Tools & Calculators
11 Nov 25
13 Nov 25
₹14,111
137
₹103 to ₹109
NSE, BSE
₹3,480 Cr
18 Nov 25
11 Nov 25
13 Nov 25
14 Nov 25
17 Nov 25
17 Nov 25
18 Nov 25

Physicswallah is a leading edtech company providing test preparation courses for competitive exams like JEE, NEET, and UPSC, along with upskilling programs in data science, analytics, banking, finance, and software development. It delivers services online through social media, its website, and apps, and operates tech-enabled offline and hybrid learning centers. Ranked among India’s top five edtech firms by revenue, it has 13.7 million YouTube subscribers as of July 2025. In FY2025, it recorded 4.13 million online users, 0.33 million offline enrollments, 198 centers, 5,096 faculty, 15,775 employees, 3,582 published books, and an average collection per user of ₹3,682.79
The PhysicsWallah IPO is a book-built issue worth ₹3,480 crore, comprising a fresh issue of 28.44 crore shares aggregating to ₹3,100 crore and an offer for sale (OFS) of 3.49 crore shares totalling ₹380 crore.
The IPO will open for subscription on November 11, 2025, and close on November 13, 2025. The allotment of shares is likely to be finalised on November 14, 2025, with the company expected to list on the BSE and NSE on November 18, 2025.
The price band for the IPO is fixed between ₹103 and ₹109 per share. The lot size is 137 shares, requiring a minimum investment of ₹14,933 for retail investors (based on the upper price band). For sNII investors, the lot size is 14 lots (1,918 shares) amounting to ₹2,09,062, while for bNII investors, it is 67 lots (9,179 shares) worth ₹10,00,511.
Kotak Mahindra Capital Co. Ltd. is serving as the book-running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar of the issue.
| Category | Details |
| Issue Type | Book Built Issue IPO |
| 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 (OFS) | 3,48,62,385 shares of ₹1 (aggregating up to ₹380.00 Cr) |
| IPO Dates | 11 November 2025 to 13 November 2025 |
| Price Bands | ₹103 to ₹109 per share |
| Lot Size | 137 shares |
| Face Value | ₹1 per share |
| Listing Exchange | BSE, NSE |
| Shareholding pre-issue | 2,60,79,56,938 shares |
| Shareholding post-issue | 2,89,23,60,607 shares |
| 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 |
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Offer |
| Retail Shares Offered | Not more than 10% of the Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Offer |
| KPI | Value |
| Earnings Per Share (EPS) | (₹0.86) |
| Price/Earnings (P/E) Ratio | TBD |
| Return on Net Worth (RoNW) | (12.50%) |
| Net Asset Value (NAV) | ₹7.73 |
| Return on Equity (RoE) | (127.60%) |
| Return on Capital Employed (RoCE) | (5.15%) |
| EBITDA Margin | (6.69%) |
| PAT Margin | (8.43%) |
| Debt to Equity Ratio | 1.67 |
The Net Proceeds are intended to be utilised as per the details provided in the table below:
| Particulars | Amount (in ₹ million) |
| Capital expenditure for fit-outs of new offline and hybrid centers of our Company | 4605.51 |
| Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company | 5483.08 |
| Capital expenditure for fit-outs of new offline centers of Xylem | 316.48 |
| Lease payments for Xylem’s existing identified offline centers and hostels | 155.20 |
| Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers | 336.99 |
| Expenditure towards server and cloud related infrastructure costs | 2001.06 |
| Expenditure towards marketing initiatives | 7100 |
| Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited | 265 |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes | [●] |
Note: *To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC
| Particulars | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 41,563.81 | 24,807.40 | 20,821.76 |
| Revenue | 28,866.43 | 19,407.10 | 7,443.18 |
| Profit After Tax | (2,432.58) | (11,311.30) | (840.75) |
| Reserves and Surplus | 4,717.16 | (12,524.77) | (1,886.39) |
| Total Borrowings | 3.27 | 16,874.00 | 9,561.51 |
| Total Liabilities | 26,028.70 | 36,529.64 | 21,323.43 |

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Largest Online Student Community & Rapid User Growth
Physicswallah Limited operates India’s largest online student community, highlighted by its main YouTube channel having approximately 13.7 million subscribers as of July 15, 2025. This community-led approach drove significant growth, with its total number of paid users reaching 4.46 million in Fiscal 2025, reflecting a Compound Annual Growth Rate (CAGR) of 59.19% between Fiscals 2023 and 2025. The company effectively converts this engaged digital following into a robust paying user base.
Affordable Pricing Strategy and Brand Affinity
The company maintains a core mission of increasing education accessibility through affordability, offering some of the most budget-friendly test preparation courses in India for examinations like JEE and NEET. This commitment, coupled with a student-led approach and free content offerings, has cultivated a strong brand affinity. This is demonstrated by “Physics Wallah” having the highest search interest among top-five education players in Fiscal 2025.
Extensive Multi-Channel and Category Presence
Physicswallah Limited offers courses across 13 Education Categories as of March 31, 2025, up from six in Fiscal 2023, catering to students from early education to professional qualifications. Delivery is versatile, encompassing online, hybrid, and a rapidly expanding offline presence with 198 total offline centers as of March 31, 2025, achieving a 165.92% CAGR between Fiscals 2023 and 2025.
