| Event | Date |
|---|---|
| Open Date | 11-11-2025 , Tuesday |
| Close Date | 13-11-2025 , Thursday |
| Tentative Allotment | 14-11-2025 , Friday |
| Tentative Listing Date | 18-11-2025 , Tuesday |
| Retail Appl. Cut Off Time | 13-11-2025 , Thursday 05:00 PM |
| Non Retail Appl. Cut Off Time | 13-11-2025 , Thursday 04:00 PM |
| Anchor Allotment | 10-11-2025 , Monday |
| Initiation Of Refund | 17-11-2025 , Monday |
| Credit Of Share To Demat | 17-11-2025 , Monday |
Physicswallah Limited is a hybrid education platform offering test preparation and learning programmes across online, offline and hybrid channels. The company started as a digital-first education brand and has now expanded into a large multi-category education ecosystem.
The company offers courses across 13 education categories, including JEE, NEET, Foundation, CUET, GATE, Civil Services, other government examinations, Chartered Accountancy, Commerce, Defence, MBA, Skills and other learning categories.
Physicswallah’s core positioning is affordable and accessible education for students across India, especially Tier II, Tier III and Bharat-focused markets.
Physicswallah Limited provides test preparation courses and other learning programmes through online platforms, offline centres and hybrid centres. Its online channel includes website and app-based live classes, while its offline channel includes physical coaching centres. Its hybrid model uses a two-teacher format, where students attend live online classes at a physical centre and also receive support from faculty present at the centre.
IPORupee View: Physicswallah is not only an online coaching app. It is now a hybrid education company.
This IPO should be studied as an edtech + affordable education + YouTube-led student funnel + paid users + offline centres + hybrid learning + AI tools + faculty-led model + EBITDA turnaround + PAT-loss risk story.
| Business Area | Meaning |
|---|---|
| Online courses | Paid digital courses through app and website |
| Offline centres | Physical coaching centres for students |
| Hybrid centres | Online teaching with offline classroom support |
| YouTube content | Free content used for reach and brand building |
| Test preparation | Courses for JEE, NEET, GATE, UPSC and other competitive exams |
| Foundation courses | School-level preparation and early-stage exam foundation |
| Government exams | Courses for civil services, railways, defence and other exams |
| Professional courses | Chartered Accountancy and commerce-related learning |
| Skills / upskilling | Job-linked and career-oriented learning programmes |
| Books and study material | Printed and digital study resources |
| AI learning tools | Doubt solving, grading, progress tracking and teacher-support tools |
| Education Area | Examples |
|---|---|
| Engineering entrance exams | JEE |
| Medical entrance exams | NEET |
| School foundation | Classes 6 to 10 |
| Undergraduate / postgraduate entrance | GATE, CUET, CAT / MBA |
| Public administration / government jobs | Civil services, railways and other government exams |
| Professional qualifications | Chartered Accountancy |
| Commerce | Commerce-related courses |
| Defence | Defence exam preparation |
| Skills / upskilling | Data science, analytics, banking, finance and software development |
| Other categories | Additional learning programmes and acquired category platforms |
IPORupee View: Physicswallah should be positioned as a multi-category education platform, not only a JEE / NEET coaching company.
Its long-term opportunity depends on how successfully it can take one student through multiple stages: school foundation, entrance preparation, professional exams, government exams and skills / upskilling.
| Business Model Area | Meaning |
|---|---|
| Free content funnel | YouTube and free content create large student reach |
| Paid online courses | Students pay for structured digital learning |
| Offline centres | Students attend physical classrooms |
| Hybrid learning | Combines online content with offline support |
| Batch-based model | Students join structured batches with tests, classes and mentorship |
| Test series | Practice tests and assessment tools |
| Books and study material | Printed and digital learning products |
| AI-backed learning tools | Doubt solving, grading and student progress support |
| Franchise model | Some centres are operated through franchise partners |
| Acquired platforms | Category and geography expansion through subsidiaries / acquisitions |
| Particulars | Q1 FY2026 | Q1 FY2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|---|
| Total Employees | 18,028 | 13,302 | 15,775 | 12,956 | 7,253 |
| Total Faculty Members | 6,267 | 4,062 | 5,096 | 3,654 | 2,436 |
| Faculty Members – Employees | 5,354 | 3,244 | 4,207 | 2,850 | 2,292 |
| Faculty Members – Consultants | 913 | 818 | 889 | 804 | 144 |
| Education Categories | 13 | 13 | 13 | 13 | 6 |
| Total Number of Paid Users | 2.43 mn | 1.87 mn | 4.46 mn | 3.63 mn | 1.76 mn |
| Unique Transacting Users – Online | 2.10 mn | 1.60 mn | 4.13 mn | 3.40 mn | 1.68 mn |
| ACPU – Online Channel | Rs. 3,930.55 | Rs. 3,990.10 | Rs. 3,682.79 | Rs. 3,141.51 | Rs. 3,106.81 |
| Offline Student Enrolments | 0.33 mn | 0.27 mn | 0.33 mn | 0.23 mn | 0.08 mn |
| ARPU – Offline Channel | Rs. 11,821.56 | Rs. 11,532.42 | Rs. 40,404.56 | Rs. 39,597.24 | Rs. 34,467.15 |
| Total Offline Centers | 303 | 182 | 198 | 126 | 28 |
| PW Vidyapeeth Centers | 112 | 72 | 79 | 47 | 7 |
| PW Pathshala Centers | 78 | 47 | 47 | 20 | 21 |
| PW Other Centers | 47 | 9 | 19 | 7 | - |
| Total Subsidiary Centers | 66 | 54 | 53 | 52 | - |
IPORupee View: This table shows how fast the company has scaled. Paid users increased from 1.76 million in FY2023 to 4.46 million in FY2025. Total offline centres increased from 28 in FY2023 to 198 in FY2025 and 303 as of June 30, 2025.
