Business Profile of Physics Wallah Limited
Physics Wallah is an edtech company and one of India’s leading edtech unicorns. In company product portfolio includes various examination preparation such as UPSC, JEE, NEET and other government examns. It also provide up skilling courses in software development, banking & finance and in data science & analytics. The company was incorporated in 2020 and provides online education at minimum prices through its app, social media platforms and through offline batches. The headquarter of company is located in Noida and invested by Hornbill Capital, Lightspeed Ventures, and Westbridge. In terms of revenue company is among top 5 edutech organisation and on social media company 13.7 million subscribers on YouTube as of July 15, 2025.
Objective of Physics Wallah Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of 28,44,03,669 shares at the face value of ₨ 1.00 each aggregating up to ₹ 31,000.00 million and OFS consists 3,48,62,385 shares at face value of ₨ 1.00 each aggregating up to ₨ 380.00 Cr. There are fresh shares issues and OFS by company and main objective of company capital expenditure for fit-outs of new offline and hybrid centers, marketing, server and cloud related & investment in our subsidiary.
Details of Physics Wallah Limited IPO
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Basis of Allotment | NA |
| Listing Date | Nov 18, 2025 |
| Face Value | ₹1 per share |
| Price | ₹103 to ₹109 per share |
| Lot Size | 137 Shares |
| Total Issue Size | 31,92,66,054 shares |
| (aggregating up to ₹3,480.00 Cr) | |
| Fresh Issue | 28,44,03,669 shares |
| (aggregating up to ₹3,100.00 Cr) | |
| Offer For Sale | 3,48,62,385 shares of ₹1 |
| (aggregating up to ₹380.00 Cr) | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Net Offer |
Physics Wallah Limited IPO: Issue Price & Size
The issue size of the IPO has been declared and the overall issue size of the IPO is Rs 3,480.00 Cr, out of which 28,44,03,669 Equity Shares, aggregating up to Rs 3,100.00 cr, comprise of fresh issuance, and the remaining Rs 380.00 Cr will be offered for sale by shareholders.
Launch Date of Physics Wallah Limited IPO
Physicswallah Limited IPO will be open on Nov 11, 2025 and close on the, Nov 13, 2025. All types of investors can bid between these dates through their eligible categories.
Financial Statements of Physics Wallah Limited
| Particulars (Rs in Millions) | March 31 , 2025 | March 31 , 2024 | March 31 , 2023 |
| I Income | |||
| Revenue from operations | 28,866.43 | 19,407.10 | 7,443.18 |
| Other income | 1,524.46 | 746.38 | 282.26 |
| Total income ( I ) | 30,390.89 | 20,153.48 | 7,725.44 |
| II Expenses | |||
| Direct expenses | 5,133.42 | 3,796.41 | 749.00 |
| Purchases of traded goods sold | 544.59 | 506.63 | 229.89 |
| Changes in inventories | ( 182.86 ) | ( 147.48 ) | ( 134.31 ) |
| Cost of raw material and components consumed | 865.39 | 544.64 | 285.35 |
| Employee benefits expense | 14,012.37 | 11,591.68 | 4,126.37 |
| Finance costs | 853.22 | 650.57 | 207.17 |
| Depreciation and amortisation expense | 3,664.25 | 2,982.91 | 825.87 |
| Net loss on remeasurement of financial instruments at fair value | 1,146.32 | 8,166.41 | 671.38 |
| Other expenses | 6,611.79 | 4,700.85 | 1,659.18 |
| Total expenses ( II ) | 32,648.49 | 32,792.62 | 8,619.90 |
| III Restated loss before exceptional items and taxes ( III – I – II ) | ( 2,257.60 ) | ( 12,639.14 ) | ( 894.46 ) |
| Share of loss of associates ( net ) | ( 1.20 ) | – | – |
| IV Exceptional items | |||
| Impairment of intangible assets and goodwill | 326.72 | 1,011.30 | – |
| Fair value of non – controlling interest ( NCI ) liability | – | ( 1,723.50 ) | – |
| Total exceptional items ( IV ) | 326.72 | ( 712.20 ) | – |
| V Restated loss before tax ( V = III – IV ) | ( 2,585.52 ) | ( 11,926.94 ) | ( 894.46 ) |
| VI Tax expense : | |||
| ( i ) Current tax | 15.31 | – | 145.20 |
| ( ii ) Deferred tax | ( 168.25 ) | ( 615.64 ) | ( 198.91 ) |
| Total tax expense / ( credit ) ( VI ) | ( 152.94 ) | ( 615.64 ) | ( 53.71 ) |
| VII Restated loss for the year ( VII – V – VI ) | ( 2,432.58 ) | ( 11,311.30 ) | ( 840.75 ) |
Key financial ratios of Physics Wallah Limited
| Particulars | Unit | 2025 | 2024 | 2023 |
| Revenue from operations | in million | 28,866.43 | 19,407.10 | 7,443.18 |
| Revenue from operations ( Online Channel) | in million | 14,040.50 | 9,650.15 | 4,557.70 |
| Revenue from operations ( Offline Channel ) | in million | 13,518.70 | 9,279.07 | 2,811.18 |
| Revenue from operations ( Others ) | in million | 1,307.23 | 477.88 | 74.30 |
| Other income | in million | 1,524.46 | 746.38 | 282.26 |
| Total income | in million | 30,390.89 | 20,153.48 | 7,725.44 |
| Loss before tax | in million | (2,585.52) | (11,926.94) | (894.46) |
| Loss for the year | in million | (2,432.58) | (11,311.30) | (840.75) |
| Loss margin for the year | in % | (8.43)% | (58.28)% | (11.30)% |
| EBITDA | in million | 1,931.95 | (8,293.46) | 138.58 |
| EBITDA Margin | in % | 6.69% | (42.73)% | 1.86% |
| Adjusted EBITDA | in million | 4,319.61 | 669.87 | 1,193.18 |
| Adjusted EBITDA Margin | in % | 14.96% | 3.45% | 16.03% |
| Total Employees | number | 15,775 | 12,956 | 7,253 |
| Total Faculty Members | number | 5,096 | 3,654 | 2,436 |
| Faculty members ( Employees ) | number | 4,207 | 2,850 | 2,292 |
| Faculty members ( Consultants ) | number | 889 | 804 | 144 |
| Education Categories | number | 13 | 13 | 6 |
| Total Number of Paid Users | in million | 4.46 | 3.63 | 1.76 |
Promoters & Shareholding Physics Wallah Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 97.56 % shareholding in company.
