Goldman Sachs starts India's Physicswallah with 'neutral'
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** Goldman Sachs starts coverage on edtech firm Physicswallah with "neutral", PT of 135 rupees** Highlights strong execution in online segment but flags limited visibility on margins and growth in newer categories** PHYS down around 1% at 133 rupees on the day** Brokerage forecasts revenue to grow at 24% CAGR over FY30, expects 80% EBITDA CAGR due to low base and less competitive landscape** Goldman Sachs among first brokerages to start coverage on PHYS - data compiled by LSEG** Stock down 14.5% since listing mid-November
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