IPO Details
Issue Opening Date: November 11, 2025
Issue Closing Date: November 13, 2025
Issue size: ₹ 3,480.00 Cr. (@ upper Price Band of ₹109)
Fresh Issue: ₹ 3,100.00 Cr.
Price Band: ₹ 103 to ₹109 per Equity Share
Employee Discount: ₹ 10 per Equity Share
Lot Size: 137 Shares & in multiples thereafter
Minimum Application Amount: ₹ 14,933/- (137 Shares)
Maximum Application Amount: ₹ 1,94,129/- (1,781 Shares)
Small HNI: ₹ 2,09,062/- (1,918 Shares)
Big HNI: ₹ 10,00,511/- (9,179 Shares)
Company Overview
Physicswallah Limited is the largest in India in terms of student community, with its main YouTube channel, “Physics Wallah-Alakh Pandey", having ~1.37 crore subscribers as of July 15, 2025. It offers test preparation courses for competitive examinations and other courses, such as those for upskilling, using a combination of online, offline, and hybrid delivery channels. They also have a significant offline presence among education companies in India in terms of offline revenue.
As of June 30, 2025, they operated 112 offline centers under the ‘Vidyapeeth’ format, 78 hybrid centers under the ‘Pathshala’ format (including 54 centers operated by their franchises), and 47 offline centers under ‘PW Other Center’ format. The company occupies these on a leasehold basis. They offer courses in 7 languages.
They expanded into South India and began offering multilingual courses following the acquisition of Xylem in Fiscal 2024 and into the Middle East with the acquisition of Knowledge Planet in 2023 and, as of June 30, 2025, have 16 offline centers in the Middle East. They acquired Utkarsh Classes to strengthen their presence in the government competitive examinations.
Key Highlights
Presence across 13 education categories in India with courses offered through multiple channels
Their proprietary technology-stack enhances students’ learning experience
Their ecosystem generates network effects driven by their community-based approach
Specialized faculty members across categories, content and well-planned curriculum leading to successful results
Total Number of Paid Users grew at a CAGR of 59.19% between Fiscals 23–25.
Objects of the Issue
Capital expenditure for fit-outs of new offline and hybrid centers of the company (₹ 460.55 Cr.)
Expenditure towards lease payments of existing identified offline and hybrid centers operated by Co. (₹ 548.31 Cr.)
Investment in the subsidiary, Xylem Learning Pvt Ltd. (₹ 47.17 Cr.)
Investment in the Subsidiary, Utkarsh Classes & Edutech Pvt Ltd, for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers (₹ 28 Cr.)
Expenditure towards server and cloud-related infrastructure costs (₹ 200.11 Cr.)
Expenditure towards marketing initiatives (₹ 710 Cr.)
Acquisition of additional shareholding in the subsidiary, Utkarsh Classes & Edutech Pvt Ltd (₹ 26.50 Cr.)
Funding inorganic growth through unidentified acquisitions and General Corporate Purposes
Offer for Sale of equity Shares aggregating up to ₹ 380 Cr. The company will not receive any proceeds from the Offer for sale.
Our View
Incorporated in 2020, Physicswallah Limited (“Physicswallah”) is the largest in India in terms of student community, with its main YouTube channel, “Physics Wallah-Alakh Pandey", having ~1.37 Cr. subscribers as of July 15, 2025. Their YouTube community had 98.80 million subscribers as at June 30, 2025 and grew at a CAGR of 41.80% between Fiscals 2023 and 2025. Its digital-first approach continues to dominate India’s competitive education sector. While the digital channel continues to lead, PhysicsWallah has strategically invested in offline and hybrid centers, reinforcing its omnichannel presence.
However, risks to consider are losses in the recent past, Regulatory Risks in Education Sector, cybersecurity, data or privacy breaches, highly competitive industry, ability to attract and retain students and faculty members, Dependence on Founders, significant portion of offline revenue from the offline centers(~60%) may adversely affect the business, financial condition and results of operations.
