from value-added services and improved monetizationperuser. EBITDA Profitable Quarter DeliveredpositiveEBITDAof₹52Crata4.9%margininQ1,a743-bpsYoYimprovement,whilePATmargin improvedsignificantlyby662bpsonYoYbasis.Q1FY27PATincludeda₹42CrIndAS109fairvalueimpact, drivenbySarrthiIAS’sbetterthanprojectedperformance. Healthy Treasury Position along with Solid Cash Flow From Operations As of June 30, 2026, the Company’s treasury stood at ₹5,601 Cr including IPO proceeds. PAGE NO. 2 SHAREHOLDERS’ LETTER PPHHYYSSIICCSSWWAALLLLAAHH LLIIMMIITTEEDD QQ11 FFYY2277 SECTION A — THE QUARTER Qtr1 was PW’s strongest first quarter and EBITDA-positive. What were the key drivers behind this performance? ₹ CR – CONSOLIDATED Q1 FY27 Q1 FY26 YOY MOVEMENT Online Revenue 549 412 33% Offline Revenue 490 428 14% Other Revenue 15 7 117% Revenue 1,054 847 24% Online Pre-IndAS EBITDA 67 25 171% Offline Pre-IndAS EBITDA -106 -113 6% Others Pre-IndAS EBITDA -5 -0.1 - Pre-IndAS EBITDA (margin) -44 (-4.2%) -89 (-10.5%) 627 bps EBITDA (margin) 52 (4.9%) -21 (-2.5%) 743 bps Adjusted EBITDA (margin) 135 (12.9%) 26 (3.1%) 974 bps Profit before tax -84 (-8.0%) -152 (-17.9%) 995 bps Profit after tax (margin) -88 (-8.4%) -127 (-15.0%) 663 bps Ans.Revenuefromoperationsgrew24%YoYto₹1,054Cr,whilePre-IndASEBITDAimprovedsignificantlyto-₹44Cr,translatingtoa -4.2%margin,comparedwith-₹89Crwith-10.5%marginsinQ1FY26.Ourbusinesscontinuestoscalewiththecyclicalnatureofthe academic session, as enrolments continue at the start of the year and batches commence progressively in line with the academic calendar.Giventhisseasonality,profitabilityimprovedmeaningfully,drivenbyoperatingleverageacrosskeycostheads. Online Offline • Offline student enrolments stood at 0.35 Mn, growing 5% • Unique transacting users grew 2% to 2.1 Mn, even after the YoY, while the number of centers increased to 366 from postponement of the NEET UG Exam. 303 in the previous year. • ACPU increased by 10% YoY to 4,312, supported by increase in attachment rate of value-added services and mix change. • 72% of the revenue is from our Vidyapeeth segment in Q1 • Online EBITDA margins are at 12% for Q1FY27, improvement FY27. by 621 bps YoY basis. • ARPU increased 7% on YoY basis to 12,633 (not annualized). • Improvement in margins by 475 bps, YoY basis. As committed, we have reported an auditor-reviewed segment report thisquarter. We will continue to monitor the evolution of the underlying assumptions and methodology over the next three quarters. Refer ‘APPENDIX C — SEGMENT REPORTING WALK’ for detailedPre-IndASEBITDA. NEETImpactinQ1. WhatHappened?NEETUG'sacademiccalendarmovedbymorethanfiveweeksthisyear.Lastyear'sexamwas heldonMay4,2025,withresultsdeclaredonJune14,2025.Thisyear,NTAcancelledtheMay3,2026examonMay12,2026,andre- conducteditonJune21,2026,withresultsultimatelydeclaredonJuly16,2026,afullmonthlaterthanlastyear.Whenthecancellation was announced, PW responded immediately, launching free revision classes for all NEET students on YouTube, which garnered approximately42Mnviews,reinforcingourpositionasthestudentsfirstplatform. Impact inQ1 inPW. Collections from Online NEET batches declined28% inQ1,entirely attributable to this calendarshift: the exam- and-result cycle that normally drives peak activity inside Q1 was compressed and pushed roughly a month later, well outside the reportingquarter.PosttheNEETresultsannounced,from1Julytill13Augustcollectionsgrewahealthy51%year-on-yearinOnline,as the delayed post-result surge began flowing through. NTA’s move to conduct NEET entirely online from next year could further strengthenthedigitaltest-preparationecosystemprovidinganadditionalgrowthlever. PAGE NO.3 SHAREHOLDERS’ LETTER PPHHYYSSIICCSSWWAALLLLAAHH LLIIMMIITTEEDD QQ11 FFYY2277 SECTION B — Online K-12 & EARLY LEARNING ■Q2 Why is PhysicsWallah expanding into online K-12 and early learning, and what does it offer students who join PW early? Ans.PWisexpandingbeyonditsstrengthincompetitiveandprofessionalexampreparation,intoOnlineK-12andEarlyLearning,withthe objective of buildingabroader, lifelonglearningecosystem.Thestrategyis tobringthesameonline-first, high-quality, outcome-oriented academicpedagogy thathasunderpinnedPW’ssuccessinearlycategories andothercompetitive examinationstolearnersearlierintheir academicjourney,whilecontinuingtosupportthemthroughhighereducation,competitiveexams,andprofessionalupskilling. Our online K-12 portfolio, which currently spans Grade 1 through Grade 12, is being built primarily through completely online programmes, enabling us to leverage PW’s strong teacher network, content capabilities and technology platform to deliver high-quality and affordable learning at scale. The online-heavy model also allows us to develop differentiated offerings that address evolving learning needs beyond traditionalcurriculumdelivery,withgreateremphasisonpractical,application-ledandpersonalisedlearning. Forinstance,CuriousJuniorisasmall-cohortonlinelearningprogrammethatprovidesstudentswithpersonalisedmentorshipandsupport basedontheirindividuallearningneeds.Throughsuchtargetedofferings,weaimtocreaterelevantproductsfordifferentlearnersegments whilemaintainingtheaccessibilityandscalabilityofouronlinemodel. Our right to win lies in combining trusted academic pedagogy, experienced teachers, affordability, and a technology-enabled learning ecosystem.Byengagingwithlearners earlierandsupportingthem acrossmultipleacademic andprofessional milestones,PWcan deepen learner relationships, strengthen retention, and create opportunities to compound lifetime learner va [Showing first 8,000 characters — download PDF for full document]