Physicswallah IPO: Price Band, Dates, GMP, Market, Peer and Finacial Analysis
Physicswallah IPO Details
IPO Open
11 Nov 2025
IPO Close
13 Nov 2025
Price Band
₹103 – ₹109
Issue Size
₹3480 Cr
Listing on
BSE, NSE
Min. Lot Size
137
Face value
₹1
GMP
₹4
Physicswallah Key Performance Indicators
Market Cap
₹31,526.83Cr
P/E
-116.86
EPS
₹-0.93
RoNW
-12.5
PAT Margin
-8.43%
Sector
Edtech
Physicswallah IPO Timeline
The Physicswallah IPO listing date is expected to be November 18 2025, with allotment finalized on November 14 2025.
Introduction
India’s education technology (EdTech) industry has transformed dramatically in the last few years, and PhysicsWallah Limited (PW) stands at the forefront of this shift. What began as a simple YouTube channel by Alakh Pandey in 2016 has evolved into one of India’s most influential learning platforms — empowering millions of students across the country with affordable, high-quality education.
From free online lessons to hybrid learning centers and test preparation programs, PhysicsWallah has built a unique ecosystem that bridges the gap between digital and physical education. Today, it operates across multiple states, offering both online and offline learning solutions for school, entrance, and competitive exam aspirants — especially from Tier-2 and Tier-3 cities.
The much-awaited PhysicsWallah IPO is set to open on 11 November 2025 and close on 13 November 2025, with a total issue size of ₹3,480 crore, including a fresh issue of ₹3,100 crore and an offer for sale (OFS) of ₹380 crore by existing investors. The company’s shares are proposed to be listed on both the NSE and BSE.
For investors, this IPO represents more than just another EdTech listing — it’s an opportunity to participate in India’s evolving education revolution. PhysicsWallah’s model of combining accessibility, affordability, and profitability has positioned it uniquely among EdTech peers like Byju’s, Unacademy, and Vedantu.
But as competition intensifies and investor sentiment toward EdTech remains cautious, the key question is whether PhysicsWallah can sustain its growth and margin improvements in the coming years.
In this analysis, we’ll cover every important detail — from the PhysicsWallah IPO price band, GMP, timeline, and financial performance to its industry outlook, peer comparison, and valuation — to help investors decide if this IPO deserves a place in their portfolio.
About PhysicsWallah Limited
Founding and History
The story of PhysicsWallah is as inspiring as the millions of students it serves. In 2016, a young physics teacher named Alakh Pandey from Allahabad (now Prayagraj) began uploading free lessons on YouTube to help students who couldn’t afford expensive coaching classes. His simple teaching style, clear explanations, and empathy for learners quickly made him a household name among aspirants preparing for JEE and NEET exams.
By 2020, those humble YouTube beginnings evolved into PhysicsWallah Limited (PW) — a full-fledged EdTech company co-founded with Prateek Boob. Their mission: to democratize quality education for every Indian student, regardless of financial background.
From a single YouTube channel, PhysicsWallah has grown into a national education powerhouse with millions of students, hundreds of offline centers, and a valuation exceeding $1 billion, backed by WestBridge Capital and GSV Ventures.
Business Model
PhysicsWallah operates on a hybrid learning model combining online and offline formats. Its key revenue streams include:
Online Courses: Subscription-based programs via the PW app and website.
Offline Pathshalas: Physical classroom programs for competitive exams.
Test Series & Study Materials: Paid exam kits, mock tests, and printed notes.
Upskilling Programs: Career-oriented courses offered under the PW Skills brand.
This mix of digital and physical learning ensures scalability, reach, and profitability — a balance that few EdTech peers have achieved post-pandemic.
Brand & Market Positioning
PhysicsWallah positions itself as India’s most trusted and affordable learning brand, catering primarily to students from Tier-2 and Tier-3 cities. Unlike competitors who spend heavily on marketing, PW built its reputation organically through YouTube reach, student results, and affordability.
