Physicswallah Limited IPO Company Profile:
Physicswallah limited delivers comprehensive test preparation and upskilling courses for competitive exams through multiple channels, including online platforms (website and apps), tech-enabled offline centers with live faculty-led classes, and hybrid centers employing a two-teacher model. The hybrid approach allows students to participate in live online classes at a physical center, while benefiting from on-site faculty for doubt resolution and revision. This multi-modal delivery enables flexible access to high-quality education, accommodating varied student needs and enhancing the overall learning experience.
| IPO-Note | Physicswallah limited |
| Rs. 103 – Rs. 109 per Equity share | Recommendation: Avoid |
Physicswallah Limited IPO Details:
| Issue Details | |
| Objects of the issue | · Capital expenditure for new offline and hybrid centers.
· Pay lease payments · Investment in subsidiary · For new technology · Marketing expenses · General corporate Exp. |
| Issue Size | Total Issue Size-Rs. 3,480.00Cr
OFS Size- Rs. 380.00 Cr Fresh Issue- Rs. 3,100.00 Cr |
| Face value |
Re. 1 |
| Issue Price | Rs. 103 – Rs. 109 per share |
| Bid Lot | 137 Shares |
| Listing at |
BSE, NSE |
| Issue Opens | November 11, 2025- November 13, 2025 |
| QIB | Not less than 75% of Net Issue Offer |
| HNI | Not More than 15% of Net Issue Offer |
| Retail | Not More than 10% of Net Issue Offer |
| Employee Discount | Rs. 10 |
Physicswallah Limited IPO
Wants To Apply Online 
Physicswallah Limited IPO Strengths:
- The Company offers courses across 13 education categories, including flagship test preparation programs for JEE, NEET, and Foundation, preparation for various competitive exams for higher education and government careers, and upskilling courses designed for students and working professionals aiming to enhance their academic or career competencies.
- As of Q1FY26, the Company operated 888 channels and handles across YouTube and other social media platforms, with a cumulative follower or subscriber base of 119.27 million. Its content recorded a total of 22.85 billion cumulative views on YouTube, reflecting its extensive digital reach and strong engagement across online learning communities.
- For Fiscal 2025, Physicswallah reported a total of 4.46 million paid users, reflecting a CAGR of 59.19% between Fiscals 2023 and 2025. In Q1FY26, the number of paid users stood at 2.43 million, an increase from 1.87 million in Q1FY25, demonstrating continued strong momentum in user conversion and monetization.
- The Company aims to further leverage its proprietary technology stack to deliver content at scale, successfully integrate new offerings, and provide tech-enabled tools for students and teachers to support coursework planning, doubt resolution, test grading, and overall teaching efficiency, thereby enhancing learning outcomes and pedagogy.
- During FY25, it operated 216 residential hostels, comprising 192 hostels under the Xylem brand and 24 hostels operated through third-party facilities for Vidyapeeth students. In Q1FY26, the Company operated 166 residential hostels, all of which were under the Xylem brand, reflecting a consolidated and brand-focused approach to its residential offerings.
- The Company’s Average Collection Per User (Online) increased from ₹3,106.81 in FY23 to ₹3,682.79 in FY25, before moderating to ₹3,930.55 in Q1FY26 due to a shift toward lower-priced offerings. The Average Revenue Per User (Offline) rose from ₹34,467.15 in FY23 to ₹40,404.56 in FY25, and stood at ₹11,821.56 in Q1FY26.
- It reported revenue from operations of ₹2,886.64 crore in FY25, reflecting a 48.74% increase from ₹1,940.71 crore in FY24, and incurred a loss of ₹243.26 crore in FY25. In Q1FY26, it reported revenue from operations of ₹847.09 crore and a loss of ₹127.01 crore.
- The Indian test preparation market is projected to grow at a CAGR of approx. 13% to reach ₹1.9–2.1 trillion by Fiscal 2030. Online education penetration is expected to rise from approx. 2% in FY22 to approx. 4% in FY25. Higher education, test preparation, and upskilling are growing steadily, while undergraduate and postgraduate markets are expected to grow at approx. 10% and approx. 13% CAGR, respectively, by Fiscal 2030.
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Physicswallah Limited IPO
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Physicswallah Limited IPO Risk Factors:
- The Company operates in a highly competitive environment and faces intense competition from listed, unlisted and local players, including Unacademy, BYJU’S/Aakash BYJU’S, Allen, Vedantu, Toppr, Khan Academy, FIITJEE, Motion, NIIT, Aptech, Navneet Education, Zee Learn, and Jetking Infotrain Ltd., among others. Such competition may exert pressure on pricing, market share, revenue growth, and overall profitability.
- The cyclical nature of the academic calendar impacts revenue generation, with peaks during enrolment periods and dips during exam or vacation seasons. This creates operational inefficiencies and financial variability for education providers.
Physicswallah Limited IPO Outlook:
PhysicsWallah Limited offers test preparation and upskilling programs across online, offline, and hybrid channels and reported revenue growth of 48.74% in FY25 and it incurred a loss of ₹243.26 crore. It is among the top five education companies by revenue and has the largest student community in India. In Q1FY26, it had 2.10 million online unique transacting users and operated 303 offline centers. Its strong digital presence includes 888 social media channels and 119.27 million followers. While industry growth remains favorable, intense competition may influence revenue and profitability. At the upper price band of ₹109, the issue appears to be valued on the higher side, particularly given the current loss-making position and negative earnings. Therefore, we recommend avoiding the issue. However, aggressive investors may consider subscribing solely for potential listing gains.
Physicswallah Limited IPO Financial Performance:
Physicswallah Limited IPO Shareholding Pattern:
| Particulars | Pre Issue | Post issue |
| Promoters Group | 81.64% | 72.30% |
| Others | 18.36% | 27.70% |
Sources: Company Website, RHP.
Physicswallah Limited IPO FAQ:
Ans. PhysicsWallah IPO is a main-board IPO of 31,92,66,054 equity shares of the face value of ₹1 aggregating up to ₹3,480.00 Crores. The issue is priced at . The minimum order quantity is 137.
The IPO opens on November 11, 2025, and closes on November 13, 2025.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Ans. The PhysicsWallah IPO opens on November 11, 2025 and closes on November 13, 2025.
Ans. PhysicsWallah IPO lot size is 137, and the minimum amount required for application is ₹14,933.
Ans. The PhysicsWallah IPO listing date is not yet announced. The tentative date of PhysicsWallah IPO listing is Tuesday, November 18, 2025.
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