This confirms that Physicswallah has moved from an online-led platform to a large multi-channel education company.
| Category | Q1 FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| JEE | 328,845 | 573,422 | 531,768 | 421,257 |
| NEET | 560,289 | 927,255 | 895,978 | 665,398 |
| Board and CUET | 138,845 | 193,495 | 83,671 | - |
| Chartered Accountancy | 24,187 | 48,200 | 42,186 | - |
| Civil Services Examinations | 58,853 | 143,471 | 104,400 | 50,968 |
| Commerce | 43,646 | 52,883 | 31,489 | - |
| Defence | 43,305 | 96,898 | 82,392 | - |
| Foundation | 370,379 | 528,098 | 382,240 | 189,163 |
| GATE | 22,369 | 73,968 | 58,122 | 32,425 |
| Other Government Examinations | 259,272 | 929,743 | 988,772 | - |
| MBA | 9,262 | 24,022 | 25,879 | - |
| Others | 338,027 | 1,179,452 | 698,189 | 645,927 |
| Skills | 7,538 | 24,784 | 27,893 | - |
| Total Users | 2,204,817 | 4,795,691 | 3,952,979 | 2,005,138 |
| Unique Transacting Users | 2,103,424 | 4,130,845 | 3,401,226 | 1,682,438 |
IPORupee View: Physicswallah is no longer only dependent on JEE and NEET. The company has expanded into government exams, civil services, commerce, CA, defence, GATE, MBA and skills.
| Particulars | Q1 FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue from operations | Rs. 8,470.88 mn | Rs. 28,866.43 mn | Rs. 19,407.10 mn | Rs. 7,443.18 mn |
| Online Channel Revenue | Rs. 3,987.65 mn | Rs. 14,040.50 mn | Rs. 9,650.15 mn | Rs. 4,557.70 mn |
| Offline Channel Revenue | Rs. 4,129.64 mn | Rs. 13,518.70 mn | Rs. 9,279.07 mn | Rs. 2,811.18 mn |
| Others | Rs. 353.59 mn | Rs. 1,307.23 mn | Rs. 477.88 mn | Rs. 74.30 mn |
| EBITDA | Rs. (212.21) mn | Rs. 1,931.95 mn | Rs. (8,293.46) mn | Rs. 138.58 mn |
| EBITDA Margin | (2.51)% | 6.69% | (42.73)% | 1.86% |
| Adjusted EBITDA | Rs. 264.73 mn | Rs. 4,319.61 mn | Rs. 669.87 mn | Rs. 1,193.18 mn |
| Adjusted EBITDA Margin | 3.13% | 14.96% | 3.45% | 16.03% |
IPORupee View: The company has become almost balanced between online and offline revenue. In FY2025, online revenue was Rs. 14,040.50 million and offline revenue was Rs. 13,518.70 million.
This confirms that Physicswallah is no longer only an online edtech platform. It is now a hybrid education company.
| Course | Physicswallah Pricing | Other Organised Player Pricing |
|---|---|---|
| JEE Class 12 | Rs. 4,500 | Rs. 75,000 – Rs. 80,000 |
| NEET Class 12 | Rs. 4,800 | Rs. 63,000 – Rs. 67,000 |
| UPSC | Rs. 18,000 | Around Rs. 110,000 |
IPORupee View: Affordable pricing supports scale, trust and access to students from Tier II, Tier III and lower-income families. But low pricing also creates margin risk.
