Stocks
Invest in Stocks
Invest in stocks, ETFs, IPOs with fast orders. Track returns on your stock holdings and view real-time P&L on your positions.
F&O
PhysicsWallah IPO
PhysicsWallah
PhysicsWallah IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| To be announced | -- | -- | -- |
| Issue Size | IPO Doc |
|---|---|
| 3820.00Cr | DRHP PDF |
About PhysicsWallah
Parent organisation
PhysicsWallah
Strengths & Financials of PhysicsWallah
Strengths
Risks
The company has achieved significant revenue growth, with revenue from operations increasing at a CAGR of 96.93% from ₹744.32 Crores in FY23 to ₹2,886.64 Crores in FY25.
The company has established a dominant online presence, operating India's largest online student community with 98.80 million subscribers across 207 YouTube channels as of June 30, 2025, which has grown at a CAGR of 41.80% between Fiscals 2023 and 2025.
Physicswallah has rapidly expanded its physical footprint, growing its total offline centers at a CAGR of 165.92% from 28 in FY23 to 198 in FY25, driving significant growth in its offline channel revenue from ₹281.12 Crores to ₹1,351.87 Crores in the same period.
The company has successfully diversified its offerings, expanding from 6 education categories in FY23 to 13 categories by FY25, reducing dependency on its flagship JEE and NEET segments.
A large and rapidly growing user base is a key strength, with the total number of paid users increasing from 1.76 million in FY23 to 4.46 million in FY25, representing a CAGR of 59.19%.
The company employs a disruptive pricing strategy, offering courses at a fraction of the cost of competitors, such as its one-year UPSC online course at ₹18,000 Crores versus an average of ₹1.1 Lakh Crores from top organized players.
The company has demonstrated successful inorganic growth through strategic acquisitions, including Xylem Learning to expand into South India and Utkarsh Classes to enter the government exam preparation market.
Physicswallah is led by its recognized founders, Alakh Pandey and Prateek Boob, who have received multiple industry awards, including 'Entrepreneur of the Year – Education' by Economic Times in 2024.
The company has a history of significant losses, reporting restated losses of ₹243.26 Crores, ₹1,131.13 Crores, and ₹84.08 Crores in Fiscals 2025, 2024, and 2023, respectively, along with a negative net worth and EBITDA in Fiscal 2024.
The business is substantially dependent on its founders, Alakh Pandey and Prateek Boob. This is amplified by high employee attrition rates, which were 36.51% in FY25 and 45.27% in FY24.
High faculty attrition poses a risk to service quality and continuity, with the rate for employee-faculty reaching 40.40% in FY24 before decreasing to 26.98% in FY25.
The company's statutory auditors have issued qualifications in their reports for FY23, FY24 and FY25, highlighting issues such as not maintaining backups on servers in India and weaknesses in the audit trail (edit log) features of its accounting software.
The company faces revenue concentration risk from its offline centers, with the top six cities (Delhi-NCR, Patna, Calicut, Kota, Lucknow, Kolkata) contributing approximately 40% of the total offline revenue of ₹1,351.87 Crores in FY25.
The business is subject to numerous pending statutory and regulatory approvals for its centers, including fresh applications for fire NOCs for 31 Vidyapeeth centers and coaching licenses for 26 Vidyapeeth centers, posing a significant compliance risk.
The company and its subsidiaries are involved in outstanding litigation with an aggregate quantifiable value of ₹17.19 Crores, including criminal proceedings, tax disputes, and actions from regulatory bodies.
Certain subsidiaries, including Xylem, Knowledge Planet, and Utkarsh Classes, have incurred losses and have negative net worth. For FY25, Xylem Learning reported a loss of ₹52.95 Crores and a negative net worth of ₹88.64 Crores.
PhysicsWallah Financials
*All values are in Rs. Cr
No Graph Data To Display