Archive · 8 Oct 2026
Motilal Oswal Sees 43% Upside as Physicswallah Expands
Motilal Oswal, a brokerage, is optimistic about Physicswallah’s growth.
It recommends buying the stock and set a target price of ₹200.
The target is nearly 43% above the ₹140 share price reported at 11 a.m.
on October 8.
The brokerage says the company can grow beyond teaching students for JEE and NEET exams.
It sees online classes for school students and state-board courses as important opportunities.
Physicswallah says its state-board courses have reached four lakh students across six states.
Its offline business is still losing money, but the brokerage expects it to come close to breaking even in FY27.
Physicswallah also says AI now answers most student questions.
These are the brokerage’s estimates and management’s statements, not guarantees of future results.
Motilal Oswal reiterated its Buy recommendation and set a ₹200 target, implying nearly 43% upside from ₹140 on October 8.
The brokerage expects Physicswallah’s online business to grow at a 30% CAGR over the next three to four years.
Management sees K-12 and state-board courses as growth opportunities beyond JEE and NEET preparation.
Offline pre-IND AS EBITDA margin improved to -10% in FY26; the brokerage expects it to reach -2% to -3% in FY27.
Physicswallah says AI resolves 90% of student doubts, while Motilal Oswal expects online pre-IND AS EBITDA margins of 30–35% over the next four to five years.
- Who
- Physicswallah and brokerage Motilal Oswal.
- What
- Motilal Oswal reiterated its Buy recommendation, set a ₹200 target price, and cited growth opportunities in K-12, state boards, and online education.
- When
- October 8; the share price was reported at 11 a.m. The article does not specify the year.
- Why
- The brokerage sees growth beyond JEE and NEET preparation, alongside improving online margins and an expected move toward offline break-even.
- Recommendation
- Motilal Oswal reiterated its Buy recommendation.
- Target price
- ₹200, implying nearly 43% upside from ₹140 at 11 a.m. on October 8.
- Online growth outlook
- Motilal Oswal expects 30% CAGR over the next three to four years.
- State-board reach
- Four lakh students across six states within 18 months of launch.
- Offline margin
- Pre-IND AS EBITDA margin improved to -10% in FY26; the brokerage expects -2% to -3% in FY27.
- AI-assisted doubts
- Physicswallah says AI resolves 90% of student doubts.
- Online margin outlook
- Motilal Oswal expects pre-IND AS EBITDA margins of 30–35% over the next four to five years.