The main question is whether the company can remain affordable and still become consistently profitable.
| Metric | Details |
|---|---|
| Main YouTube channel subscribers | Around 13.7 million as of July 15, 2025 |
| Active YouTube channels | 207 as of June 30, 2025 |
| YouTube subscribers across channels | 98.80 million as of June 30, 2025 |
| Social media channels / handles | 888 as of June 30, 2025 |
| Total followers / subscribers across social media | 119.27 million as of June 30, 2025 |
| Cumulative YouTube views | 22.85 billion as of June 30, 2025 |
| Core Android app rating | 4.6 on Play Store India as of June 30, 2025 |
| Daily active users | Increased from 0.93 million in FY2023 to 2.70 million in FY2025 |
IPORupee View: This is Physicswallah’s biggest moat. A large free community acts as a low-cost funnel. Free content builds trust, and then students convert into paid online batches, offline centres, hybrid learning, test series, books and other products.
Physicswallah manages operations at the Batch level. When a student signs up for a course, the student gets access to a structured bundle of services.
| Batch Component | Meaning |
|---|---|
| Course-specific curriculum | Structured syllabus coverage |
| Study plan | Planned learning journey |
| Doubt resolution tools | Academic support for students |
| Assignments | Practice and revision |
| Tests | Performance assessment |
| Revision classes | Exam-focused revision |
| Mentorship tools | Student guidance |
| Live or recorded lectures | Learning delivery |
| Tech-backed tools | App, AI, performance tracking and support |
Physicswallah had 548 employees in product and tech support as of June 30, 2025. It has built a scalable learning management system and uses several AI and technology tools.
| Tool | Meaning |
|---|---|
| AI Guru | AI-backed doubt-solving tool using text, image and audio responses |
| Smart Doubt Engine | AI tool for live-class questions and teacher prompts |
| AI Grader | AI tool for grading subjective written answers |
| AI Sahayak | Goal-setting and progress-tracking assistant |
| TeacherX | Helps teachers initiate and manage live classes without external tech support |
| PW Drona | Gives teachers overview of student performance, syllabus and schedule tracking |
| NCERT Pitara | Personalised self-learning content ecosystem |
| Nugget-o-verse | Breaks content into small nuggets for revision and self-paced learning |
| Tapasya Mode | Focus mode to help students avoid distraction |
| PW Ambassador | Referral portal for student acquisition |
| CuriousJr | Small-cohort courses for classes 3 to 8 |
| PW Store | In-house e-commerce platform for books and learning material |
| PW Academy | Books for nursery to class 8 sold through B2B contracts |
| Content Metric | Details |
|---|---|
| Books in content library | 4,382 books |
| Question bank | Over 8.66 million questions |
| Average engagement time per student | Increased from 93 minutes in FY2023 to 107 minutes in Q1 FY2026 |
The company uses smart boards, polls, quizzes, Q&A sessions, 3D models, counselling, motivation sessions, parent-student meetings and tech-enabled tools to improve pedagogy.
| Format | Meaning |
|---|---|
| PW Vidyapeeth | Offline centres for JEE, NEET and Foundation |
| PW Pathshala | Hybrid centres with online live lecture and local doubt faculty |
| PW Other Centers | Centres for defence, CA offline, government exams, OnlyIAS, Institute of Innovations, Bothra and others |
| Xylem | South India-focused offline business |
| Utkarsh Classes | Government examination category |
| Knowledge Planet | Middle East centres for JEE, NEET and Foundation |
| OnlyIAS | Civil services offline centres |
Physicswallah operates some offline centres and many hybrid centres through franchisees. Franchise agreements typically have a five-year term.
| Franchisee Responsibility | Physicswallah Responsibility |
|---|---|
| Leasing / procuring property | Teaching faculty |
| Furnishing premises | Technology |
| Approvals, licences and certificates | Content |
| Non-teaching staff | Tools |
| Administration | Operating manuals / policies |
| Operating expenses | Brand marketing guidance |
| Local execution | Student safety and interaction policies |
As of June 30, 2025, 54 Pathshala centres were operated by franchisee partners. The franchise model can support faster expansion with lower capital intensity, but it creates execution risk. Franchise quality, local staff, student safety, service standards and brand consistency must be controlled.
| Particulars | Q1 FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Tickets received | 559,964 | 1,053,195 | 742,907 |
| Tickets responded to | 559,962 | 1,052,917 | 742,863 |
For June 2025, approximately 82.16% of tickets were responded to within 24 hours.