On the financial front from FY23–FY25, the company’s topline grew at CAGR 97% from FY23–FY25. At the same time bottom-line presented Losses. Despite losses, company’s EBITDA margin improved sharply from (42.73%) in FY24 to 6.69% in FY25 and adjusted EBITDA stood at ₹431.96 Cr. in FY25, reflecting strong underlying operational performance even as expansion costs weighed on profitability. The issue is priced at a P/BV of 15.16 based on its NAV of Rs. 7.19 as at Q1FY26.
The company has strong brand business presence with diversifying learning model but at the same time continuous losses, uncertain profitability and major IPO proceeds are intended at Growth & Brand Development. Investors may avoid the issue.
Key Financials (summary)
Topline growth FY23–FY25: CAGR 97%
EBITDA: improved from (42.73%) in FY24 to 6.69% in FY25
Adjusted EBITDA: ₹431.96 Cr. in FY25
Valuation: P/BV 15.16 (NAV Rs. 7.19 at Q1FY26)
Risks & Considerations
Losses in the recent past and uncertain path to sustained profitability.
Regulatory risks in the education sector and evolving compliance requirements.
Cybersecurity, data or privacy breaches risks.
Highly competitive industry; faculty and student retention risks.
Dependence on founders and concentration of offline revenue (~60%).
Significant IPO proceeds are earmarked for growth and brand development which may not immediately translate into profitability.
Frequently Asked Questions (FAQs)
When is the Physicswallah IPO opening and closing?
Issue Opening Date: November 11, 2025. Issue Closing Date: November 13, 2025.
What is the price band, lot size and minimum application amount?
Price Band: ₹103–₹109 per share. Employee Discount: ₹10 per share. Lot Size: 137 shares. Minimum Application Amount: ₹14,933 (137 shares).
What does Sushil Finance recommend?
Our View: Avoid. Despite the brand strength and growth in user base, continued losses, uncertain profitability and large use of proceeds for growth & brand development make the IPO unsuitable for most investors.
What are the main risks to consider before applying?
Key risks are sustained losses, regulatory uncertainty in the education sector, data/cybersecurity exposure, dependence on founders, and high valuation ratios.
Brief Financials
| PARTICULARS |
₹ in Million |
As at
June 30, 2025 |
FY ‘25 |
FY ‘24 |
FY ‘23 |
| Total Income |
9,054.11 |
30,390.89 |
20,153.48 |
7,725.44 |
| Total Expenditure |
10,574.83 |
32,648.49 |
32,792.62 |
8,619.90 |
| EBITDA |
(212.21) |
1,931.95 |
(8,293.46) |
138.58 |
| Loss before Tax |
(1,520.31) |
(2,585.52) |
(11,926.94) |
(894.46) |
| Loss after Tax |
(1,270.09) |
(2,432.58) |
(11,311.30) |
(840.75) |
| E.P.S. (Diluted) |
(0.46)* |
(0.86) |
(4.79) |
(0.38) |
| P/E (x) (Diluted) |
- |
- |
- |
- |
| RONW (%) |
(6.80)* |
(12.50) |
- |
(134.98) |
* Not Annualised
PRICE CHART (@ ₹ 109) (Retail Category)
| LOT SIZE |
| Amount |
| 137 |
14,933 |
| 274 |
29,866 |
| 411 |
44,799 |
| 548 |
59,732 |
| 685 |
74,665 |
| 822 |
89,598 |
| 959 |
104,531 |
| 1,096 |
119,464 |
| 1,233 |
134,397 |
| 1,370 |
149,330 |
| 1,507 |
164,263 |
| 1,644 |
179,196 |
| 1,781 |
194,129 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
1,918 |
209,062 |
| Big HNI |
9,179 |
1,000,511 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
14/11/2025 |
| Initiation of refunds/unblocking ASBA Fund |
17/11/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
17/11/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
18/11/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
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