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HomeIPOPhysicsWallah Limited

About PhysicsWallah Limited

PhysicsWallah Limited is an Indian education technology start-up founded by Alakh Pandey in 2016 in the form of a YouTube channel dedicated to physics education. The firm was officially incorporated as PhysicsWallah Private Limited on June 6, 2020. It offers both online and offline education solutions to students in class 6 to class 12 and students preparing for competitive exams like JEE, NEET, and UPSC.Major Offerings:Online Courses– Video lectures, live interactive sessions, and doubt-clearing sessions for JEE, NEET, UPSC, and board exams.Offline Learning– More than 100 offline coaching centers spread throughout India, in addition to hybrid learning models.Study Material– Books, notes, and test series for assisting exam preparation.Mobile App & Website– Digital platforms providing affordable and accessible education.Key Numbers:4.13 million Unique Transacting users (Online) and 0.33 million students enrolled for offline centers.Average collection per user: 3,930.55 as of June 30, 2025Multiple courses across 13 education categories303 total offline centers as of June 30, 20256,267 Faculty members as of June 30, 202518,028 employees as of June 30, 20254382 books published

Checklist Quality Analysis

Revenue Growth

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National Stock Exchange of India

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Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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Issue Size22.98 Cr
Min. Qty2000 Shares
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National Stock Exchange of India

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17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Antala Industries

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29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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PhysicsWallah Limited

PhysicsWallah Limited

Open Date

11 Nov 2025

Close Date

13 Nov 2025

listed

Min Investment

₹14933

Lot Size

137 Shares

Issue Size

₹3480 Cr

Price Range

₹103 - ₹109

Listing Date

Nov 18, 2025

IPO Doc

RHP PDF

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹7(+6.42%)GMP
6.42%Prediction Listing Gain

Grey Market Premium (GMP) Trend

PhysicsWallah Limited IPO - Issue Objectives

₹1,208.7 crore funds fit-outs, leases, and IT infrastructure. ₹75.16 crore will be invested in the subsidiaries: Xylem Learning and Utkarsh Classes & Edutech. The company intends to use ₹710.00 crore towards marketing activities. ₹26.5 crore will boost the company's stake in Utkarsh Classes & Edutech. Part of the IPO proceeds will be used for general corporate purposes and unidentified

Capital expenditure

38.99%

Investment in subsidiaries

2.42%

Marketing activities

22.9%

Acquisition of additional stake

0.85%

General corporate purposes

34.84%

1

Capital expenditure

₹1,208.7 crore funds fit-outs, leases, and IT infrastructure.

38.99%
2

Investment in subsidiaries

₹75.16 crore will be invested in the subsidiaries: Xylem Learning and Utkarsh Classes & Edutech.

2.42%
3

Marketing activities

The company intends to use ₹710.00 crore towards marketing activities.

22.90%
4

Acquisition of additional stake

₹26.5 crore will boost the company's stake in Utkarsh Classes & Edutech.

0.85%
5

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and unidentified

34.84%

IPO Subscription Status

QIB
2.86x
NII
0.51x
Individual
1.12x
Total
1.91x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of PhysicsWallah Limited

In Cr.

Key Performance Indicator30-Jun-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue905.413,039.092,015.35772.54
EBITDA-21.22193.20-829.3513.86
Expenses
Profit After Tax-127.01-243.26-1,131.13-84.08
Assets5,075.674,156.382,480.742,082.18
Net Worth1,867.921,945.37-861.7962.29
Reserves787.92467.06-1,254.74-187.65
Borrowing1.550.331,687.40956.15

PhysicsWallah Limited - Promoter(s)

Alakh Pandey

Prateek Boob

Pre Issue Share Holding

81.64%

Post Issue Share Holding

72.30%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Strong and rapidly expanding student base

The company had 4.46 million paid users in FY25, growing at an impressive CAGR of 59.19% between FY23–FY25. For Q1FY26 alone, paid users increased to 2.43 million, up from 1.87 million in the same period last year. The company’s student-first approach and affordable pricing have successfully converted its digital community into paying users, strengthening long-term monetisation visibility.