| Support System | Meaning |
|---|---|
| PW Prerna | Helpline for stress and anxiety related to exams |
| Margdarshak | One-on-one mentoring for offline students |
| Health Genie | Medical and wellness support for students away from home |
| Student Welfare Society | First point of contact in emergencies at some centres |
| Student safety policies | Data protection, anti-sexual harassment policy and centre security |
| Period | Refunds |
|---|---|
| Q1 FY2026 | Rs. 153.49 million |
| Q1 FY2025 | Rs. 113.06 million |
| FY2025 | Rs. 261.45 million |
| FY2024 | Rs. 230.35 million |
| FY2023 | Rs. 87.00 million |
IPORupee View: Student support is critical in education businesses. But refunds and complaints must also be monitored. Rising refunds may indicate dissatisfaction, pricing mismatch, competition or course-quality issues.
| Faculty Type | Count as of June 30, 2025 |
|---|---|
| Faculty members – employees | 5,354 |
| Faculty members – consultants | 913 |
| Total Faculty Members | 6,267 |
Faculty hiring includes screening, background verification, subject tests, lecture demonstration, personal interviews, demo-based evaluation and final review. New faculty go through the Faculty Training Program. Faculty performance is assessed based on student feedback, planner adherence, subject matter expert evaluation and student performance across batches.
Faculty is the core asset of Physicswallah. Technology can support learning, but student trust depends heavily on teacher quality. Teacher attrition, poor teaching quality or inconsistency across centres can affect brand trust.
Physicswallah uses community-led marketing and large online events.
| Event | Purpose |
|---|---|
| Vishwas Diwas | Annual batch launch event |
| Diwali Mela | Course promotion and festive engagement |
| PW Anniversary | Brand engagement and promotions |
| Yearly Anniversary Sales | Discounts and YouTube engagement |
| Vijay Diwas | Celebrates successful students |
| Mission | Event for upcoming JEE, NEET and competitive exam aspirants |
| One-shot classes | Live concept sessions for important subjects |
| NSAT | Scholarship admission test for offline courses |
| Aagaz and Aabhar | Regional faculty meet-and-greet events |
| Event / Content | Cumulative YouTube Views |
|---|---|
| Vishwas Diwas 2024 | 4.27 million |
| Mission 2024 | 3.10 million |
| Physics one-shot class | 4.81 million |
| Chemistry one-shot class | 3.47 million |
| Biology one-shot class | 2.41 million |
PW Foundation focuses on six impact areas: academics and technical support, financial support, social and emotional well-being, livelihood and skills, healthcare and hygiene, and home and shelter.
| Initiative | Meaning |
|---|---|
| Utthan | Support to Jawahar Navodaya Vidyalayas and government schools |
| Sahyog | Financial support to NGO partners |
| Deshpande Skilling | Offline / hybrid education across villages |
| Summit Scholarship Program | Scholarships for underprivileged students |
| Prerna | Free mental wellbeing support |
| PW School of Startups | Entrepreneurship and startup learning initiative |
| IP Type | Count |
|---|---|
| Registered trademarks | 308 |
| Pending trademarks | 93 |
| Opposed trademark applications | 8 |
| Registered copyrights | 10 |
| Xylem trademark applications | 12 |
| Xylem registered trademarks | 4 |
| Xylem pending trademarks | 8 |
As of June 30, 2025, Physicswallah had 18,028 employees and 913 third-party faculty consultants.
| Function | June 30, 2025 |
|---|---|
| Business Support | 2,669 |
| Business Operations | 6,093 |
| Academics Education | 5,376 |
| Academics Operations | 1,994 |
| Product and Tech Support | 548 |
| Corporate Support | 1,348 |
| Total Employees | 18,028 |
Physicswallah operates entirely from leased premises. It does not own the underlying property for its offline centres, hybrid centres, residential complexes or registered / corporate office.
| Format | Centres as of June 30, 2025 |
|---|---|
| PW Vidyapeeth | 112 |
| PW Pathshala | 78 |
| PW Other Centers | 47 |
Leased centres allow faster expansion, but they create fixed commitments. If centre utilisation is low, lease cost can hurt profitability.
| Particulars | Details |
|---|---|
| Total Issue Size | Up to Rs. 34,800.00 million |
| Fresh Issue | Up to Rs. 31,000.00 million |
| Offer for Sale | Up to Rs. 3,800.00 million |
| Employee Reservation Portion | Up to Rs. 70.00 million |
| Face Value | Rs. 1 per share |
| Listing | BSE and NSE |
| Object | Estimated Amount |
|---|---|
| Capital expenditure for fit-outs of new offline and hybrid centers of the company | Rs. 4,605.51 million |
| Lease payments of existing identified offline and hybrid centers operated by the company | Rs. 5,483.08 million |
| Investment in Xylem for fit-outs and lease payments | Rs. 471.68 million |
| Investment in Utkarsh Classes for lease payments of existing identified offline centers | Rs. 280.02 million |
| Server and cloud related infrastructure costs | Rs. 2,001.06 million |
| Marketing initiatives | Rs. 7,100.00 million |
| Acquisition of additional shareholding in Utkarsh Classes | Rs. 265.00 million |
| Inorganic growth through unidentified acquisitions and general corporate purposes | Balance, subject to applicable limits |
IPORupee View: A meaningful part of the fresh issue is linked with offline / hybrid centre expansion, lease payments, server and cloud infrastructure, marketing and acquisitions. Investors should monitor whether these spends improve paid users, centre utilisation, margins and profitability.
