For Urban Company, the brokerage has assigned a target price of Rs 125 per share, implying a 16% upside from current market levels. The online home services category requires significant operational excellence as densification needs to be built across each service category in each micro-market.
The home services provider has over 60% market share and is the only multi-category player at scale. “This generates a sizeable moat as the network effects are prohibitive to duplicate while the incumbent can keep on adding services with limited incremental investments,” the brokerage said in a note dated February 26.
On sustainable unit economics, InstaHelp — the company’s 15-minute on-demand domestic help service — potentially unlocks a sizeable serviceable addressable market of around Rs 1.3 lakh crore. Daily housekeeping represents a high-frequency category and could also serve as a strategic customer acquisition lever, as trust built through recurring usage may drive adoption and higher repeat rates for premium services on the platform. If the unit economics prove viable, InstaHelp could emerge as a ‘Blinkit’-like opportunity for Urban Company.
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For ed-tech company Physicswallah, analysts have pegged the target at Rs 110, an upside potential of 23.5% from the last closing price. JM said that the company’s digital-first model enables low-cost student acquisition across its broader ecosystem. It also offers the flexibility to expand into new exam categories and geographies, while scaling up emerging value propositions with limited friction.
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The company has already seen strong traction using this approach in segments such as civil services and commerce. Crucially, the online business remains the core engine, delivering high-margin stability that supports its wider growth plans. By retaining a lean, asset-light structure in this segment, PW generates steady cash flows and meaningful operating leverage, allowing it to invest in more capital-intensive offline formats without straining its financial position.
PhysicsWallah (PW) stands out in India’s edtech space, having grown from a community-driven digital initiative into a diversified, multi-format education platform, the report said. Built on a YouTube-first distribution model, the company has established a strong market presence with a paying user base of 4.37 million as of 9MFY26, while still retaining significant headroom for growth.
Its organic reach enables the company to operate with high efficiency, keeping marketing spends tightly controlled at around 10% of revenue in FY25, compared with 20–30% for peers. This advantage supports higher enrolment volumes and healthy cash generation, placing it ahead of much of the competition.
JM noted that while the company appears well-positioned to deepen its presence in the offline segment, past trends indicate that such expansion can be demanding. Securing prime real estate in established education hubs is operationally challenging, and attracting top-tier faculty capable of authentically delivering the brand’s proposition is even more difficult.
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The brokerage added that execution risks remain high, as managing centres and ensuring consistent, localised service quality can strain even the most established players in the sector.
Urban Company shares are currently trading 5% above their issue price of Rs 103 per share. In contrast, PhysicsWallah shares are down 20% from their issue price of Rs 109 per share.
Urban Company made its market debut on September 17, while PhysicsWallah was listed later on November 18, 2026.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)