PhysicsWallah Limited (“PW”) is a technology-led education company providing learning solutions across online, offline and hybrid formats. The company delivers test preparation, school learning, and upskilling programs, aimed at students from Class 6 to post-graduation and working professionals. PW focuses on offering affordable and result-oriented education to students across India, including Tier-2 and Tier-3 cities.
The company initially started as a YouTube channel and has evolved into a multi-format education ecosystem with mobile apps, web platforms, tech-enabled offline centers (PW Pathshala), elite batch centers (PW Vidyapeeth), hybrid classrooms, and published academic books. PW is recognized as one of India’s top five edtech companies in terms of revenue.
PW’s academic offerings cover 13 major education categories, including:
- Entrance Exam Preparation – JEE (Engineering), NEET (Medical), UPSC, SSC, Banking, Defence exams
- School Learning / Foundation Classes – Classes 6 to 12 (CBSE/State Boards)
- Government Job Preparation – Teaching exams, Police, Railways, State PSC exams
- Professional Upskilling Programs – Data Science, Analytics, Software Development, Finance, Accounting, Business Skills, Digital Marketing, etc.
PW operates on a three-format model:
- Online Learning – Delivered via the PW App, Website, and YouTube with live/recorded classes, mock tests, performance analytics, and doubt-solving interactions.
- Offline Centers – Through PW Pathshala (franchise) and PW Vidyapeeth (owned) offering classroom coaching with standardized study material and smart-class infrastructure.
- Hybrid Learning – A blended mode combining online theory sessions with offline practice, tests, and doubt support, ensuring improved outcomes at affordable cost.
Key Operational Numbers (as of June 30, 2025):
- 13.7 million+ YouTube subscribers
- 4.13 million unique transacting users on the online platform
- 0.33 million students enrolled in offline classroom programs
- ₹3,930.55 average collection per online user
- Courses offered across 13 education categories
- 303 offline centers across India
- 6,267 faculty members
- 18,028 total employees
The company has published 4,382 books, used internally and sold externally.
PhysicsWallah IPO – Details
| IPO Opening Date | 11 November 2025 |
| IPO Closing Date | 13 November 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 31,92,66,054 Shares Worth ₹3,480.00 Crore Fresh Issue: 28,44,03,669 Shares Worth ₹3,100.00 Crore Offer For Sale: 3,48,62,385 Shares Worth ₹380.00 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹103 – ₹109 per share |
| Market Lot | 137 Shares |
| Min Order | 137 Shares [ 1 Lot ] |
| Employee Discount | ₹10 |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt.Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
PhysicsWallah IPO – Date Schedule
| IPO Open Date | 11 November 2025 |
| IPO Close Date | 13 November 2025 |
| Basis of Allotment | 14 November 2025 |
| Initiation of Refund | 17 November 2025 |
| Credit of Shares to Demat Account | 17 November 2025 |
| IPO Listing Date | 18 November 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 13, 2025 |
PhysicsWallah IPO – Lots Size & Price
| 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 |
Competitive Strength
- 4.46 million Total Number of Paid Users in Fiscal 2025, grew at a CAGR of 59.19% from fiscal 2023 to 2025.
- Presence across a large number of education categories in India with courses offered through multiple channel.
- Proprietary technology-stack enhances students’ learning experience.
- Specialized faculty members across categories, quality content and well-planned curriculum.
- Experienced management team led by our visionary founders.
Company Promoters
- Alakh Pandey
- Prateek Boob
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹772.54 Cr | ₹861.99 Cr | -₹84.08 Cr | ₹956.15 Cr |
| 31 March 2024 | ₹2,015.35 Cr | ₹3,279.26 Cr | –₹1,131.13 Cr | ₹1,687.40 Cr |
| 31 March 2025 | ₹3,039.09 Cr | ₹3,264.85 Cr | -₹243.26 Cr | ₹0.33 Cr |
| 30 June 2025 | ₹905.41 Cr | ₹1,057.48 Cr | –₹127.01 Cr | ₹1.55 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| RoNW | -12.50% |
| PAT Margin | -8.43% |
| EBITDA Margin | 6.69% |
| Price to Book Value | – |
| Market Capitalization | – |
| Pre IPO | Post IPO | |
| EPS (₹) | -1.11 | – |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Capital expenditure for fit-outs of new offline and hybrid centers of our Company. | ₹460.55 |
| Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company. | ₹548.31 |
| Capital expenditure for fit-outs of new offline centers of Xylem. | ₹31.65 |
| Lease payments for Xylem’s existing identified offline centers and hostels. | ₹15.52 |
| Investment in the Subsidiary, Utkarsh Classes & Edutech Private Limited, for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers. | ₹33.70 |
| Expenditure towards server and cloud-related infrastructure costs. | ₹200.11 |
| Expenditure towards marketing initiatives. | ₹710.00 |
| Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited. | ₹26.50 |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes. |
PhysicsWallah IPO Peer Comparison
- The company offers test preparation courses for major competitive examinations including JEE, NEET, Foundation (school learning), Civil Services, and various government job exams, along with a range of upskilling and professional development programs. These courses are delivered through a combination of online, offline, and hybrid learning formats, ensuring accessibility across different student segments.
- There are no listed education companies in India with a comparable scale, multi-format delivery model, and breadth of offerings, making the company’s business model unique within the listed space.
✅Strengths
- Strong Brand Trust in JEE/NEET & Govt. exam segments.
- Affordable pricing vs. traditional coaching & premium edtech players.
- Wide reach in Tier-2 and Tier-3 cities.
- Diversified model: online + offline + books.
- Large educator base enabling scale with consistent quality.
⚠️Risks
- Heavy dependence on competitive exam segments such as NEET & JEE.
- High competition from local coaching centers and big edtech players.
- Need for continuous syllabus updates as exam patterns change.
- Retaining top faculty is critical to student outcomes & brand.
PhysicsWallah IPO Promoter Holding
| Pre Issue Share Holding | 81.64% |
| Post Issue Share Holding | 72.30% |
PhysicsWallah IPO Prospectus
Company Contact Information
| PhysicsWallah Ltd. B 8, Block B, Industrial Area, Sector 62, Noida, Uttar Pradesh, 201309 Phone: +91 9289926531 Email: investorsrelation@pw.live Website: https://www.pw.live/ |
PhysicsWallah IPO Registrar
| MUFG Intime India Pvt.Ltd. Phone: +91-22-4918 6270 Email: physicswallah.ipo@in.mpms.mufg.com Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
PhysicsWallah IPO Lead Manager(s)
| 1. Axis Capital Limited 2. J.P. Morgan India Private Limited 3. Kotak Mahindra Capital Company Limited 4. Goldman Sachs (India) Securities Private Limited |
PhysicsWallah IPO FAQs
| What is PhysicsWallah IPO? PhysicsWallah IPO is a main-board IPO. The issue is priced at ₹103 to ₹109 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will PhysicsWallah IPO open? The IPO is to open on 11 November 2025 for QIB, NII, and Retail Investors. |
| What is PhysicsWallah IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is PhysicsWallah IPO Size? PhysicsWallah IPO size is ₹3,480.00 Crore. |
| What is the PhysicsWallah IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 137 Shares with ₹14,933, while the maximum bid is 1781 Shares with ₹1,94,129. |
| What is the PhysicsWallah IPO Allotment Date? PhysicsWallah IPO allotment date is 14 November 2025. |
| What is the PhysicsWallah IPO Listing Date? PhysicsWallah IPO listing date is 18 November 2025. The IPO is to be listed on BSE and NSE. |