| Particulars | Q1 FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue from operations | Rs. 847.08 crore | Rs. 2,886.64 crore | Rs. 1,940.71 crore | Rs. 744.32 crore |
| EBITDA | Rs. (21.27) crore | Rs. 193.19 crore | Rs. (829.35) crore | Rs. 13.86 crore |
| PAT / Restated loss | Rs. (127.00) crore | Rs. (243.26) crore | Rs. (1,131.13) crore | Rs. (84.08) crore |
| Net Worth | Rs. 1,867.92 crore | Rs. 1,945.37 crore | Rs. (861.79) crore | Rs. 62.29 crore |
| Total Borrowings | Rs. 1.55 crore | Rs. 0.33 crore | Rs. 1,687.40 crore | Rs. 956.15 crore |
IPORupee Financial Insight: Physicswallah has strong revenue growth, but the company is still in a profitability transition phase. Revenue from operations increased from Rs. 744.32 crore in FY2023 to Rs. 2,886.64 crore in FY2025.
FY2025 EBITDA turned positive, which is a positive operating signal. However, PAT was still negative in FY2025 and Q1 FY2026.
| Board Category | Count |
|---|---|
| Whole-Time Directors | 2 |
| Non-Executive Nominee Director | 1 |
| Non-Executive Independent Directors | 3 |
| Woman Independent Director | 1 |
| Name | Designation | IPORupee View |
|---|---|---|
| Alakh Pandey | Whole-Time Director and Chief Executive Officer | Founder, teacher-led brand face, strategic direction and student trust |
| Prateek Boob | Whole-Time Director | Co-founder, strategy, innovation planning and technology-led scaling |
| Deepak Amitabh | Chairperson and Non-Executive Independent Director | Public sector and governance experience |
| Nitin Savara | Non-Executive Independent Director | Finance, accounting, legal and corporate experience |
| Rachna Dikshit | Non-Executive Independent Director | Banking and finance experience |
| Sandeep Singhal | Non-Executive Nominee Director | Investment, strategy and capital allocation perspective |
IPORupee Management Insight: Management is one of the most important parts of the Physicswallah story. The company has founder-led student trust, strong teacher-brand identity, professional management, independent directors and investor nominee representation.
Investors should monitor founder dependence, related-party / relative appointments, governance professionalisation, offline expansion execution, acquisition integration, faculty retention, student outcome consistency and profitability discipline.
| Committee | Purpose |
|---|---|
| Audit Committee | Financial reporting, audit, controls and related party transaction review |
| Nomination and Remuneration Committee | Board appointments, remuneration and performance evaluation |
| Stakeholders’ Relationship Committee | Investor and shareholder grievance handling |
| Risk Management Committee | Business and operational risk oversight |
| Corporate Social Responsibility Committee | CSR policy and CSR activity oversight |
India has a large base of students preparing for JEE, NEET, UPSC, government jobs, board exams and other competitive exams.
Students and parents increasingly prefer a mix of online content and offline support.
Affordable education solutions can serve Tier II, Tier III and rural / semi-urban markets.
Online platforms allow one teacher to reach a very large student base.
Parents and students still value physical coaching centres, especially for high-stakes exams.
The industry opportunity is large, but competition is intense across online, offline and local coaching models.
Physicswallah has strong student trust and brand recall built through affordable education content.
The company had 98.80 million YouTube subscribers and 119.27 million total social media followers / subscribers as of June 30, 2025.
Physicswallah recorded 4.46 million paid users in FY2025.
The company operates through online, offline and hybrid channels.
Total offline centres increased from 28 in FY2023 to 303 as of June 30, 2025.
The company offers significantly lower pricing than many organised players in key exam categories.
Education categories increased from 6 in FY2023 to 13 by FY2025.
AI Guru, AI Grader, Smart Doubt Engine, AI Sahayak, TeacherX and PW Drona support scale.
The company had 4,382 books and more than 8.66 million questions in its content ecosystem.
FY2025 EBITDA turned positive, and adjusted EBITDA margin reached 14.96%.
