PhysicsWallah Wins, EaseMyTrip Stumbles, Zypp Struggles to Scale
:Q1 FY27 results India startups
Three very different India-linked companies reported results this past week, and together they read like a stress test of what “growth” actually means in 2026. PhysicsWallah beat expectations and saw its stock jump nearly 10% on analyst upgrades. EaseMyTrip grew its topline but fell into a net loss for the first time in several quarters. And Zypp Electric, gearing up for its own IPO, missed its own revenue target by nearly ₹140 crore even as it tightened its cost base. Read together, these three filings are a far more honest picture of India’s startup economy than any single funding headline.
PhysicsWallah: The One That Actually Delivered
According to its Q1 FY27 disclosure filed under SEBI’s Regulation 30 listing norms, PhysicsWallah’s revenue from operations rose 24.4% year-on-year to ₹1,053.95 crore, up from ₹847.09 crore a year earlier. More importantly, EBITDA turned positive at ₹52 crore — a 4.9% margin, compared with a negative margin in the same quarter last year — while net loss narrowed to ₹88.28 crore from ₹127 crore. The company’s online K-12 and early learning segment grew 88% to ₹105 crore, and online revenue overall grew 33% to ₹549 crore. Management, led by CEO Alakh Pandey and CFO Amit Sachdeva, flagged one real headwind: a delayed NEET examination cycle pushed enrolment collections roughly a month outside the reporting quarter, cutting NEET batch collections by 28%. Despite that, JPMorgan and JM Financial both upgraded their ratings on the stock following the results, and shares gained close to 10% in the days after.
EaseMyTrip: Revenue Grew, Profit Didn’t
EaseMyTrip’s consolidated filing with the National Stock Exchange shows operating revenue climbing 18.4% year-on-year to ₹134.7 crore, driven almost entirely by its hotel packages business, which more than doubled to ₹67.6 crore as room-night bookings rose 95.4%. But total expenses rose a steeper 30% to ₹152.6 crore — service costs alone more than doubled to ₹39.2 crore — and the company slipped to a net loss of ₹11.7 crore, compared with a ₹44 lakh profit in the same quarter last year. Sequentially, the loss did narrow 24.2% from the March quarter. Air ticketing, once EaseMyTrip’s core business, continued its decline, falling 4% year-on-year to ₹54.7 crore.
Zypp Electric: Growth Stalled, But So Did the Bleeding
Per filings with the Registrar of Companies, Zypp Electric’s parent Bycyshare Technologies posted FY26 revenue of ₹461 crore — a modest 5.2% rise from ₹438 crore in FY25, and well short of the ₹600 crore target the EV-as-a-service startup had set for itself. Its core delivery-services vertical, which serves gig platforms like Zomato, Blinkit, and Zepto, stayed nearly flat at ₹322 crore, while EV rental income grew a healthier 24% to ₹138 crore. The one clear positive: net loss narrowed 44% to ₹59.7 crore from ₹107.5 crore, aided by a 5.6% cut in rider expenses. With accumulated losses of ₹320 crore as of March 2026 and an IPO reportedly on the horizon, Zypp’s story now hinges on whether cost discipline can keep outpacing its slowing top line.
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Quick Answers
What was PhysicsWallah’s Q1 FY27 revenue?
₹1,053.95 crore, up 24.4% year-on-year, with net loss narrowing to ₹88.28 crore.
Why did EaseMyTrip post a loss in Q1 FY27?
Total expenses rose 30% year-on-year — service costs more than doubled — outpacing 18.4% revenue growth.
Did Zypp Electric meet its FY26 revenue target?
No — it targeted ₹600 crore but closed FY26 at ₹461 crore, though losses narrowed 44%.