Whalesbook
Aisa performance toh boss!
Q3FY26 mein revenue 34% badhkar ₹1,082 Crore ho gaya. Poore 9 mahine ka revenue toh ₹2,980 Crore pahunch gaya hai, jo FY25 ke ₹2,886 Crore se bhi zyada hai. Margins bhi mast hain, 20.2% ke aas paas. Net Profit ₹102 Crore raha, kuch one-time costs ke baad bhi.
Inka secret funda hai digital-first approach. Free YouTube content se paid app users ko attract karte hain, jisme customer acquisition cost lagbhag zero aata hai.
D-Mart Waali Sasti Padai!
Inko D-Mart se compare isliye karte hain kyunki ye bhi education ko sabke liye affordable bana rahe hain, na ki scarcity dikha kar aspirational banate hain. JEE jaise competitive exams ke liye inke courses ₹2,000 se ₹7,000 mein mil jaate hain, jabki Allen aur Aakash jaise log ₹1.5 Lakh se bhi zyada maangte hain! Iss pricing advantage ka reason inka low customer acquisition cost aur physical infrastructure na hone ke barabar hai.
Offline Bhi, K-12 Bhi!
Online toh theek hai, par ab ye 300+ learning centers khol chuke hain offline bhi. Online revenue 38% bada aur offline 26%. Management aur 70 naye centers kholne ka plan bana rahi hai, jisme ₹200 Crore lagayenge. Aur haan, K-12 schooling pe bhi kaafi focus hai.
Cash Hi Cash, Ab Kya Karenge?
IPO ke baad, inke paas lagbhag ₹5,000 Crore cash pada hai. Is paisse ko offline expansion, naye acquisitions, AI mein investment aur K-12 schools ke liye use kar rahe hain. School business ke liye ₹400 Crore alag rakhe hain. Goal ye hai ki schools baccho ko competitive exams ke liye prepare nahi kar paate, toh PhysicsWallah ek hi ecosystem mein schooling aur coaching dono dega.
Challenges Ka Bhi Scene Hai, Boss!
Par bhai, itna bada expansion apne aap mein ek challenge hai. Schooling alag cheez hai, jisme alag skills chahiye aur trust build karna padta hai. Offline expansion mein margins kam aate hain aur zyada paisa lagta hai. Ek risk ye bhi hai ki inka original focus kahi kho na jaaye. ROCE abhi -2.1% hai, lekin market inke future potential par bet laga raha hai, stock 5X book value par trade ho raha hai.
Margins Badi Cheez!
Achhi baat ye hai ki Q3 mein margins improve hue hain, operating margins 20% cross kar gaye hain kyunki marketing spend kam hua aur online segment grow kiya. Ye dikhata hai ki scale se profitability aa sakti hai. Inka funda hai ki affordability quality ko kam nahi karegi, balki badhayegi. Agar ye successful ho gaye toh India ke education sector ka structure hi badal jayega.