Physicswallah Limited is a hybrid education platform offering test preparation and learning programmes across online, offline and hybrid channels. The company covers 13 education categories including JEE, NEET, Foundation, CUET, GATE, Civil Services, other government examinations, CA, Commerce, Defence, MBA, Skills and other categories.
Physicswallah has a strong student-community-led funnel. As of June 30, 2025, it had 207 active YouTube channels, 98.80 million YouTube subscribers, 888 social media channels / handles, 119.27 million total social media followers / subscribers and 22.85 billion cumulative YouTube views.
Operationally, the company had 4.46 million paid users in FY2025, 4.13 million online unique transacting users, 0.33 million offline student enrolments and 198 offline centres as of FY2025. As of June 30, 2025, total offline centres increased to 303.
The company’s revenue mix has become balanced between online and offline. In FY2025, online channel revenue was Rs. 14,040.50 million, while offline channel revenue was Rs. 13,518.70 million. This confirms that Physicswallah is no longer only an online edtech platform; it is now a hybrid education company.
The key strengths are affordable pricing, large student community, strong founder-led brand, 13 education categories, scalable online platform, offline centre reach, batch-based pedagogy, AI-backed learning tools, large content library and faculty base.
The key concerns are PAT losses, offline fixed cost, centre utilisation, franchise quality, faculty retention, founder dependence, competition, refund / complaint risk, data privacy, acquisition integration and governance transition as a listed company.
Physicswallah has moved from online edtech to online + offline + hybrid education.
Its online JEE, NEET and UPSC pricing is far lower than many organised players.
98.80 million YouTube subscribers and 119.27 million social media followers / subscribers create a powerful funnel.
Free YouTube and app content helps attract students and convert them into paid users.
Batches combine curriculum, classes, tests, doubt solving, revision and mentorship.
Total offline centres increased from 28 in FY2023 to 303 as of June 30, 2025.
FY2025 online revenue was Rs. 14,040.50 million and offline revenue was Rs. 13,518.70 million.
AI Guru, Smart Doubt Engine, AI Grader, AI Sahayak, TeacherX and PW Drona help students and teachers.
4,382 books and over 8.66 million questions support standardised learning.
Total faculty members were 6,267 as of June 30, 2025.
PW Prerna, Margdarshak, Health Genie and support-ticket tracking strengthen student trust.
Large refund amounts and support tickets should be monitored as the business scales.
Franchisees reduce capex but increase brand and execution risk.
The board includes founders, independent directors and an investor nominee director.
FY2025 EBITDA turned positive, but the company remained loss-making at PAT level.
Can Physicswallah maintain affordable education and strong student trust while scaling offline centres, managing faculty quality, improving margins and achieving consistent PAT profitability?
Physicswallah Limited is a strong hybrid education platform with a large digital community, strong founder-led brand, affordable pricing, multi-category education presence and expanding offline network.
The positives are strong founder-led student trust, large YouTube and digital community, 4.46 million paid users in FY2025, 303 offline centres as of June 30, 2025, online + offline + hybrid model, 13 education categories, affordable pricing advantage, batch-based structured learning model, AI-backed learning and teacher productivity tools, large content library and question bank, EBITDA turnaround in FY2025 and low debt position.
The concerns are PAT losses, offline fixed cost, centre utilisation risk, franchise execution risk, faculty retention and teaching quality risk, founder brand dependence, competition from online and offline players, refund and complaint risk, technology and data privacy risk, acquisition integration risk, lease commitment risk, affordability vs profitability risk and governance transition as a listed company.
This IPO should be studied as an edtech + affordable education + YouTube funnel + paid users + offline centres + hybrid learning + AI tools + EBITDA turnaround + PAT-loss and offline-cost risk story.
| Short Form | Full Form |
|---|---|
| IPO | Initial Public Offering |
| RHP | Red Herring Prospectus |
| OFS | Offer for Sale |
| JEE | Joint Entrance Examination |
| NEET | National Eligibility cum Entrance Test |
| UPSC | Union Public Service Commission |
| CUET | Common University Entrance Test |
| GATE | Graduate Aptitude Test in Engineering |
| CA | Chartered Accountancy |
| MBA | Master of Business Administration |
| LMS | Learning Management System |
| AI | Artificial Intelligence |
| DAU | Daily Active Users |
| ARPU | Average Revenue Per User |
| ACPU | Average Collection Per User |
| CAC | Customer Acquisition Cost |
| EBITDA | Earnings Before Interest, Tax, Depreciation and Amortization |
| PAT | Profit After Tax |
| EPS | Earnings Per Share |
| CSR | Corporate Social Responsibility |
| BSE | Bombay Stock Exchange |
| NSE | National Stock Exchange |
This content is prepared by IPORupee for educational and informational purposes only. It is based on IPO-related disclosures and company-level information for understanding the company’s business model, product portfolio, financial performance, management profile, industry position and key risks.
