PhysicsWallah IPO: Check IPO Date, Lot Size, Price & Details

OVERVIEW

Physics Wallah (PW) began as a YouTube channel in 2014 when its founder, Alakh Pandey, started teaching physics for free. Driven by his vision to make learning affordable and accessible, he later partnered with Prateek Boob to formally establish the company. The company is one of India’s top education companies by revenue and student community.

PW provides affordable test preparation and upskilling courses across 13 education categories. It caters to students preparing for competitive exams like JEE, NEET, UPSC, GATE, and CUET, as well as professionals seeking to enhance their skills in data science, banking, finance, and software development. Its flagship online batches, for JEE and NEET, are priced between ₹2,199 and ₹4,800, making them among the most affordable in India.

The company operates through three delivery channels - online, offline, and hybrid centres - allowing students flexibility in how they learn. Its offline presence has expanded rapidly, with 303 centres nationwide, growing at a CAGR of nearly 166% over FY23-FY25. In FY25, PW had 6,267 faculty members (up from 5,096 in FY24), including teachers, content developers, and experts in doubt-solving. The strength of this academic team ensures quality and personalised learning across all subjects. The company has also integrated technology-driven learning tools such as AI Guru for doubt resolution and AI Grader for automated test evaluation, enhancing the learning experience.

PW’s reach is amplified through its powerful digital ecosystem. Its main YouTube channel, Physics Wallah – Alakh Pandey, had 13.9 million subscribers as of November 2025, while the broader YouTube network, spanning 207 channels, reached nearly 99 million subscribers. The company’s free and open-access educational content serves as a funnel for its paid courses, facilitating the organic conversion of learners into paying users.

On the financial front, PW demonstrates strong monetisation across both channels. In FY25, the average revenue per user (ARPU) stood at ₹40,405 for offline and ₹3,683 for online courses, reflecting its dual focus on scale and premium physical offerings. NEET, JEE, and Other Government Examinations drove top top-paid course enrolments.

IPO DETAILS

OBJECT OF THE ISSUE

• Capital expenditure for setting up new offline and hybrid centres.
• Lease payments for existing identified offline and hybrid centres.
• Acquisition of additional shareholding in Utkarsh Classes & Edutech Pvt Ltd.
• Investment in Xylem Learning Pvt Ltd for new centre fit-outs and lease payments.
• Investment in Utkarsh Classes & Edutech Pvt Ltd for lease payments of identified centres.
• Strengthening server and cloud-related infrastructure.
• Marketing and promotional initiatives.
• Funding inorganic growth opportunities and general corporate purposes.

KEY STRENGTHS

• Affordable Course Offerings
  The company is known for providing high-quality test preparation courses at accessible prices, making quality education available to a wider student base. Its one-year programs for major exams such as JEE, NEET, and UPSC are offered at prices significantly lower than those of other organised players. For example, the JEE course is priced at around ₹4,500 compared with ₹75,000–₹80,000 charged by peers, while the NEET course costs about ₹4,800 versus ₹63,000–₹67,000 at other institutions. Similarly, the UPSC course is priced at about ₹18,000, compared with over ₹1.1 lakh elsewhere. This strong focus on affordability, supported by consistent teaching quality, has helped the company build deep trust and a growing learner base across India.
• Wide Range of Courses Across Learning Modes
  The company offers courses across 13 education categories as of June 30, 2025, covering the entire learning journey from school foundation programs to professional upskilling. It provides preparation for JEE, NEET, GATE, CUET, CAT, Civil Services, and Chartered Accountancy, along with courses in data science, finance, and software development. Delivered through online, offline, and hybrid modes, each course is structured into batches with study plans, assignments, and mentorship tools. This broad and affordable offering allows the company to cater to a wide student base across India.
• Technology-Driven Learning Experience
  The company’s in-house technology stack enhances learning through scalable and interactive digital solutions. Supported by a 548-member tech and product team, it uses AI, big data, and machine learning to improve course delivery and student engagement. Tools like AI Guru for instant query resolution, Smart Doubt Engine for real-time class interaction, and AI Grader for automated answer evaluation make learning faster and more personalised. Additional tools such as AI Sahayak, TeacherX, and PW Drona help students track progress and assist teachers in managing classes efficiently, ensuring a seamless and engaging learning experience.

KEY RISKS

• Financial Losses and Profitability Challenges
  The company has reported continued losses - ₹127 crore in Q1FY26, ₹72 crore in Q1FY25, and ₹1,131 crore in FY25 - with negative EBITDA and net worth. Despite revenue growth from expansion across 13 education categories and acquisitions like Xylem and Utkarsh Classes, profitability remains constrained by high employee, marketing, technology, and offline centre costs. A one-time ₹817 crore fair value loss on preference shares in FY24 also impacted results. Sustained cost control and cash flow improvement will be key to achieving profitability.
• Dependence on Student Enrolment and Retention
  The company’s growth relies heavily on its ability to attract and retain students across multiple education categories and delivery channels. Its reputation and financial performance are closely tied to student satisfaction and exam outcomes. Any decline in course quality, learning results, or inability to expand geographically could reduce enrolments and retention. Additionally, factors such as financial constraints or changing career goals among students could lead to higher dropouts, adversely impacting revenue and cash flows.
• Dependence on Faculty Recruitment and Retention
  The company’s performance depends on its ability to attract, retain, and motivate skilled faculty members across subjects and formats. As of Q1FY26, it had about 6,267 faculty members, with an employee attrition rate of around 30%. A loss of experienced teachers or difficulty in hiring quality faculty could affect the consistency and effectiveness of its courses. Sustaining a strong academic team is key to maintaining learning standards, student satisfaction, and overall growth.

Financial Snapshot

Peer Comparison

Conclusion

The company has built strong brand recognition and achieved steady revenue growth through expansion across multiple education categories and strategic acquisitions. Its focus on technology-led learning and offline centre growth reflects long-term potential. However, consistent losses, negative EBITDA, and a weak net worth continue to weigh on financial stability. Sustained high costs and dependence on faculty and student retention add further risks. While the growth strategy is commendable, profitability remains uncertain - hence, investors may consider avoiding the IPO until the business demonstrates clearer earnings visibility and stronger financials.