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PhysicsWallah IPO
PhysicsWallah Ltd
₹14,111 /137 sharesMinimum Investment
PhysicsWallah IPO listing details
| Listed on | Issue price | Listing price | Listing gains |
|---|---|---|---|
| BSE | ₹109.00 | ₹145.00 | ₹36.00 (33.03%) |
PhysicsWallah IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 11 Nov ‘25 - 13 Nov ‘25 | ₹14,111 | 137 | ₹103 - ₹109 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 3,480 Cr | RHP PDF | 14 Nov ‘25 | 18 Nov ‘25 |
| Face value | Issue type |
|---|---|
| 1 | EQUITY |
Subscription rate
As of 13 Nov'25, 04:31 PM
| Qualified Institutional Buyers | 2.70x |
| Non-Institutional Investor | 0.48x |
| Retail Individual Investor | 1.01x |
| Employees | 3.34x |
| Total | 1.80x |
About PhysicsWallah
Founded in
2020
MD/CEO
Mr Alakh Pandey
Parent organisation
PhysicsWallah Ltd
Strengths & Risks of PhysicsWallah
Strengths
Risks
In FY25, the company claims to have recorded 0.45 crore total paid users, reflecting a compound annual growth rate (CAGR) of 59.19 percent between FY23 and FY25. For the three months ended June 30, 2025, it stated that it had 0.24 crore paid users, driven by a strong student community-focused approach.
The company states that it supports its student community through its subsidiary, PW Foundation, which works with various non-profit organisations and independently to make education more accessible. The company further states that through initiatives such as “Utthan,” the foundation has partnered with government and private schools in Delhi, Uttar Pradesh, and Bihar to provide technological infrastructure, educational content, and free teacher training programs.
As of June 30, 2025, the company claims to offer courses across 13 education categories, up from six categories as of March 31, 2023. These offerings cover a student’s entire learning journey, that is, from early education and competitive exams for higher studies or government jobs to professional skill development.
The company delivers its courses through three channels: online platforms, offline centres, and hybrid centres. The company claims to be among India’s top five education companies by revenue and states that it operates the country’s largest online student community, with its primary YouTube channel, “Physics Wallah – Alakh Pandey,” having around 1.37 crore subscribers as of July 15, 2025.
To strengthen its presence and diversify its course offerings, the company states that it acquired businesses such as Xylem and Utkarsh Classes. The acquisition of Xylem helped expand its reach in South India, while Utkarsh Classes enhanced its offerings in government exam preparation. It further states that this multi-channel and multi-brand approach allows students to choose their preferred mode of learning.
The company claims to have developed a flexible and scalable learning management system (LMS) with the help of technology and a product team of 548 employees as of June 30, 2025. This technology enables it to deliver consistent quality across multiple channels and manage large batches of students efficiently. By using artificial intelligence, big data, and machine learning, the company generates insights to improve existing offerings and develop new ones.
The company states that it also provides AI-powered tools to enhance learning and teaching experiences. “AI Sahayak” acts as a personalised assistant that helps students set goals, track progress, and manage their studies. For teachers, “TeacherX” enables them to conduct and manage live classes independently, while “PW Drona” helps monitor student performance, syllabus coverage, and class schedules.
As of June 30, 2025, the company employed 6,267 faculty members, including both employees and consultants, covering roles such as teaching, doubt resolution, and content creation. Faculty members are organised into specialised teams for different academic functions – such as developing study material, teaching in classrooms, solving queries, and preparing exam papers. This ensures efficiency and quality across operations.
The company claims to follow a structured hiring process for faculty recruitment, selecting both fresh graduates and experienced educators. The process includes subject-specific assessments, demo lectures, interviews, and final management reviews. Newly recruited teachers, especially those with limited experience, undergo a Faculty Training Program (FTP), which provides months of guided training under the supervision of experienced faculty members.
The company has witnessed a consistent increase in revenue from operations. It increased from Rs 744.32 crore in FY23 to Rs 1,940.71 crore in FY24 and Rs 2,886.64 crore in FY25.
The company suffered consistent losses in the past years. The losses were Rs 127.01 crore for the three months ended June 30, 2025, and Rs 84.07 crore for FY23, Rs 1,131.13 crore for FY24, and Rs 243.26 crore for FY25. The company’s losses in FY24 rose significantly due to a one-time increase in the net loss from the remeasurement of financial instruments at fair value, which amounted to Rs 816.64 crore compared to Rs 67.14 crore in FY23. This increase was primarily caused by a loss of Rs 756.47 crore on the fair valuation of Compulsorily Convertible Preference Shares (CCPS). The net loss from such remeasurements declined to Rs 114.63 crore in FY25, mainly due to the absence of any loss on CCPS valuation. Any further increase in the company’s losses could adversely impact its operating activities.