This is not a recommendation to apply, avoid, buy, sell or hold any IPO or security. IPORupee is not a SEBI-registered investment adviser, research analyst, broker, education consultant, edtech consultant or portfolio manager.
Edtech and education businesses are subject to valuation risk, competition risk, student acquisition risk, offline expansion risk, centre utilisation risk, franchise execution risk, faculty retention risk, content quality risk, student outcome risk, founder dependence risk, regulatory risk, data privacy risk, technology risk, refund risk, acquisition integration risk and profitability risk. Investors should read the Red Herring Prospectus, risk factors, financial statements, objects of the issue, management details and official disclosures carefully and consult their financial advisor before making any investment decision.
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 75.00 % | 23,89,67,891 | 2,604.75 Cr |
Retail | 10.00 % | 3,18,62,385 | 347.30 Cr |
Total HNI | 15.00 % | 4,77,93,577 | 520.95 Cr |
SHNI | 5.00 % | 1,59,31,192 | 173.65 Cr |
BHNI | 10.00 % | 3,18,62,385 | 347.30 Cr |
Employee | 0.00 % | 7,07,070 | 7.00 Cr |
Physicswallah Ltd allotted 14,33,80,733 equity shares to anchor investors at ₹109 per share on 10 Nov 2025 before the IPO opening. The total anchor allocation stood at 1,562.85 Cr across 57 anchor investors.
Mutual funds received 7,95,48,091 shares worth 867.07 Cr, representing 55.48% of the total anchor investor allocation. Within the mutual fund portion, ICICI Prudential Mutual Fund had the highest fund-house level allocation with 1,60,33,110 shares worth 174.76 Cr across 3 schemes. Other leading fund houses by allocation included Kotak Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund and Motilal Oswal Mutual Fund.
At scheme level, the largest mutual fund allocations included NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA SMALL CAP FUND, KOTAK SMALL CAP FUND, KOTAK ELSS TAX SAVER FUND, MOTILAL OSWAL FLEXI CAP FUND and ICICI PRUDENTIAL EQUITY & DEBT FUND.
The largest anchor investor received 9.90% of the anchor portion. The top five anchor investors together received 4,27,83,593 shares, representing about 29.84% of the total anchor allocation.
| Rank | Anchor Investor Name | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|
| 1 | SMALLCAP WORLD FUND, INC | 1,41,98,132 | 9.90 % | 154.76 Cr |
| 2 | NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA SMALL CAP FUND | 76,74,603 | 5.35 % | 83.65 Cr |
| 3 | GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO | 73,17,444 | 5.10 % | 79.76 Cr |
| 4 | TIMF HOLDINGS | 70,42,348 | 4.91 % | 76.76 Cr |
| 5 | KOTAK SMALL CAP FUND | 65,51,066 | 4.57 % | 71.41 Cr |
| Rank | Mutual Fund Scheme | AMC | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|---|
| 1 | NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA SMALL CAP FUND | Nippon India Mutual Fund | 76,74,603 | 5.35 % | 83.65 Cr |
| 2 | KOTAK SMALL CAP FUND | Kotak Mutual Fund | 65,51,066 | 4.57 % | 71.41 Cr |
| 3 | KOTAK ELSS TAX SAVER FUND | Kotak Mutual Fund | 65,48,052 | 4.57 % | 71.37 Cr |
| 4 | MOTILAL OSWAL FLEXI CAP FUND | Motilal Oswal Mutual Fund | 56,87,144 | 3.97 % | 61.99 Cr |
| 5 | ICICI PRUDENTIAL EQUITY & DEBT FUND | ICICI Prudential Mutual Fund | 54,97,125 | 3.83 % | 59.92 Cr |
The figures are based on the company’s stock exchange anchor allotment intimation. Anchor allocation is only an informational disclosure and does not indicate future listing performance.
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 137 (1) | ₹ 14,933 |
Retail MAX | - | 1781 (13) | ₹ 1,94,129 |
SHNI MIN | - | 1918 (14) | ₹ 2,09,062 |
SHNI MAX | - | 9042 (66) | ₹ 9,85,578 |
BHNI MIN | - | 9179 (67) | ₹ 10,00,511 |
Employee MIN | ₹ 10 | 137 (1) | ₹ 13,563 |
Employee MAX | ₹ 10 | 4932 (36) | ₹ 4,88,268 |
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | - | 3,100.00 Cr |
Offer for Sale | - | 380.00 Cr |
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
Kotak Mahindra Capital Company Limited | Ganesh Rane | +91 22 4336 0000 | physicswallah.ipo@kotak.com | www.investmentbank.kotak.com |
J.P. Morgan India Private Limited | Abhijay Kapoor / Rishank Chheda | +91 22 6157 3000 | physicsWallah_IPO@jpmorgan.com | www.jpmipl.com |
Goldman Sachs (India) Securities Pvt Ltd | Srishti Srivastava / Suchismita Ghosh | +91 22 6616 9000 | pw-ipo@gs.com | www.goldmansachs.com |
Axis Capital Limited | Pavan Naik | +91 22 4325 2183 | pw.ipo@axiscap.in | www.axiscapital.co.in |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of Physicswallah Ltd. The issue is scheduled to open on Tuesday, 11 November 2025 and closes on Thursday, 13 November 2025.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount offered to investors through the public issue.
