JPMorgan Initiates Overweight Rating on PhysicsWallah with ₹125 Target Price Apr 21, 2026
JPMorgan has initiated coverage on PhysicsWallah with an Overweight rating and ₹125 target price, citing the company's strong positioning in the online test-prep market growing at 29% CAGR. The brokerage highlights the low-cost online and hybrid model as key growth drivers, projecting ~30% margins by FY27. While expansion into offline centers and school business provides additional optionality, risks include student/faculty churn, regulatory changes, and potential slower online growth.