02

Affordable pricing with strong brand affinity

Its one-year JEE course costs only ₹4,500, NEET course ₹4,800, and UPSC course ₹18,000, compared to ₹63,000–₹110,000 charged by top competitors. This affordability, combined with strong brand trust, has positioned “Physics Wallah” as India’s most searched and widely recognised edtech brand in FY25, with 98.8 million YouTube subscribers across 207 channels and 22.85 billion cumulative views.

03

Diversified multi-channel presence

PW has evolved from a single-subject platform to a diversified edtech ecosystem offering 13 education categories as of June 30, 2025, up from six in FY23. Its multi-channel delivery includes online, offline, and hybrid modes. The company operated 303 offline centres as of June 2025, growing at a CAGR of 165.29% over FY23–FY25, supported by strategic acquisitions like Utkarsh Classes (for government exams) and Xylem (for South India expansion).

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Net loss and negative net worth

The company posted a restated loss of ₹127.01 crore for the three months ended June 30, 2025, and ₹243.26 crore in FY25. As of March 31, 2024, PW also had a negative net worth of ₹861.79 crore and negative EBITDA during FY24 and Q1FY26. The losses are primarily attributed to higher employee benefit expenses, ESOP-related costs, professional fees to faculty, and advertising outlays. If the company fails to achieve the necessary level of efficiency, it could impact the business.

02

Regional concentration in offline revenues

A significant portion of offline revenue is concentrated in key cities such as Delhi NCR (10.53%), Patna (8.21%), and Calicut (5.82%) as of Q1FY26. Any local disruptions, regional competition, or student migration trends could disproportionately impact revenue. Notably, student enrolments in Kota fell from 27,158 in FY23 to 11,540 in FY25, reflecting sensitivity to local demand fluctuations.

Contact Details

PhysicsWallah Limited

B 8, Block B, Industrial Area, Sector 62,, Noida, Uttar Pradesh 201309

+919289926531
investorsrelation@pw.live
https://www.pw.live/

Registrar Contact Details

MUFG Intime India Pvt Ltd

+91-22-4918 6270
physicswallah.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

PhysicsWallah Limited IPO - FAQs

PhysicsWallah Limited IPO is a Mainboard IPO. The issue is priced at ₹103-109 per equity share. The minimum order quantity is 137 Shares. The IPO opens on 11 Nov, and closes on 13 Nov. MUFG Intime India Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2025-11-07
  • Bidding Starts2025-11-11
  • Bidding Ends2025-11-13
  • Allotment Finalisation2025-11-14
  • Release of Funds2025-11-17
  • Demat Transfer2025-11-17
  • Listing2025-11-18
04

AI-backed learning technology

Its 548-member technology team has developed an ‘LMS’ Tech stack and launched AI tools like AI Guru, answering 2.82 million student queries per month, Smart Doubt Engine for instant in-class query resolution, and AI Grader, which evaluated 304,202 written responses from August 2024 to June 2025.

05

Quality content and faculty excellence

The company’s academic strength stems from its 6,267-member faculty team and a vast content library comprising 4,382 books and 8.66 million question banks as of June 2025. Continuous training, data-driven content updates, and AI-assisted learning tools, like ‘NCERT Pitara’, ensure consistent pedagogy quality. Average engagement time per student has increased to 107 minutes per day as of June 2025, reflecting high classroom participation and learning stickiness.

03

Dependence on certain categories

Number of Unique Transacting Users (Online Channel) is concentrated in four core education categories-NEET (26.64%), JEE (15.63%), Other Government Examinations (12.33%), and Foundation Courses (17.61%), as of the three months ended June 30, 2025. Any decline in student enrolments or reduced interest in these categories could adversely impact revenue visibility and operational performance.

04

Dependence on brand and exposure to reputational risks

The “PhysicsWallah” brand is central to the company’s growth strategy and student acquisition. The company incurred ₹117.85 crore on advertisement and publicity as of June 2025, accounting for 13.91% of operating revenue. Any inability to maintain brand consistency, student trust, or service quality could materially impact enrolments and financial performance. The company has also faced instances of negative media coverage and social media criticism, which, if not managed effectively, could harm its public image.