For Physicswallah Ltd IPO, the total issue size is Rs 3,480 crore, consisting of a fresh issue of Rs 3,100 crore and an Offer for Sale (OFS) of Rs 380 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 103 per share and the upper price band is Rs 109 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Physicswallah Ltd IPO, the minimum lot size is 137 shares. At the upper price band of Rs 109 per share, the minimum application amount is Rs 14,933. Applications must be made in multiples of 137 shares.
Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.
For Physicswallah Ltd IPO, the Fresh Issue size is Rs 3,100 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.
Offer for Sale (OFS) means existing shareholders sell their shares to the public through the IPO.
For Physicswallah Ltd IPO, the Offer for Sale (OFS) size is Rs 380 crore. In an OFS, the selling shareholders receive the money, and the company usually does not receive funds from that portion.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For Physicswallah Ltd IPO, the IPO opens on Tuesday, 11 November 2025.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
Physicswallah Ltd IPO closes on Thursday, 13 November 2025.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For Physicswallah Ltd IPO, the tentative allotment date is Friday, 14 November 2025.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
Physicswallah Ltd IPO is expected to list on Tuesday, 18 November 2025.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For Physicswallah Ltd IPO, refund initiation is expected on Monday, 17 November 2025, and credit of shares to demat accounts is expected on Monday, 17 November 2025.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For Physicswallah Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI), Employees. The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In Physicswallah Ltd IPO, 75% shares are reserved under the QIB category, with 23,89,67,891 shares offered, and an allocation amount of ₹2,604.75 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In Physicswallah Ltd IPO, 10% shares are reserved under the Retail category, with 3,18,62,385 shares offered, and an allocation amount of ₹347.30 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In Physicswallah Ltd IPO, 15% shares are reserved under the NII/HNI category, with 4,77,93,577 shares offered, and an allocation amount of ₹520.95 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In Physicswallah Ltd IPO, 5% shares are reserved under the SHNI sub-category, with 1,59,31,192 shares offered, and an allocation amount of ₹173.65 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In Physicswallah Ltd IPO, 10% shares are reserved under the BHNI sub-category, with 3,18,62,385 shares offered, and an allocation amount of ₹347.30 crore.
Employee reservation is a special quota reserved for eligible company employees, if applicable.
In Physicswallah Ltd IPO, 7,07,070 shares are offered under the Employee Reservation category, and an allocation amount of ₹7.00 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Physicswallah Ltd IPO, the minimum lot size is 137 shares. At the upper price band of Rs 109 per share, the minimum application amount is Rs 14,933. Applications must be made in multiples of 137 shares.
Retail minimum application shows the minimum application size for retail investors.
For Physicswallah Ltd IPO, the Retail minimum application is 137 shares (1 lot) for about Rs 14,933.
Retail maximum application shows the maximum application size generally available under the retail category.
For Physicswallah Ltd IPO, the Retail maximum application is 1,781 shares (13 lots) for about Rs 1,94,129.
SHNI minimum application shows the minimum application size for the Small HNI category.
For Physicswallah Ltd IPO, the SHNI minimum application is 1,918 shares (14 lots) for about Rs 2,09,062.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For Physicswallah Ltd IPO, the SHNI maximum application is 9,042 shares (66 lots) for about Rs 9,85,578.
BHNI minimum application shows the minimum application size for the Big HNI category.
For Physicswallah Ltd IPO, the BHNI minimum application is 9,179 shares (67 lots) for about Rs 10,00,511.
Employee minimum application shows the minimum application size under the employee category, if this category is available in the IPO.
For Physicswallah Ltd IPO, the Employee minimum application is 137 shares (1 lot) for about Rs 13,563 with a discount of Rs 10 per share.
Employee maximum application shows the maximum application size under the employee category, if provided in the lot size table.
For Physicswallah Ltd IPO, the Employee maximum application is 4,932 shares (36 lots) for about Rs 4,88,268 with a discount of Rs 10 per share.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.