Proprietary, Scalable, and AI-Driven Technology
The company utilizes a flexible, proprietary technology-stack, supported by a 598-person team, to enhance the student learning experience at scale. It leverages AI, big data, and machine learning to innovate its offerings, exemplified by tools like “AI Guru,” which provides personalized support, and the “AI Grader,” which grades subjective answers without human intervention, leading to quicker feedback and operational efficiency.
Specialized Faculty and Quality Content Delivery
A large faculty pool of 5,096 members as of March 31, 2025, ensures specialization across multiple academic disciplines and functions, supported by a robust faculty training program. A centralized process develops a vast, up-to-date content library of over 8.20 million question banks, delivered through an engaging, tech-enabled pedagogy that has increased the average engagement time per student to 111 minutes in Fiscal 2025.
Experienced Management and Growth Trajectory
The company is guided by a team of visionary founders, including Alakh Pandey, who has received significant industry recognition, and experienced professional management. This leadership has steered the company to significant financial growth, with revenue from operations growing at a substantial CAGR of 96.93% between Fiscals 2023 and 2025, confirming the effectiveness of its core operational philosophy.
Physicswallah Limited is a leading education company in India offering test preparation courses for competitive examinations, as well as upskilling programs. The company delivers its courses through three main channels:
Among the top five education companies in India by revenue, Physicswallah has the largest student community. Its flagship YouTube channel, “Physics Wallah-Alakh Pandey,” had approximately 13.7 million subscribers as of July 2025. Across all 207 YouTube channels, the subscriber base reached 98.8 million as of June 2025, growing at a CAGR of 41.8% between Fiscal 2023 and 2025.
Course Offerings and Accessibility
Physicswallah provides content across 13 education categories, ranging from early education to competitive exams like JEE, NEET, UPSC, GATE, and other government exams. It also offers professional skills programs in areas such as data science, analytics, banking, finance, and software development.
A significant portion of the content is freely available online, with paid courses priced affordably. For instance, one-year JEE and NEET courses like “Arjuna JEE 3.0 2025” and “Lakshya NEET 2025” are offered between ₹2,199 and ₹4,800. This strategy encourages organic growth of the paid user base and fosters brand affinity.
Operational Reach
As of March 31, 2025, the company operated 198 offline centers and had 4.13 million unique online transacting users alongside 0.33 million offline enrollments. It employs 5,096 faculty members, including content developers and question-resolution specialists.
Technology and Pedagogy
Physicswallah leverages AI, big data, and machine learning to enhance learning outcomes. Tools like AI Guru resolve academic queries autonomously, while AI Grader quickly grades subjective answers. The pedagogy emphasizes engaging, interactive classrooms, personalized learning paths, and standardized content delivery across all channels.
Student-Centric Approach
The company focuses on:
Founded by Alakh Pandey in 2014, Physicswallah continues to expand its reach and offerings, aiming to make quality education accessible and affordable across India.
Market Growth and Projections
The Indian EdTech sector is experiencing significant expansion, driven by technological advancements and a growing demand for accessible education.
Growth Drivers
Several factors are propelling the growth of the EdTech industry in India:
Peer Group Comparison
Increase Student Engagement and Brand Recall
Physicswallah Limited aims to strengthen its student community by providing engaging, high-quality content through free and paid offerings. Leveraging technology, targeted marketing, and specialized pedagogy, the company focuses on improving learning outcomes, building trust, and enhancing brand recall across its online and offline channels.
Expand and Enhance Offerings Across Education Categories
The company plans to grow its course network and introduce new education categories across multiple languages. By targeting K-12, competitive exams, and post-professional skill development, Physicswallah seeks to cover the entire student learning journey, offering premium and small-cohort courses to meet diverse learning needs.
Develop Multi-Channel Presence
Physicswallah intends to expand offline and hybrid centers strategically, using data insights from its online community to identify high-demand areas. Organic, inorganic, and franchisee approaches are employed to enhance presence while maintaining standardized content delivery and seamless integration across all channels for optimal student outcomes.
Scale Operations and Introduce Value-Added Services
By leveraging network effects, standardized delivery, and a flexible technology stack, the company aims to optimize costs, improve margins, and scale operations. Value-added services like Batch Infinity Pro allow upselling at minimal cost, while larger batch sizes maintain quality and expand student reach.
Pursue Strategic Inorganic Opportunities
Physicswallah focuses on acquiring synergistic businesses to strengthen capabilities and market reach. Through careful target selection and integration, acquisitions like Xylem, Knowledge Planet, Utkarsh Classes, and Guiding Light enable expansion into new regions, multi-lingual courses, civil services, and the Middle East market while maintaining consistent quality and operational efficiency.
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The IPO is ₹3,480 crore, comprising a fresh issue of ₹3,100 crore and an OFS of ₹380 crore.
The equity shares are proposed to be listed on NSE and BSE post-IPO on 18 November 2025.
Kotak Mahindra Capital Ltd. is the lead manager, and MUFG Intime India Pvt. Ltd. is the registrar.
Proceeds will fund offline and hybrid centers, marketing, tech infrastructure, acquisitions, and general corporate purposes.
Promoters Alakh Pandey and Prateek Boob hold 96.13% of the company’s shares pre-IPO.