Goldman Sachs initiates coverage on PhysicsWallah, sets target price of Rs 135 backed by strong revenue, EBIDTA projection
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Goldman Sachs has initiated coverage on edtech platform PhysicsWallah with a ‘Neutral’ rating and a target price of Rs 135, citing strong execution capabilities in a large addressable market. The brokerage highlighted the company's solid track record in the Indian education technology space, where it is considered one of the largest platforms, and noted its long-term growth potential. According to Goldman, PhysicsWallah is expected to register a 24% revenue CAGR over FY25–30 and an over 80% EBITDA CAGR in the same period. The firm attributed the growth outlook to robust top-of-the-funnel organic traffic, a relatively benign competitive environment in the Indian edtech space, and a pricing structure that supports deeper penetration into new educational categories. However, Goldman flagged uncertainties in the company’s offline expansion, calling it “still nascent.” It added that the path to steady-state margins in the offline segment r...