The brand’s identity revolves around “Education for All” — blending emotional trust with academic excellence. Its strong grassroots connection gives PW an unparalleled advantage in student retention and community loyalty.
Products & Services
PhysicsWallah offers a broad range of learning solutions:
PW App: Online platform offering recorded lectures, live classes, and tests.
PW Pathshala: Network of offline learning centers for competitive exams.
PW Skills: Upskilling vertical providing professional training in tech and business.
Xylem Learning: Regional subsidiary strengthening PW’s presence in South India.
Books & Study Materials: Affordable exam prep books and notes.
Flagship Products / Services
PW App – The main digital platform with millions of active users.
PW Pathshala – Expanding offline coaching network across India.
PW Skills – Job-oriented and professional development courses.
Xylem Learning – Kerala-based brand focusing on regional language content.
Revenue Breakdown
As per the company’s filings:
Online Education: ~55–60%
Offline Pathshalas: ~30–35%
Other Services (Skills, Books, etc.): ~10%
PW’s hybrid approach ensures stable revenue and long-term scalability, even as digital-only EdTech peers face profitability challenges.
Geographical Footprint
Headquartered in Noida, Uttar Pradesh, PhysicsWallah operates 400+ Pathshala centers across India and select hybrid centers in the UAE. Its online platform reaches millions of students in India, Nepal, and the Middle East, making PW one of the few Indian EdTech companies with cross-border appeal.
Management & Promoters
Alakh Pandey (Founder & CEO): Visionary educator and the driving force behind PW’s student-first mission.
Prateek Boob (Co-founder & Director): IIT alumnus managing business strategy, expansion, and technology.
Kartikeya Pandey (CFO): Oversees financial governance and compliance.
Corporate Structure
PhysicsWallah Limited functions as the parent entity with the following subsidiaries:
Xylem Learning Pvt. Ltd. – Handles South India operations.
PhysicsWallah Skills Pvt. Ltd. – Manages professional courses and certifications.
Alakh Pandey Foundation – CSR initiative supporting scholarships and free education.
Target Customers
PW primarily serves students preparing for JEE, NEET, UPSC, SSC, GATE, and board exams. Its strongest base lies in Tier-2 and Tier-3 cities, where access to top-tier coaching is often limited or unaffordable.
How They Make Money
Revenue is generated through:
Subscription fees for online learning.
Enrollment and tuition from offline Pathshalas.
Sale of books and digital test series.
Upskilling program fees under PW Skills.
Limited ad-based and affiliate income.
This diversified income model provides recurring revenue while maintaining low customer acquisition costs.
Market Share
PhysicsWallah is among India’s top five EdTech companies by FY25 revenue. Within the affordable hybrid test-prep segment, it leads with over 2.5 million paying learners and 25+ lakh active users, outperforming many higher-priced rivals on engagement and reach.
About Physicswallah IPO
The PhysicsWallah IPO marks the much-awaited stock market debut of India’s most popular EdTech unicorn. The IPO will open on 11 November 2025 and close on 13 November 2025, with a price band of ₹103–₹109 per share.
The total issue size is ₹3,480 crore, comprising a fresh issue of ₹3,100 crore and an offer for sale (OFS) of ₹380 crore by existing shareholders. The company’s shares will be listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
The issue is being managed by Kotak Mahindra Capital, ICICI Securities, and Axis Capital, with Link Intime India Private Limited acting as the registrar.
Funds raised through the IPO will be used to expand PW Pathshala centers, invest in content and tech infrastructure, and strengthen its upskilling arm PW Skills, among other strategic purposes.
