Analyst Initiation on Edtech Unicorn

Global investment bank Goldman Sachs has commenced coverage on PhysicsWallah (PW), the Indian edtech unicorn, assigning a 'Neutral' rating. The firm has set a 12-month price target of ₹135 per share for the stock.

Valuation and Market Context

The initiation provides a significant benchmark for the publicly-traded edtech sector in India. Goldman's analysis likely weighs PhysicsWallah's strong brand recognition and profitability in the test-prep segment against the competitive intensity and scalability challenges within the broader education technology market.

The 'Neutral' rating suggests the bank believes the stock is fairly valued at current levels, with the identified target price indicating limited near-term upside from recent trading ranges. This outlook contrasts with the more bullish stances some domestic brokerages have taken on the company since its listing.

Sector Sentiment and Future Triggers

Goldman's report is a key monitorable for institutional investors. The analyst call will be scrutinized for insights into:

  • Growth sustainability beyond core JEE and NEET segments.
  • Margin trajectory amid expansion into new verticals and offline centers.
  • Capital allocation strategy and competitive moat.

The coverage from a major global investment bank adds depth to the analyst pool following PhysicsWallah and could influence trading liquidity and institutional interest in the stock.