Shiprocket Achieves Profitability in Q2 of FY27 with Revenue of ₹674 Crore

The educational technology company PhysicsWallah reported on Wednesday that its net profit for the second quarter of fiscal year 2027 nearly doubled, reaching 142.29 crore rupees. In the same quarter last year, the company reported a profit of 69.72 crore rupees.

The net profit in Q2FY27 followed a loss of 87.04 crore rupees recorded in the first quarter of fiscal year 2027.

The company's operating revenue amounted to 1,242.26 crore rupees, which is 18 percent higher compared to the previous year when it was 1,051.24 crore rupees. Meanwhile, total expenses increased by 10.5 percent, reaching 1,105.4 crore rupees in the quarter ending in September, compared to 999.55 crore rupees the previous year. In the preceding quarter, the company's expenses were 1,242.17 crore rupees.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to 348 crore rupees, and adjusted EBITDA stood at 399 crore rupees. As of September 30, 2026, the company's treasury balance reached 5,268 crore rupees, including proceeds from the initial public offering.

Founder's Statement

Alakh Pandey, founder and CEO of PhysicsWallah, noted that the current quarter demonstrates the strength of their business model. He stated that the company achieved record revenue and significant improvement in profitability, while the student base continues to expand in K-12 segments, local languages, and new categories. The company maintains a focus on scaling accessible, technology-driven education with disciplined capital allocation.

Previously, the company mentioned that in the previous quarter, the examination cycle was postponed due to the NEET exam leak scandal, which led to a temporary change in admission timelines and a decrease in NEET applicants in Q1. However, in the second quarter, NEET applicant enrollment grew by more than 30 percent as demand postponed due to the NEET UG postponement was realized.

In addition to JEE-NEET exams, PhysicsWallah reported that growth is expanding through other categories, which accounted for 73.8 percent of online enrollments, up from 64.8 percent. Specifically, enrollments for council and CUET exams grew by 130 percent, reaching 4.55 lakh, while enrollments for preparation courses grew by 15 percent to 5.7 lakh, and enrollments in local languages grew by 77 percent to 1.23 lakh.

The company's online revenue increased by 26.4 percent year-on-year, reaching 694 crore rupees, while offline segment revenue grew by 9 percent year-on-year, amounting to 541 crore rupees.

Regarding expansion into the southern Indian market, PhysicsWallah indicated that its target market covers approximately 15 million students in Andhra Pradesh, Telangana, Tamil Nadu, Karnataka, and Kerala. The company noted that in the first half of the current calendar year, the number of students on the PhysicsWallah app from South India grew by 32 percent to 4.1 lakh, and paying students grew by 14 percent to 1.17 lakh. Currently, the company has 63 centers in the southern region.

Indian Metals and Ferro Alloys Ltd (IMFA), the country's largest producer of valuable ferrochrome, reported a 50.62% rise in net profit in Q2FY27. Profit reached INR 148.77 crore, compared to INR 98.77 crore in the same period last fiscal year.

The company's revenue increased by 34.72%, amounting to INR 968.17 crore compared to INR 718.65 crore. The EBITDA margin grew to INR 235.04 crore in the quarter ending September 30, up from INR 138.34 crore the previous year.

The main driver for the growth in revenue and profitability was the increase in production and sales volumes following capacity expansion. This is supported by the company's integrated business model, which includes its own chrome raw material mining, ferrochrome production, and power generation.

The results of the Bhubaneswar-based company for the first half of FY27 also showed significant growth. Revenue increased by 41.79%, reaching INR 1,928.62 crore compared to INR 1,360.19 crore for the six months of FY26. Meanwhile, EBITDA almost doubled, rising by 95.72% to INR 516.31 crore from INR 263.81 crore, and profit after tax grew by 78.86% to INR 340.26 crore from INR 190.25 crore.

Exports as a Key Business Factor

Exports continued to play an important role in IMFA's operations. Export revenue in Q2FY27 stood at INR 817.54 crore, higher than the INR 603.96 crore recorded in the quarter a year earlier. Export sales accounted for approximately 84% of the company's quarterly revenue. For the first half of FY27, exports grew to INR 1,611.15 crore from INR 1,160.22 crore in the corresponding period last year.

Expansion of Production Capacity in Kalinganagar

The expansion of production capacity in Kalinganagar, Odisha, is expected to provide an additional boost to the company's business development. IMFA's greenfield project, KNR-1, was officially inaugurated by Chief Minister Mohan Charan Majhi on October 14. The first melting furnace has started operating, work on the second furnace has begun, and hot metal pouring is expected to commence soon.

