PhysicsWallah IPO Review 2025  

Industry Outlook

The Indian EdTech industry, where PhysicsWallah (PW) operates, is undergoing a major structural shift towards a hybrid, affordable model, moving past the pandemic-era boom-and-bust cycle.

The outlook is highly positive on growth, but competition and the need for profitability are intensifying.

Industry Outlook & Growth Drivers (2025-2033)

The Indian EdTech market is poised for explosive growth, driven by fundamental demographic and digital trends.

• Digital Penetration: The active internet user base in India is rapidly increasing (projected towards 900 million by 2025), making online learning accessible to Tier 2, 3, and rural areas.
• Rising Aspirations: Growing awareness of competitive exams (JEE, NEET, UPSC) and the need for upskilling among India’s vast youth population drives demand for quality, affordable content.
• Government Initiatives: The National Education Policy (NEP) 2020 encourages the integration of technology and hybrid learning models into the pedagogical framework, fostering a supportive environment.
• Affordability Demand: The high cost of traditional coaching/education, coupled with the middle-class segment's price sensitivity, fuels the demand for low-cost, high-quality platforms like PW.

About the Company

• Name: PhysicsWallah Limited (commonly known as PW or PhysicsWallah)
• Headquarters: Noida, Uttar Pradesh, India 
• Founders:
  • Alakh Pandey – popular physics teacher & YouTube educator
  • Prateek Maheshwari – co-founder handling tech & business side 

• Online courses & subscriptions (app/website)
• Offline & hybrid centres (Vidyapeeth, Pathshala & other formats)
• Books, question banks and printed material

• 4.46 million paid users
• 303 offline centres across India 

 PhysicsWallah earns revenue mainly from:

• Fees from online courses & test-prep programs
• Fees from offline / hybrid coaching centres
• Sale of books, question banks and learning material
• Other educational services / offerings as the ecosystem expands 

• One of the most recognised edtech brands in India with huge YouTube & app following. 
• Strong positioning in “affordable quality coaching” vs many premium high-fee players.
• IPO listed at a 33% premium, and at one point valued the company at around $5.2 billion, making it one of the highest-valued listed edtech firms in India.

• Founder & Key Face: Alakh Pandey – central to brand, content and student trust.
• Co-founder: Prateek Maheshwari – focuses on tech, expansion, and business strategy. 

• Being an edtech and coaching brand, PW faces risks relating to:
  • Regulatory changes in education & online coaching
  • Complaints or disputes regarding centres, teachers or course quality
• Media has earlier reported disputes with some former teachers and rival platforms, but there is no widely reported “major” litigation threatening going concern as of now. Investors should still read the “Outstanding Litigation” section of the RHP carefully.

Litigation & Risks

• Being an edtech and coaching brand, PW faces risks relating to:
  • Regulatory changes in education & online coaching
  • Complaints or disputes regarding centres, teachers or course quality
• Media has earlier reported disputes with some former teachers and rival platforms, but there is no widely reported “major” litigation threatening going concern as of now. Investors should still read the “Outstanding Litigation” section of the RHP carefully.

IPO Details

IPO Timeline

Objective of IPO

According to the RHP and broker research notes, PhysicsWallah plans to use the fresh issue of ₹3,100 crore for: 

• Technology & Product Enhancements
  • Investing in platforms, OTT-like learning app (Pi), content, cloud and analytics.
• Expansion of Offline & Hybrid Centres
  • Rapid expansion plan to open more centres across India, especially Tier-2/3 cities and South India. 
• Acquisitions & Partnerships
  • Inorganic growth to add new categories / geographies (estimate ~₹60+ crore earmarked). 
• General Corporate Purposes
  • Branding, marketing, working capital and strengthening the balance sheet.

IPO Financials

Key takeaways:

• Revenue grew ~2.3× in FY24 and ~49% in FY25, showing very strong top-line growth. 
• Losses have narrowed sharply from over ₹1,100 crore in FY24 to under ₹100 crore in FY25, and EBITDA turned positive.