| Name of Shareholder | Number of Equity Shares | Percentage ofshare capital |
| Alakh Pandey | 1,051,200,000 | 40.35 % |
| Prateek Boob | 1,051,200,000 | 40.35 % |
| WestBridge AIF I | 360 | 6.41 % |
| Hornbill Capital Partner Limited | 40,417,596 | 4.42 % |
| GSV Ventures Fund III , L.P. | 18,000,036 | 2.85 % |
| Lightspeed Opportunity Fund II , L.P. | – | 1.79 % |
| Setu AIF Trust | 17,254,512 | 1.39 % |
| Total | 2,178,072,504 | 97.56 % |
Should You Subscribe To Physics Wallah Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Physics Wallah Limited IPO
Highest users in Edtech
The company had 4.46 million total number of paid users in Fiscal 2025 which grew at a CAGR of 59.19% between Fiscals 2023 and 2025, followed by a student community-led approach. The company count under top 5 education organisation in terms of revenue in India, company operates India’s largest online student community, with its main YouTube channel, “Physics Wallah-Alakh Pandey” having 13.7 million subscribers as of July 15, 2025.
Strong presence in multiple categories
The company has a presence across a large number of education categories in India with courses offered through multiple channels. Physics Wallah offers courses to students to prepare for other competitive entrance examinations for under-graduate and post-graduate studies (such as GATE, CUET and CAT), public administration jobs (such as civil services and railways) and professional qualifications (such as chartered accountancy courses) and engineering and medical entrance examinations for undergraduate admissions in India (JEE, NEET) through its online, offline and hybrid channel.
Robust technology-stack
The company has built flexible and scalable learning management system (“LMS”) technology stack, while ensuring enhancement of student experience at scale and maintaining the quality of pedagogy. The technology ensures company to deliver its offerings across multiple channels while handling large student Batches. Through AI Company leverages big data and machine learning to generate data insights which allow them to innovate new offerings and continuously improve its existing offerings.
Specialized faculty members
The company has a robust hiring program for faculty members, which includes hiring graduates from universities and higher education institutes and experienced teachers. Specialized faculty members across categories, quality content and well-planned curriculum leading to successful results. As at March 31, 2025, company had 5,096 Total Faculty Members (including employees and consultants) which primarily includes teachers, question/doubt resolution faculty and content development team.
Risk Factors of Physics Wallah Limited IPO
Consistently loss incurred
The company has incurred restated loss for the year of ₹2,432.58 million, ₹11,311.30 million and ₹840.75 million in Fiscals 2025, 2024 and 2023 respectively, and have had negative net worth and EBITDA in Fiscal 2024. In order to expand operations, company acquired some of its Subsidiaries in Fiscals 2025, 2024 and 2023, including Xylem and Utkarsh Classes. If company is unable to generate adequate revenue growth and manage its expenses and cash flows, may continue to incur losses in the future, which may negatively affect company financial condition.
Student retention risk
The success of company depends on ability to attract and retain students. The success depends on ability to continue providing students quality services, expanding into multiple Education Categories and expanding its geographical presence of their offline centers. If company is unable to do so and remain competitive, it may not be able to attract and retain students. Further, the quality of results obtained by the students availing company courses impacts the number of student enrolments.
Key person risk
The success and reputation depend on continued leadership of founders, Alakh Pandey and Prateek Boob with Company. Alakh Pandey is responsible for overall business health for Company and Prateek Boob is responsible for directing strategies and innovation planning in Company. If company founders discontinue their services, or join competitors or start new test preparation centers then company brand, reputation, student enrolments and business could be adversely affected.
Offline business dependency
The company derives a significant portion of its offline revenue from the offline centers located in the Indian cities of Delhi NCR, Patna in Bihar, Kota in Rajasthan, Calicut in Kerala, Lucknow in Uttar Pradesh and Kolkata in West Bengal. As at March 31, 2025, we operated 198 Total Offline Centers across 109 cities in India and the Middle East. A drop in the number of students enrolled in these cities for any reason including negative geopolitical conditions or safety concerns, could have an adverse impact on its offline business.
Physics Wallah Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
As per the sources, the GMP of Physicswallah IPO is trading at around Rs 5 in the grey market shows the share of Physicswallah Limited is expected to list at around ₹114 if you consider the upper price band of ₹109 announced in the IPO for the bidding.
