Physicswallah Limited has informed the exchange regarding Transcript of Earnings Conference Call Q1FY27.

PHYSICSWALLAH LIMITED Date: August 20, 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: 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 Friday, August 14, 2026, at 06:00 P.M., on the performance of Unaudited Standalone and Consolidated 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 “Physicswallah Limited Q1 FY ‘27 Earnings Conference Call” August 14, 2026 MANAGEMENT: MR. ALAKH PANDEY – CHIEF EXECUTIVE OFFICER AND WHOLE-TIME DIRECTOR MR. PRATEEK BOOB – WHOLE TIME DIRECTOR – PHYSICSWALLAH LIMITED MR. AMIT SACHDEVA – CHIEF FINANCIAL OFFICER – PHYSICSWALLAH LIMITED MR. VIKRAM BHARDWAJ –INVESTOR RELATIONS– PHYSICSWALLAH LIMITED Page 1 of 15 Physicswallah Limited August 14, 2026 Moderator: Good evening, everyone, and thank you for joining Physicswallah's Q1 FY27 earnings conference call. We hope you have 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 2 questions at a time and rejoin the queue for any additional questions. With that, I would now like to hand the call over to Mr. Amit Sachdeva. Please go ahead. Amit Sachdeva: Hi, thank you. Good evening, everyone. Thank you all for joining our first quarter earnings call for Physicswallah. We are making good progress across all our education categories. Our focus now is to continue build online early learning and K-12 business, which has grown by almost 88% year-over-year. We are also tracking well on our offline business with focus on center-level cohort profitability. Like always, we'll cover our financial results, key business and other updates, and in the last, we can open the call for questions. Our online early learning and K-12 includes Foundation, Pre-foundation, Curious Junior, Commerce, SIP, Boards, including our state boards. We will talk about these exam categories in detail as we go through the call. In terms of our quarterly results, we are happy to announce that our first quarter revenue from operations closed at INR1,054 crores, an year-over-year increase of over 24%, in line with what we were expecting. Revenue from online grew 33% year-over-year and offline and other businesses grew at 16%. Our Vishwas Diwas collections and early enrollments have been very encouraging across all our exam categories. As we had mentioned in the Q4 shareholder letter, our business continues to scale with the cyclical nature of the academic session, as enrollments continue at the start of the year and batches commence progressively in line with the academic calendar. Given this seasonality, our first quarter pre-Ind AS EBITDA closed at negative INR44 crores, equating to 4%, with an improvement of 624 basis points from Q1 of last year. Our profit before tax for the current quarter was negative INR84 crores against INR152 crores for last year same quarter, an improvement of 995 basis points. We also took a one-time non- cash charge on account of our additional stake purchase in Saarthi IAS, largely due to better than expected financial performance of Saarthi. EBITDA was positive in Q1, closed at INR52 crores compared to negative INR21 crores last year same period. Like I said, pre-Ind AS EBITDA of negative INR44 crores as against INR88 Page 2 of 15 Physicswallah Limited August 14, 2026 crores of last year same quarter, an improvement of 624 basis points. All of this happened through all our leverage coming through our cost items. Our employee cost without ESOP cost were lower by 2.6% as compared to last year. Also, our current quarter ESOP cost remained flat in line with what we had expensed in the first quarter of last year and gave us a leverage of 117 basis points. We continue to see leverage on our distribution and marketing expenses. Our marketing spends for first quarter were INR128 crores against INR117 crores, an improvement of 172 basis points year-over-year. Also, as part of improving our quality of reporting, we had committed to initiate segment-level reporting, and post discussion with our auditors, we have reported revenues and EBITDA separately for online and offline business for the first time. We've also provided a reconciliation of the online EBITDA and offline EBITDA along with our overall EBITDA. Given our academic and cyclical nature of the business, we believe full-year view of our segments will provide meaningful direction to our business. This was also one of the key reasons for us to report the financials on the last day that was permissible. One of the impacts that we saw in this quarter was the NEET examination pattern change. We did see an impact on our collections and enrollments across our core business and our subsidiary Xylem. We do believe while NEET UG calendar shifted by 5 to 7 weeks this year, our collections post the results announcement on July 16 have been encouraging and we've seen almost 50% growth as compared to last year. PW is now moving beyond its strength in test prep to build a complete learning journey for students, starting much earlier with online early learning and K-12 education and continuing all the way through competitive exams, higher education, and skills. The idea is to use the same approach that made PW successful with our earlier categories, live classes, affordability, online- first teaching focused on outcomes, and bring it to young learners too. We've almost doubled our revenues from this category year-over-year and we will continue to build on this. We have detailed this in question number 3 of our Q1 shareholders' letter and remain bullish on this category to grow. In terms of our overall treasury and cash position, as of June 30, our treasury is INR5,600 crores, including IPO proceeds of INR2,000 crores. Like I mentioned last time, our capital allocation will largely be towards new online content and categories, both organic and inorganic. Our approach to offline expansion will be opportunistic and limited to geographies that fit into our cohort economics. Accordingly, new centers planning would probably get decided over the next 2 quarters. We are also keenly looking at AI-first opportunities that will complement our offerings and what we are building as part of our personalized AI tutor investment. I'll take a moment here, hand the phone to Alakh sir now to provide an overview of our business and new initiatives that we are now taking in the business. Alakh sir. Alakh Pandey: Thank you so much, Amit [Showing first 8,000 characters — download PDF for full document]