Physicswallah Limited passed all six resolutions proposed for consideration at its sixth Annual General Meeting (AGM), held on September 25, 2026. The meeting was conducted through Video Conferencing and Other Audio Visual Means, with shareholders voting via remote e-voting and e-voting during the session.

Key resolutions approved

The members adopted the financial statements of the company for the financial year ended March 31, 2026. This ordinary resolution received overwhelming support, with 100% of votes polled in favor. The meeting also ratified the remuneration of M/s. Bahadur Murao & Co., Cost Auditors, for FY27 and appointed M/s. Naresh Verma & Associates as Secretarial Auditors.

Director appointments and governance changes

Two significant governance-related resolutions were passed. The first involved the re-appointment of Prateek Boob as a director, retiring by rotation. The second was a special resolution approving the appointment of Anoop Kumar Mittal as a Non-Executive Independent Director along with his remuneration. Additionally, shareholders approved the adoption of a new set of Articles of Association.

Voting patterns and institutional dissent

While all resolutions passed with the requisite majority, voting patterns revealed notable divergence among institutional investors. For the re-appointment of Prateek Boob, institutional holders voted against the resolution with 6.16% of their polled votes casting dissent. Similarly, for the appointment of Anoop Kumar Mittal, institutional dissent stood at 14.71%. The highest level of institutional opposition was recorded for the adoption of the new Articles of Association, where 20.51% of institutional votes were cast against the resolution.

What the Numbers Show

The voting data highlights a clear split between promoter consensus and institutional sentiment on governance matters. Promoters voted in favor of all resolutions with 100% support across all categories. In contrast, institutional investors expressed significant reservations regarding board composition and structural changes. Specifically, the 20.51% dissent rate among institutions on the new Articles of Association suggests potential concerns regarding corporate governance frameworks or shareholder rights embedded in the new bylaws, despite the overall passage of the resolution due to the high promoter shareholding of approximately 71.17% (derived from 2,067,537,616 shares out of 2,905,008,832 total shares).

Physicswallah Limited reported revenue of approximately ₹3,900 crore and a pre-Ind AS EBITDA of ₹300 crore for FY26. The company narrowed its net loss to approximately ₹24 crore, marking a significant improvement in financial performance driven by operating leverage and offline business stabilization.

The results were presented during the company's sixth Annual General Meeting (AGM), held virtually on September 25, 2026. Prateek Boob, Whole-time Director, highlighted that the improvement was primarily driven by continued operating leverage in the online business segment and a reduction in losses within the offline business. The management emphasized a sustained focus on sustainable and profitable growth across its more than 16 examination categories.

Key Financial Highlights

The following table summarizes the key financial metrics disclosed during the AGM proceedings:

What the Numbers Show

The data indicates a divergence between top-line scale and bottom-line profitability. While the company achieved substantial revenue of ₹3,900 crore, the net loss of ₹24 crore suggests that despite strong gross profitability (EBITDA of ₹300 crore), fixed costs or non-operating expenses continue to erode nearly all operating profits. The narrowing of losses signals progress toward breakeven, but the gap between EBITDA and PAT remains significant relative to the profit level.

Governance and Resolutions

The AGM addressed several ordinary and special businesses. Members adopted the financial statements for FY26 and re-appointed Prateek Boob as a director retiring by rotation. Special resolutions included the appointment of Anoop Kumar Mittal as a Non-Executive Independent Director and the adoption of a new set of Articles of Association.

The meeting also ratified the remuneration of cost auditors Bahadur Murao & Co. for FY27 and appointed Naresh Verma & Associates as Secretarial Auditors. Voting results for all resolutions, including remote e-voting and electronic voting during the meeting, will be disseminated separately along with the Scrutinizer's Report.