India, Feb. 9 -- Is India's test prep market hitting a ceiling in terms of growth? That's the soft signal from PhysicsWallah after its Q3 earnings call.

The edtech major made it clear: the next phase of growth won't start at Class 11. It will start much earlier.

PW reported a 33.4% YoY jump in consolidated net profit to Rs.102 Cr for the quarter ended December 2025, up from Rs.76.7 Cr a year ago. Flush with IPO proceeds and Rs.642.9 Cr in operating cash flows during 9M FY26, the company has over Rs.5,000 Cr to invest in the next phase, clear on net letting it set idle.

Starting with expansion in high-demand regions, especially southern India, while doubling down on core unit economics to drive predictable, profitable scale. But the big...