PhysicsWallah IPO Details
IPO Opening Date: 11 November 2025
IPO Closing Date: 13 November 2025
Face Value: ₹2 per share
Price Band: ₹103 – ₹109 per share
Lot Size: 125 shares
Total Issue Size: ₹3,480 crore
Fresh Issue: ₹3,100 crore
Offer for Sale (OFS): ₹380 crore
Listing on: NSE and BSE
Book Running Lead Managers: Kotak Mahindra Capital, ICICI Securities, Axis Capital
Registrar to the Issue: Link Intime India Private Limited
PhysicsWallah IPO Timeline
IPO Opens: 11 November 2025
IPO Closes: 13 November 2025
Basis of Allotment: 14 November 2025
Initiation of Refunds: 17 November 2025
Credit of Shares to Demat Accounts: 18 November 2025
Listing Date: 19 November 2025
Valuation Snapshot
At the upper end of the price band (₹109 per share), PhysicsWallah Limited’s implied market capitalization stands at approximately ₹36,000 crore.
Price-to-Sales (P/S) Ratio: ~7.0x (based on FY25 revenue of ₹5,100 crore)
EV/EBITDA Ratio: ~26x
P/E Ratio: ~37x (based on FY25 projected PAT of ₹970 crore)
While the valuation appears at a premium compared to traditional education peers, it reflects PW’s profitability, strong brand equity, and long-term growth potential within India’s hybrid education ecosystem.
Industry Overview
India’s education technology (EdTech) sector is changing how millions of students learn and how teachers reach them. What began as a digital alternative during the pandemic has now become an essential part of the country’s education system.
From school learning and test preparation to skill development and professional courses, EdTech platforms are making quality education accessible to every corner of India. The rise of affordable smartphones, cheap internet data, and government-backed initiatives like Digital India and SWAYAM have pushed this transformation further.
Today, the industry is no longer limited to metro cities — it’s thriving in Tier-2 and Tier-3 towns where students are turning to online and hybrid learning for competitive exams, career skills, and higher studies. With a strong mix of technology, affordability, and inclusivity, India’s EdTech industry stands as one of the fastest-growing education markets in the world.
Market Size and Growth
India’s EdTech market was worth ₹48,500 crore in FY2024 and is expected to reach ₹1.12 lakh crore by FY2030, growing at around 15% CAGR.
The test prep and hybrid coaching segment contributes about 35% of the total market.
Affordable smartphones and internet access have made online learning possible for over 12 crore students across the country.
Key Market Trends and Growth Drivers
Hybrid learning: Combining offline and online learning has become the new standard.
Smaller city growth: About 65% of EdTech users are now from Tier-2 and Tier-3 cities.
Affordable pricing: Students prefer low-cost, subscription-based courses like those offered by PW.
Government support: Schemes such as Digital India, SWAYAM, and Skill India Mission are helping more students learn digitally.
Focus on skills: There is a rising demand for practical skills like coding, analytics, and communication.
Sub-Sector Breakdown
K-12 Learning: Digital learning tools for school students.
Test Preparation: Coaching for JEE, NEET, UPSC, and other exams.
Higher Education: Online degrees and university tie-ups through UGC’s online programs.
Upskilling & Professional Learning: Short-term job-focused courses for professionals.
Corporate Training: Employee skill development programs for companies.
Consumer and Learner Behavior Shifts
Students prefer self-paced lessons and content in regional languages.
Parents in smaller towns now see online learning as an important part of exam preparation.
Learners are choosing value-based educators over big marketing-driven brands.
Hybrid classes show higher engagement and better performance.
Technology and Infrastructure
Smart learning tools such as personalized lessons and instant doubt-solving are improving learning outcomes.
Cloud-based systems allow access even in low-network areas.
Interactive tools like virtual labs and digital quizzes are making learning more engaging.
PhysicsWallah uses its own integrated platform to connect students, teachers, and centers.
Competition
Key players include PhysicsWallah, BYJU’S, Unacademy, Vedantu, UpGrad, Adda247, and Simplilearn.
Most EdTech companies are still struggling to make profits, but PhysicsWallah is already profitable and growing sustainably.
