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PhysicsWallah shares jump as JPMorgan sees 18% upsideJPMorgan, in its note, said PhysicsWallah is among India's leading edtech players, having disrupted the online test preparation space with its low-cost content delivery model across online and hybrid formats.By CNBCTV18.com April 21, 2026, 3:03:52 PM IST (Published)2 Min ReadShares of PhysicsWallah Ltd. surged as much as 5% on Tuesday, April 21, after brokerage firm JPMorgan initiated coverage on the stock.

The brokerage has an 'Overweight' rating with a price target of ₹125, implying an upside of around 18% from current levels.

JPMorgan, in its note, said PhysicsWallah is among India's leading edtech players, having disrupted the online test preparation space with its low-cost content delivery model across online and hybrid formats.

The brokerage said a large addressable online market, which is expected to grow at a CAGR of 29% between FY25 and FY30 to reach $6-6.5 billion, according to Redseer.

It also expects the company's online segment to deliver strong margins, estimating around 30% by FY27.

While the online business drives profitability and cash flows, the offline centres and school segment provide additional growth optionality.

However, JPMorgan flagged key risks including student and faculty churn, regulatory challenges, a slowdown in online growth, and aggressive expansion into the K-12 segment.

Separately, Elara Securities had initiated coverage on the stock last week with a 'Buy' rating and a price target of ₹140.

The brokerage said the company's strength lies in its omnichannel strategy, where it builds scale through free content before converting users into paid customers.

PhysicsWallah's core offerings remain JEE and NEET test prep courses, even as it expands into regional languages and new categories.

Alongside its digital business, the company has built a growing offline presence, with over 300 centres across 200 cities catering to students opting for classroom learning.Continue ReadingNote To ReadersDisclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.Tagsshare market today