After the launch of the new facility, IMFA's total installed capacity for ferrochrome production will increase to 534,000 tonnes annually. This will strengthen the company's position as India's largest ferrochrome producer and place it among leading global manufacturers.

The company reported that ferrochrome production in Q2FY27 increased to 86,652 tonnes from 65,671 tonnes in Q2FY26, representing a growth of nearly 32%. Sales volumes rose to 81,998 tonnes from 69,765 tonnes, an increase of about 17.5%. For the first half of FY27, production amounted to 167,342 tonnes compared to 131,600 tonnes the previous year, and sales increased to 161,265 tonnes from 136,345 tonnes.

The company also continues to strengthen its raw material supply capabilities through its own mining operations. Chrome ore mining in Q2FY27 was 144,697 tonnes compared to 169,615 tonnes in the corresponding quarter last year. However, for the first half, the figure significantly increased to 417,253 tonnes compared to 273,395 tonnes in the first half of FY26.

Power generation in the September quarter was 301 million units compared to 309 million units in Q2FY26. For the first half of FY27, generation reached 589 million units, showing almost no change compared to 588 million units in the same period last year. The company is also diversifying its energy portfolio by transitioning to hybrid renewable energy sources.

As part of further efforts to ensure raw material security and diversify its product portfolio, IMFA's board of directors approved capital expenditure of INR 375 crore. These funds are earmarked for increasing chrome raw material mining capacity and developing low-carbon ferrochrome production. The proposed investments will support the company's expanded smelting operations by ensuring access to its own chrome raw materials and creating opportunities for low-carbon ferrochrome production.

Subrakant Panda, Managing Director of IMFA, stated that the company maintains a focus on its fully integrated business model, which remains resilient and competitive across various market cycles. He noted that the substantial expansion of smelting capacity following the commissioning of the Kalinganagar project will meet growing demand.

Panda expressed confidence in the prospects for ferrochrome prices, believing that prices will remain supported due to pricing pressure exerted on non-integrated producers. He added that 'along with capacity expansion and the transition to hybrid renewable energy, the production of niche grades and the proposed diversification into low-carbon ferrochrome will broaden the product range and increase margins.'

Established in 1961, IMFA operates production complexes in Terebali, Choudwar, and Kalinganagar, supported by its own chrome raw material mines in Sukinda and Mahagiri. Its captive power portfolio includes 200 MW of coal capacity and 4.55 MW of solar energy. In addition to its core ferrochrome business, IMFA is also diversifying through the construction of a 120 kiloliter per day grain-based ethanol plant in Terebali, Odisha.

Paytm reported a net profit of 225 crore rupees for the second quarter of fiscal year 27. This figure is nearly ten times higher than the 21 crore rupees recorded during the same period last fiscal year.

Revenue for the second quarter reached 2,648 crore rupees compared to 2,061 crore rupees in the corresponding period of the previous fiscal year, demonstrating a year-over-year (YoY) growth of 28.4%.

According to the company's data, EBITDA increased by 90% year-over-year, and the EBITDA margin expanded to 10%. Paytm noted that revenue from financial distribution services grew by 49% year-over-year, reaching 912 crore rupees, while the number of key financial services clients increased by 35% year-over-year to 8.8 lakh.

Net payment revenue grew by 21% on a comparable basis year-over-year, reaching 644 crore rupees. Paytm stated that due to its focus on the monetizable user base, the company has captured the market share of consumer UPI payments for the sixth consecutive quarter, and the volume of Paytm UPI transactions grew more than twice as fast as industry growth.

Monthly active users increased by 1 crore rupees year-over-year, reaching 8.5 crore rupees. This is the largest increase in almost three years, resulting from product improvements, enhanced customer acquisition and retention, and AI-based personalization.

Paytm emphasized that AI is increasingly becoming an operating system, embedding fine-tuned models and agents into processes for consumers, sellers, and engineers, as well as in risk management, fundraising, fraud prevention, and personalization. The efficiency achieved through AI helped reduce indirect costs as a percentage of revenue from 52% to 46% compared to the previous year. Furthermore, the company began offering its AI platform to corporate sellers, expanding its internal capabilities to assist them in growth and customer engagement across various channels.

Paytm forecasts sustained revenue growth and margin expansion, which will contribute to long-term profit growth, driven by a large addressable market, accelerated revenue growth, and structural operational leverage improvements enabled by AI.