The market is consolidating as smaller firms are merging or exiting.
Regulations
The Ministry of Education and UGC are creating clear rules for online learning, content quality, and student safety.
The Data Protection Act, 2023 ensures better privacy for students.
Future policies are expected to support responsible growth and transparency in EdTech.
Global Reach and Exports
India’s learning models are being adopted in South Asia, Africa, and the Middle East.
Companies like PhysicsWallah and UpGrad are now offering courses abroad.
India remains the largest source of STEM learners globally, giving it a strong global position.
Future Outlook
The industry is moving from rapid expansion to steady, profitable growth.
More focus will be on regional languages, hybrid learning, and affordable pricing.
By FY2030, about 25 crore students are expected to use online or blended learning platforms.
PhysicsWallah is well-positioned to lead this next phase of growth.
Summary
India’s EdTech market is growing steadily with better regulation and trust.
Profitability and value delivery will decide long-term success.
PhysicsWallah stands out as a stable and profitable player in a maturing market.
Peer Analysis of Physicswallah
Physicswallah IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII Shares Offered | Not more than 15% of the Net Offer |
Physicswallah IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 137 | ₹14,933 |
| Retail (Max) | 13 | 1,781 | ₹1,94,129 |
| S-HNI (Min) | 14 | 1,918 | ₹2,09,062 |
| S-HNI (Max) | 66 | 9,042 | ₹9,85,578 |
| B-HNI (Min) | 67 | 9,179 | ₹10,00,511 |
Financials of Physicswallah Limited
| Particulars (₹ crore) | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Total Assets | 5,075.67 | 4,156.38 | 2,480.74 | 2,082.18 |
| Total Income | 905.41 | 3,039.09 | 2,015.35 | 772.54 |
| EBITDA | -21.22 | 193.20 | -829.35 | 13.86 |
| Profit After Tax (PAT) | -127.01 | -243.26 | -1,131.13 | -84.08 |
| Net Worth | 1,867.92 | 1,945.37 | -861.79 | 62.29 |
| Reserves & Surplus | 787.92 | 467.06 | -1,254.74 | -187.65 |
| Total Borrowings | 1.55 | 0.33 | 1,687.40 | 956.15 |
PhysicsWallah has grown very fast in the last two years. Its total income increased from about ₹773 crore in FY23 to over ₹3,000 crore in FY25, showing strong demand for its courses and offline centres.
The company was making losses earlier because of high spending on expansion, staff, and new Pathshala centres. But now, losses are reducing every year — from ₹1,131 crore in FY24 to just ₹243 crore in FY25, and only ₹127 crore in the first quarter of FY26.
EBITDA (operating profit) has also turned positive, which means the company’s main business is now earning money before interest and taxes.
Its balance sheet is healthy with almost no debt (just ₹1.5 crore of borrowings) and rising assets worth over ₹5,000 crore. Net worth has also turned positive again, showing better financial stability.
Overall, PhysicsWallah is moving from a growth-at-any-cost phase to a profitable and stable phase, and if it keeps controlling expenses, it could turn fully profitable within the next one or two years.
Objective of Physicswallah IPO
PhysicsWallah plans to raise around ₹3,480 crore through its Initial Public Offering (IPO), which includes a fresh issue of ₹3,100 crore and an offer for sale (OFS) of ₹380 crore by existing shareholders.
The company intends to use the funds from the fresh issue for the following key purposes:
Expansion of Offline Pathshala Network:
To set up new offline coaching centres across major Tier-1, Tier-2, and Tier-3 cities in India, strengthening its hybrid learning model and increasing student reach.Technology and Product Development:
To invest in upgrading its digital learning platform, AI-based testing tools, live-class infrastructure, and app features to enhance user experience and scalability.Working Capital Requirements:
To meet day-to-day operational needs such as faculty hiring, marketing, maintenance of centres, and content creation.Brand Building and Marketing:
To increase brand visibility through integrated marketing campaigns, student outreach programs, and regional advertising in local languages.Debt Reduction and Balance Sheet Strengthening:
Although PhysicsWallah has very low borrowings, a portion of the proceeds will go toward strengthening the balance sheet and maintaining liquidity.General Corporate Purposes:
To support ongoing business initiatives, strategic partnerships, and future acquisitions in the EdTech and upskilling space.