KPI & Financial Highlights 

Some key operational metrics:

• Paid Users: 4.46 million as of June 2025 (up from ~3.63m a year earlier). 
• Offline Footprint: 303 centres across India (Vidyapeeth, Pathshala, and other formats), growing at >160% CAGR from FY23–FY25. 
• Engagement: Daily Active Users (DAUs) rose from 0.93 million in FY23 to 2.70 million in FY25; average engagement increased from 93 minutes to 111 minutes per day. 
• Online vs Offline Mix (FY25): Around 48.6% revenue from online and 46.8% from offline centres.

• IPO subscription: ~1.8× overall (QIB ~2.7×, Retail ~1.0×, Employees ~3.3×).
• Listing gains: Stock listed at ~33% premium (around ₹143–145 vs issue price ₹109).

SWOT Analysis

Competitive Analysis & Market Pe

Key Edtech Peers:

• BYJU’S – once India’s largest edtech, now struggling with debt & governance issues.
• Unacademy, Vedantu, upGrad – large players with deep funding but also profitability challenges.

• Allen, Aakash (Byju’s), FIITJEE, Resonance and various regional coaching institutes.

• Strong “value-for-money” positioning with lower course fees.
• Balanced online + offline revenue mix and aggressive plan to open more centres (60–70 new centres soon; 200+ over three years).
• Rapid growth in paid users and DAUs with improving margins.

Should You Apply for PhysicsWallah IPO?

Although the IPO window (11–13 November 2025) is over and the stock is already listed, the question becomes: 

Should you invest now?

Positives

• High growth with improving profitability – losses reduced sharply in FY25, EBITDA positive. 
• Strong and trusted brand among students across India. 
• Balanced online-offline model and clear expansion roadmap. 

• Company is still not fully profitable at net level. 
• Edtech is volatile – valuations can swing based on sentiment and regulatory news.
• After a 33% listing premium, immediate upside may be limited if markets turn weak. 

• Aggressive, long-term investors who believe in edtech + PW brand may consider staggered buying (SIP-style) rather than lump-sum.
• Conservative or short-term traders might wait for:
  • 2–3 more quarters of results
  • A better entry price after volatility / corrections, if any.

Conclusion

PhysicsWallah’s IPO is a landmark event for Indian edtech:

• From a single YouTube channel to a multi-billion-dollar listed company, the journey is remarkable. 
• The company shows strong growth, strong brand and improving financials.
• At the same time, investors must remember:
  • Edtech has seen big booms and busts.
  • PW is still in investment and expansion mode, not yet a steady-profit compounder.

FAQs

1. What are the PhysicsWallah IPO dates?
The IPO opened on 11 November 2025 and closed on 13 November 2025. Shares listed on 18 November 2025 on NSE & BSE.

2. What was the PhysicsWallah IPO price band and lot size?
The price band was ₹103–₹109 per share and the lot size was 137 shares, requiring a minimum retail investment of about ₹14,933 at the upper band.

3. What was the total issue size and structure?
Total issue size was ₹3,480 crore – including ₹3,100 crore fresh issue and ₹380 crore OFS.

4. Is PhysicsWallah profitable?
Not yet at net level. FY25 revenue was around ₹3,901.7 crore with a net loss of ~₹84 crore, but that’s a big improvement versus a ₹1,131 crore loss in FY24. EBITDA turned positive in FY25.

5. How did PhysicsWallah list on the stock exchanges?
It listed at about 33% premium – around ₹143–145 per share against the IPO price of ₹109.

6. What will the IPO funds be used for?
Mainly for technology enhancements, expansion of offline/hybrid centres, acquisitions and general corporate purposes

7. Is PhysicsWallah a good long-term investment?
PW has strong growth and brand but is still loss-making and operates in a competitive, regulated sector. Whether it’s suitable depends on your risk appetite, time horizon and portfolio allocation. Always do your own research or consult a SEBI-registered advisor.