Company Overview
Physics Wallah (PW) is one of India’s leading edtech companies, focusing on affordable and high-quality education across multiple competitive exams like JEE, NEET, Foundation, and civil services. Founded by Alakh Pandey, PW has rapidly grown into one of the top five education companies by revenue in India. The company operates a multi-channel delivery model including online, offline, and hybrid learning platforms.
With over 13.7 million subscribers on its flagship YouTube channel and a total online subscriber base of 98.8 million, PW has built a massive community-led engagement. It also runs 303 offline centers as of June 2025 and offers a wide portfolio of courses across 13 education categories. PW leverages proprietary AI tools such as AI Guru, AI Grader, Smart Doubt Engine, TeacherX, and AI Sahayak to enhance learning effectiveness.
PW’s strategy involves organic growth backed by selective acquisitions like Utkarsh Classes and Xylem Learning, aimed at expanding course offerings and geographical reach. Its technology-driven ecosystem and community-based approach fuel the company’s exponential growth and expanding market share.
Physics Wallah IPO Details
| Detail | Information |
|---|---|
| Issue Size | ₹4,500 crore (Fresh Issue) + Offer for Sale as per final prospectus |
| Price Band | ₹690 – ₹724 per equity share |
| Face Value | ₹1 per equity share |
| Issue Open Date | November 12, 2025 |
| Issue Close Date | November 14, 2025 |
| Allotment Date | November 19, 2025 |
| Listing Date | November 27, 2025 (tentative) |
| Stock Exchanges Listed | NSE, BSE |
| Registrar | Link Intime India Pvt Ltd |
| Grey Market Premium (GMP) | ₹10 – ₹20 (indicative and subject to market conditions) |
Note: The IPO comprises a fresh issuance for funding business growth and offer for sale by promoter group shareholders.
Company Financials (Consolidated) (in ₹ crore)
| Particulars | FY 2023 | FY 2024 | FY 2025 | Q1 FY 2026 (Jun 30, 2025) |
|---|---|---|---|---|
| Revenue from Operations | 1,589.21 | 1,469.68 | 1,689.56 | 532.77 |
| EBITDA | 138.58 | 8,293.46* | 1,931.95 | 212.21 |
| Net Profit (Comprehensive Income) | 69.49 | 207.91 | 196.14 | 19.46 |
| Earnings Per Share (Basic, ₹) | 3.25 | 10.19 | 9.61 | 0.79 |
| Total Equity | 870.85 | 669.11 | 484.62 | 509.15 |
| Net Asset Value per Share (₹) | 0.29 | 3.97 | 7.73 | 7.19 |
*Note: EBITDA for FY 2024 seems to show abnormal spike; possibly a typo or one-time event – investors should review prospectus details for clarity.
Business & Use of IPO Proceeds
The IPO funds will be primarily used for:
- Expansion of offline and hybrid learning centers.
- Strategic acquisitions and partnerships to diversify course offerings.
- Technology development including AI-backed educational tools.
- General corporate purposes and working capital.
Physics Wallah aims to capitalize on India’s growing demand for affordable competitive exam preparation and professional courses, leveraging its technology platform to deepen user engagement and retention.
Broker Recommendations
| Broker | Recommendation | Target Price (₹) | Comments |
|---|---|---|---|
| Kotak Securities | Buy | 830 | Strong growth potential with diversified course offerings |
| Motilal Oswal | Hold | 750 | Recommend watching market volatility post listing |
| ICICI Direct | Buy | 820 | AI-based tech stack and offline expansion are positives |
| Axis Capital | Subscribe | 815 | Attractive valuation compared to peers |
Investors are advised to review the final prospectus and consider the IPO price band cautiously. The after-market premium may vary based on demand and market conditions.
Important Dates Summary
| Event | Date |
|---|---|
| IPO Opening Date | November 12, 2025 |
| IPO Closing Date | November 14, 2025 |
| Allotment Date | November 19, 2025 |
| Refund Date | November 20, 2025 |
| Listing Date (Tentative) | November 27, 2025 |
Grey Market Premium (GMP)
The Grey Market Premium, as of latest reports before IPO listing, is estimated between ₹10 and ₹20 above the upper price band. Investors should keep track of this as GMP fluctuates sharply based on retail demand and market sentiment.
Mobile Optimized Financial Table
| Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | Net Profit (₹ Cr) | EPS (₹) | NAV (₹) |
|---|---|---|---|---|---|
| FY 2023 | 1,589.21 | 138.58 | 69.49 | 3.25 | 0.29 |
| FY 2024 | 1,469.68 | 8,293.46* | 207.91 | 10.19 | 3.97 |
| FY 2025 | 1,689.56 | 1,931.95 | 196.14 | 9.61 | 7.73 |
| Q1 FY 2026 | 532.77 | 212.21 | 19.46 | 0.79 | 7.19 |