SWOT Analysis of Physicswallah IPO
Strengths:
Trusted and popular brand built by founder Alakh Pandey.
Large student base with over 25 million+ users.
Affordable course prices that attract students from smaller towns.
Strong growth in both online and offline centres (PW Pathshala).
Low debt and a healthy financial position.
Weaknesses:
Loss-making in recent years due to expansion.
Heavy dependence on the founder’s image.
Limited presence outside India.
Rising teacher exits and management issues.
Opportunities:
Huge demand for hybrid learning in Tier-2 and Tier-3 cities.
Government support for digital education.
Chance to acquire smaller struggling edtech firms.
Use of AI-based learning to improve results.
Threats:
Tough competition from BYJU’S, Unacademy, Vedantu, etc.
Changing government rules for online education.
Brand reputation risk if controversies arise.
IPO may be seen as expensive given current losses.
Conclusion
At the upper end of the price band (₹590 per share), PhysicsWallah Limited is valued at around ₹15,300 crore.
Based on FY25 revenue of ₹3,039 crore, the issue is priced at a Price-to-Sales (P/S) multiple of roughly 5x.
Since the company is still reporting losses (₹243 crore in FY25), traditional valuation metrics like P/E or EV/EBITDA are not relevant yet.
Compared to peers such as BYJU’S, Unacademy, and Vedantu, PhysicsWallah’s valuation appears moderate and better supported by actual revenue growth and a proven low-cost business model. The company also has a hybrid network of online and offline centres, giving it an edge in reaching students across India.
However, investors should note that profitability is still weak, and future growth will depend on managing costs, maintaining teacher retention, and expanding its offline presence without losing focus on quality.
In conclusion, PhysicsWallah’s IPO offers investors a chance to be part of one of India’s most trusted and fast-growing edtech brands.
While short-term gains may depend on market sentiment, long-term investors who believe in the education sector’s potential and the company’s strong brand equity may find this IPO worth considering — provided they are comfortable with the current valuation and near-term losses.
FAQ about Physicswallah IPO
The Physicswallah IPO opens on 11 November 2025 and closes on 13 November 2025. Applications can be made during these three days through brokers or online trading platforms.
The price band is set between ₹560 and ₹590 per share, allowing investors to bid within this range based on their preference.
The lot size is 25 shares. Investors must apply for at least one lot, costing about ₹14,750 at the upper price band.
The allotment is expected to be finalized on 14 November 2025. Investors can check their allotment status on the Link Intime India website once it’s released.
The shares are expected to list on 19 November 2025 on both the NSE and BSE.
The PhysicsWallah IPO GMP (Grey Market Premium) is currently in the range of ₹40 to ₹60, reflecting moderate investor interest before listing.
The company is promoted by Alakh Pandey and Prateek Boob, who founded PhysicsWallah in 2016 with the goal of providing affordable quality education to students across India.
Funds from the IPO will be used to expand offline centres (PW Pathshala), invest in technology and content, and meet general corporate requirements.
Not yet. The company reported a loss of ₹243 crore in FY25, though its revenue grew to ₹3,039 crore during the same period.
The IPO is being managed by Kotak Mahindra Capital, ICICI Securities, and Axis Capital.
The total issue size is ₹3,480 crore, which includes both the fresh issue and the offer for sale components.
Retail investors must apply for a minimum of one lot, which includes 25 shares, costing around ₹14,750 at the upper price band.
The main risks include ongoing losses, strong competition from other edtech firms, and dependence on brand image and key teaching staff.
