For investors, it can be quite challenging to decide if the PhysicsWallah IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the PhysicsWallah IPO. This will help you analyze the strengths, risks, and financial details of the PhysicsWallah IPO, making your investment decision better.
About Company
One of the growing companies, Physicswallah has been involved in providing test preparation cources for competitive exams like JEE, NEET, UPSC, as well as other upskilling courses. It also has its own YouTube channel named “Physics Wallah – Alakh Pandey,” with around 13.7 million subscribers as of July 15, 2025.
Their courses are delivered via multiple channels, such as 1) Online, which consists of their website, apps, and Social Media Channels, 2) Tech-enabled offline centers, where they conduct live classes, and 3) Hybrid Centers. Among the top 5 education companies, PhysicsWallah is the largest company in terms of revenue in India. Moreover, most of its learning materials and courses are available on YouTube channels, making it convenient and accessible for students. The company’s main focus is to build a student community by offering them high-quality education using engaging and tech-enabled teaching methods.
Strengths
- The company holds a strong presence across various education categories in India.
- Physicswallah offers a flexible and scalable technology platform to improves the learning experience for students.
- The firm incorporates expert teachers, quality content, and a planned syllabus to help students get better results.
- Backed by visionary founders and a skilled management team.
- Physicswallah is india’s first Edtech company which offers wide range of courses online, offline, and through hybrid centers.
Weaknesses
- The company’s success depends on the ability to attract and keep the students/faculty members. If failed to do so, can adversely affect the reputation, business, and cash flow.
- The large part of the company’s offline revenue comes from the cities like Delhi NCR, Patna, Kota, Calicut, Lucknow, and Kolkata. Unable to expand its offline centers in more cities can affect the business.
- The company’s ability to cover its interest expenses is low.
- To stay ahead of the competition, the firm must launch new tech tools or improve its technology. If not able to do so, they may loss competitiveness which can impact the business.
PhysicsWallah IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Kunvarji Finstock Pvt Ltd | Apply |
| Lakshmishree Investment & Securities Ltd | Apply |
| Aditya Birla Money Limited | Apply |
| Anand Rathi | Apply |
| Capital Market | Neutral |
| DRChoksey FinServ Pvt Ltd. | Apply |
| InCred Equities | Apply |
| Mehta Equities | Apply |
| SBICAP Securities Limited | Neutral |
| SMIFS Limited | Apply |
| Swastika Investmart Ltd | Avoid |
| Systematix Shares and Stocks (India) Limited | Not Rated |
| Ventura Securities Limited | Not Rated |
PhysicsWallah IPO Details
| IPO Open Date: | November 11, 2025 |
| IPO Close Date: | November 13, 2025 |
| Face Value: | ₹1 Per Equity Share |
| IPO Price Band: | ₹103 to ₹109 Per Share |
| Issue Size: | ₹3,480 Crores |
| Fresh Issue | ₹3,100 Crores |
| Offer-for-Sale | Up to 3,48,62,385 equity shares |
| Registrar | MUFG Intime India Pvt.Ltd. |
| IPO Lead Managers | Kotak Mahindra Capital Co. Ltd. JP Morgan India Pvt. Ltd Goldman Sachs (India) Securities Pvt. Ltd. Axial Capital Pvt. Ltd. |
| Basis of Allotment | November 14, 2025 |
| IPO Listing Date: | November 18, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars (in ₹ Cr) | FY23 | FY24 | FY25 | Q1FY26 |
| Total Income | 772.5 | 2,015.3 | 3,039.1 | 905.4 |
| EBITDA | 13.8 | -829.3 | 193.2 | -21.2 |
| PAT | -84.1 | -1,131.1 | -243.2 | -127.0 |
| Net Worth | 62.3 | -861.8 | 1,945.4 | 1,867.9 |
| Borrowinga | 956.1 | 1,687.4 | 0.33 | 1.55 |
Key Performance Indicator
| KPI | Values |
| RoNW | -12.50% |
| PAT Margin | -8.43% |
| EBITDA Margin | 6.69% |
| Price to Book Value | 14.10 |
| Market Capitalization | 31526.73 |
Peer Comparison with the Company
- There are no listed peers of the Company.
Promoters & Track Records, if any
- Alakh Pandey, one of the Promoters, is the Whole-Time Director and Chief Executive Officer of the Company. He holds 1,051,200,000 shares, representing 40.31% of pre-Offer equity share capital in the company.
- Prateek Boob, one of the Promoters, is a Whole-Time Director of the Company. He holds 1,051,200,000 shares, representing 40.31% of pre-Offer equity share capital in the company.
Expansion
- The proceeds of ₹460.55 crore raised from the fresh issue will be utilized towards fit-outs of new offline and hybrid centers of the Company.
- A funds of ₹548.31 crore will be used towards lease payments of existing identified offline and hybrid centers operated by the Company.
- Funds of ₹31.65 crore will be utilized for the fit-outs of new offline centers of Xylem.
- A portion of ₹15.52 crore will be used for Lease payments for Xylem’s existing identified offline centers and hostels.
- A ₹33.70 crore for Investment in the Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers.
- A funds of ₹200.11 crore towards server and cloud related infrastructure costs.
- A portion of ₹710.00 crore towards marketing initiatives.
- While a fund of ₹26.50 crore will be used for additional shareholding in the Subsidiary, Utkarsh Classes & Edutech Private Limited.
- Lastly, the remaining funds will be used for the company’s general corporate purposes.
PhysicsWallah IPO – Should You Apply or Not?
PhysicsWallah comes with large student base, strong brand recognition, and affordable learning model, it is supported by diversified offerings and strong founding Team, helping it grow steadily in the EdTech market. But, High Competition, negative net worth over some years and dependence on online demand are some risks which can impact its profitability.
Short-term investors can apply for the IPO for listing gain, given the strong brand value. Long-term or Caveat investors evaluate GMP, higher valuation, and market sentiment before subscribing. As of November 7th, the GMP of the PhysicsWallah IPO is ₹5, indicating a listing gain of around 4% – 6%.
Please note:
Investors are advised to make their own decisions and apply entirely at risk. This article uses information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
