PhysicsWallah Ltd.
PHYSICSWALLAHMainboard
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Overview
Physicswallah Limited is an Indian education technology company offering accessible and affordable test preparation courses for a wide range of competitive examinations. The company operates through online channels, including its website and apps, as well as a network of tech-enabled offline and hybrid centers. Starting with courses for JEE and NEET, Physicswallah has expanded its offerings to 13 education categories, including foundation courses, civil services, GATE, and various upskilling programs, aiming to support a student's entire learning journey.
Opening Date
Nov 11, 2025
Closing Date
Nov 13, 2025
Listing Date
Nov 18, 2025
IPO Type
Mainboard
IPO Status
Closed
Issue Size
3480 Cr
Fresh Issue
3100 Cr
Offer for Sale
380 Cr
Price Band
₹103 - ₹109
Lot Size
137
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
IPO Objective
The net proceeds from the Fresh Issue are proposed to be utilized for the following objectives:
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Funding capital expenditure for the fit-outs of new offline and hybrid centers operated by the company.
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Financing expenditure towards lease payments for existing identified offline and hybrid centers operated by the company.
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Investment in its subsidiary, Xylem Learning Private Limited, to fund capital expenditure for new offline centers and lease payments for existing centers and hostels.
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Investment in its subsidiary, Utkarsh Classes & Edutech Private Limited, to cover lease payments for its existing identified offline centers.
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Expenditure towards upgrading and maintaining server and cloud-related infrastructure to support its technology stack.
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Funding marketing initiatives to enhance brand visibility and student acquisition.
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Acquisition of additional shareholding in its subsidiary, Utkarsh Classes & Edutech Private Limited.
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Funding inorganic growth through strategic but currently unidentified acquisitions and for general corporate purposes to support business operations and expansion.
Key Performance Indicator
P/E Ratio
14.1
EPS
0.19
ROE
-12.5%
ROCE
12.35%
RONW
-12.5%
Debt to Equity Ratio
—
PAT Margin
-8.43%
EBITDA Margin
6.69%
P/B
14.1
SWOT Analysis
Strengths
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Strong brand recall and a large, community-led student base with over 98 million YouTube subscribers.
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Affordable and accessible education model, making it a market leader in competitive pricing.
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Diverse portfolio across 13 education categories with a multi-channel delivery model (online, offline, hybrid).
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Proprietary technology stack with AI-driven tools that enhance the learning experience and operational efficiency.
Weaknesses
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History of incurring net losses and has reported negative net worth in recent fiscal years.
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Significant dependence on the leadership and brand image of its founders, Alakh Pandey and Prateek Boob.
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High faculty and employee attrition rates in a highly competitive talent market.
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Limited operating history, particularly in the rapidly expanding offline and hybrid business segments.
Opportunities
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Expansion into the growing Indian test preparation market, projected to reach ₹2.1 trillion by Fiscal 2030.
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Increasing online education penetration in India, providing a large addressable market for digital offerings.
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Geographical expansion into underpenetrated Tier 2 and beyond cities and international markets.
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Diversification into new education verticals such as K-12 supplemental education, upskilling, and institutional partnerships.
Threats
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Intense competition from established players and new entrants in the ed-tech sector.
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Potential for adverse regulatory changes, including stricter guidelines for coaching centers in India.
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Economic downturns that could reduce household spending on supplemental education.
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Negative publicity concerning student mental health, safety, or the quality of educational services.
Subscription Rate
Frequently Asked Questions about PhysicsWallah Ltd.
Physicswallah Limited is an Indian education technology company offering accessible and affordable test preparation courses for a wide range of competitive examinations. The company operates through online channels, including its website and apps, as well as a network of tech-enabled offline and hybrid centers. Starting with courses for JEE and NEET, Physicswallah has expanded its offerings to 13 education categories, including foundation courses, civil services, GATE, and various upskilling programs, aiming to support a student's entire learning journey.
The PhysicsWallah Ltd. IPO is scheduled to open for subscription on Nov 11, 2025 and close on Nov 13, 2025. Investors can apply for shares during this period through eligible platforms.
The price band for the PhysicsWallah Ltd. IPO is ₹103 to ₹109. Investors can place bids within this range once the issue opens.
The minimum lot size for the PhysicsWallah Ltd. IPO is 137 shares. The minimum investment amount ₹14,933.
The total issue size of the PhysicsWallah Ltd. IPO is approximately ₹3,480.00. Issue size represents the total value of shares offered to the public.
As per the latest available information, the PhysicsWallah Ltd. IPO has been subscribed 0.14 times. Subscription levels can change significantly during the offer period.
The Grey Market Premium (GMP) for the PhysicsWallah Ltd. IPO is not available as of now. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.
The shares of PhysicsWallah Ltd. are expected to list on stock exchanges on Nov 18, 2025, subject to completion of the allotment process and regulatory approvals.
The net proceeds from the PhysicsWallah Ltd. IPO are proposed to be used for The net proceeds from the Fresh Issue are proposed to be utilized for the following objectives:, Funding capital expenditure for the fit-outs of new offline and hybrid centers operated by the company., Financing expenditure towards lease payments for existing identified offline and hybrid centers operated by the company., Investment in its subsidiary, Xylem Learning Private Limited, to fund capital expenditure for new offline centers and lease payments for existing centers and hostels., Investment in its subsidiary, Utkarsh Classes & Edutech Private Limited, to cover lease payments for its existing identified offline centers., Expenditure towards upgrading and maintaining server and cloud-related infrastructure to support its technology stack., Funding marketing initiatives to enhance brand visibility and student acquisition., Acquisition of additional shareholding in its subsidiary, Utkarsh Classes & Edutech Private Limited., Funding inorganic growth through strategic but currently unidentified acquisitions and for general corporate purposes to support business operations and expansion.
Before applying for the PhysicsWallah Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.