The company’s performance depends on its ability to deliver quality education, expand into new course categories, and grow its offline network. Any failure to maintain service quality or expand its presence could limit its competitiveness and ability to attract and retain students.
The company relies heavily on its faculty members, who are engaged either as employees or consultants. Faculty members may leave due to better pay or opportunities elsewhere, join competitors, or start their own institutes. Such departures could affect student outcomes, reputation, and overall business performance.
The company’s business largely depends on the leadership and guidance of its founders, Alakh Pandey and Prateek Boob, along with other senior management members. The discontinuation of their services could adversely impact the company’s operations and growth.
The company experienced a high employee attrition rate of 45.27 percent in FY24, up from 26.38 9in FY23 but which decreased to 36.51 percent in FY25. Attrition during the three months ended June 30, 2024, and June 30, 2025, stood at 51.89 percent and 37.72 percent, respectively. High attrition could reduce productivity, negatively affecting business operations and financial performance.
A significant portion of the company’s online users is concentrated in a few education categories – NEET (26.64 percent), JEE (15.63 percent), other government exams (12.33 percent), and Foundation courses (17.61 percent) for the three months ended June 30, 2025. A fall in enrollments in these or other categories could hit revenues and cash flows.
The company derives a significant portion of its revenue from centres in a few cities, including Delhi NCR, Patna, Kota, Calicut, Lucknow, and Kolkata. Of this, Delhi-NCR accounted for Rs 43.49 crore (10.53 percent) of the company's total revenue for the three months ended June 30, 2025, and Rs 151.93 crore (11.24 percent) in FY25, Rs 110.00 crore (11.85 percent) in FY24, and Rs 37.89 crore (13.48 percent) in FY23. Patna (Bihar) accounted for Rs 33.92 crore (8.21 percent) of the company's total revenue for the three months ended June 30, 2025, and Rs 127.73 crore (9.45 percent) in FY25, Rs 104.20 crore (11.23 percent) in FY24 and Rs 43.10 crore (15.33 percent) in FY23. Any adverse developments in these regions could negatively impact the company’s operations and finances.
The company has faced safety-related incidents at some centres, including cases of student harassment and accidents. In 2023, a video surfaced showing a staff member pushing a student at one of its offline centres, while another video showed a student threatening a faculty member during a video call. Additionally, on June 11, 2024, a first information report (FIR) was filed against a company employee after a ceiling fan fell on a student at an offline centre in New Delhi. The company has stated that it has since introduced standard operating procedures (SOPs) for regular maintenance and safety inspections at its centres. However, there is no assurance that similar incidents will not occur in the future, and any failure to ensure student safety could negatively affect its reputation, enrollments, and overall business performance.
The company has rapidly expanded its offline operations during the three months ended June 30, 2024, and June 30, 2025, as well as in FY23, FY24, and FY25, and intends to continue this expansion. Such growth brings increased operational risks, including challenges related to setting up new offline centres and managing the higher manpower requirements for faculty and staff. Consequently, the company’s expanding offline presence exposes it to greater operational and financial risks. In addition, the company plans to use a portion of the net proceeds to set up new offline and hybrid centres and invest Rs 36.85 crore in its subsidiary, Xylem Learning Private Limited (which has been incurring losses), for capital expenditure related to new Xylem centres. Any complications or setbacks during these expansion efforts could have an adverse impact on the company and its subsidiary.
The company undertakes strategic acquisitions to support its business expansion. In FY23, it acquired iNeuron, an entity engaged in providing professional, technical, and vocational education across various fields. However, the acquisition did not yield the expected synergies, primarily because iNeuron’s placement agents were unable to secure a sufficient number of recruiters to facilitate student placements under its Job Assurance program. The program ended up failing as it wasn’t able to attract the anticipated number of student enrollments, leading the company to record an impairment on the investment. Furthermore, the auditor’s report for iNeuron noted that, as of the balance sheet date, it had no active business operations or employees and continued only through its existing course content. Although the company continues to pursue acquisitions to meet its strategic goals, there is no assurance that future acquisitions will deliver the intended outcomes or synergies.
PhysicsWallah Financials
*All values are in Rs. Cr
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Application Details of PhysicsWallah IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹103 - 109 | Upto ₹2 Lakh | 137 |
| Employee | ₹93 - 99 | Upto ₹2 Lakh | 137 |
| High Networth Individual | ₹103 - 109 | ₹2 - 5 Lakh | 137 |
For PhysicsWallah IPO, eligible investors can apply as Regular & Employee.