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PhysicsWallah IPO
Price Band
₹103.0–109.0
Issue Size
₹3480.0 Cr
Lot Size
137 shares
Min Investment
₹14,933
GMP
+₹14.0 (12.84%)
Issue Price
₹109.0
Subject to Sauda
₹1500
Paid only if allotted
PhysicsWallah IPO AI Summary
- PhysicsWallah IPO is listed on BSE, NSE in the E-Learning sector.
- Price band: ₹103.0–₹109.0 per share, lot size 137 shares (min. investment ₹14,933).
- Subscription window: 11 Nov–13 Nov 2025, listing on 18 Nov 2025.
- Current GMP is +₹14.0 (12.84%), an estimated listing price of ₹123 — unofficial and can change daily.
PhysicsWallah is an emerging player in the edtech sector with a substantial user base and diverse offerings. However, the company's financial performance shows significant losses, which may concern potential investors. The IPO opens on November 11, 2025, with a price band of ₹103.0 to ₹109.0.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
PhysicsWallah IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 13 Nov 2025 — not a current signal.
2 of 2 reviewers say Neutral
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
PhysicsWallah IPO Grey Market Premium (GMP) Today
GMP
+₹14.0
GMP %
+12.84%
Est. Listing
₹123.0
Updated: 25 Jul 2026 14:15
About the Company
Physicswallah is an edtech company offering test preparation courses for various competitive examinations like JEE, NEET, UPSC, etc. and upskilling courses like Data science and analytics, banking and finance, software development, etc. It offers online services via social media channels, website and apps and also offers techenabled offline centers and hybrid centers. It is among the top 5 edtech companies in terms of revenues in India and has 13.7 million subscribers on YouTube as of July 15, 2025. Key Numbers: 4.13 million Unique Transacting users (Online) and 0.33 million students enrolled for offline centers. Average collection per user: 3,930.55 as of June 30, 2025 Multiple courses across 13 education categories 303 total offline centers as of June 30, 2025 6,267 Faculty members as of June 30, 2025 18,028 employees as of June 30, 2025 4382 books published Competitive strengths 4.46 million Total Number of Paid Users in Fiscal 2025, grew at a CAGR of 59.19% from fiscal 2023 to 2025 Presence across a large number of education categories in India with courses offered through multiple channel Proprietary technology-stack enhances students’ learning experience Specialized faculty members across categories, quality content and well-planned curriculum Experienced management team led by our visionary founders
Company Financials (₹ Cr)
As of 2025-06-30
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 5,075.67 | 4,156.38 | 2,480.74 | 2,082.18 |
| Total Income | 905.41 | 3,039.09 | 2,015.35 | 772.54 |
| Profit After Tax | -127.01 | -243.26 | -1,131.13 | -84.08 |
| EBITDA | -21.22 | 193.20 | -829.35 | 13.86 |
| NET Worth | 1,867.92 | 1,945.37 | -861.79 | 62.29 |
| Reserves and Surplus | 787.92 | 467.06 | -1,254.74 | -187.65 |
| Total Borrowing | 1.55 | 0.33 | 1,687.40 | 956.15 |
Key Ratios
EPS
₹-0.93
NAV
₹7.73
RoNW
-12.50%
P/B Value
14.10
P/E Ratio
-116.86
Market Cap
₹31526.73 Cr
PAT Margin
-8.43%
Promoters
Alakh Pandey and Prateek Boob
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Capital expenditure for fit-outs of new offline and hybrid centers of Company 460.55 2 Expenditure towards lease payments of existing identified offline and hybrid centers operated by Company 548.31 3 Capital expenditure for fit-outs of new offline centers of Xylem 31.65 4 Lease payments for Xylems existing identified offline centers and hostels 15.52 5 Investment in Subsidiary, Utkarsh Classes & Edutech Pvt.Ltd. for expenditure towards lease payments for Utkarsh Classes existing identified offline centers 28.00 6 Expenditure towards server and cloud related infrastructure costs 200.11 7 Expenditure towards marketing initiatives 710.00 8 Acquisition of additional shareholding in Subsidiary, Utkarsh Classes & Edutech Pvt.Ltd. 26.50 9 Funding inorganic growth through unidentified acquisitions and general corporate purposes 941.15 10 Issue Expenses 155.19 Total 3,116.97
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹772.54 Cr in the fiscal year ending March 31, 2023, rising to ₹2,015.35 Cr by March 31, 2024, and further increasing to ₹3,039.09 Cr by March 31, 2025. However, the most recent figure of ₹905.41 Cr as of June 30, 2025, is only a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
The profit after tax was a loss of ₹84.08 Cr in the fiscal year ending March 31, 2023, worsening to a loss of ₹1,131.13 Cr by March 31, 2024. The loss continued but improved to ₹243.26 Cr in the fiscal year ending March 31, 2025, and was ₹127.01 Cr as of June 30, 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Grey Market Premium, Explained
The grey market premium (GMP) reflects the price at which shares of an IPO are expected to trade in the unofficial market before listing. A positive GMP indicates strong demand, while a negative or low GMP suggests weaker interest.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential, market position, and financial performance. It's essential to consider the risks associated with investing in loss-making companies.
Who May Want to Wait
Investors who are risk-averse or prefer companies with stable earnings and positive cash flow may want to avoid this IPO, given the company's recent financial losses and reliance on growth in a competitive sector.
IPO Timeline, Explained
The IPO opens for subscription on November 11, 2025, and closes on November 13, 2025. Allotment of shares will be finalized on November 14, 2025, with the listing date set for November 18, 2025.
Listing Gains — The Risk
Listing-day gains can be unpredictable. While some IPOs experience significant price increases on their first day, others may not perform as well. Investors should be aware of the inherent risks and volatility associated with trading on listing day.
This evaluation is generated from PhysicsWallah's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is PhysicsWallah IPO GMP today?
PhysicsWallah IPO GMP today is +₹14.0 (12.84%), indicating an estimated listing price of ₹123. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of PhysicsWallah IPO?
The price band of PhysicsWallah IPO is ₹103.0–₹109.0 per share.
When does PhysicsWallah IPO open and close?
PhysicsWallah IPO opens on 11 November 2025 and closes on 13 November 2025.
When does PhysicsWallah IPO list on the stock exchange?
PhysicsWallah IPO listed on 18 November 2025 at ₹123.0.
What is the lot size for PhysicsWallah IPO?
The lot size for PhysicsWallah IPO is 137 shares, requiring a minimum investment of ₹14,933.
What is the price band for the PhysicsWallah IPO?
The price band for the PhysicsWallah IPO is ₹103.0 to ₹109.0.
What is the minimum investment required for this IPO?
The minimum investment required is ₹14,933.0.
What is the lot size for the PhysicsWallah IPO?
The lot size for the PhysicsWallah IPO is 137 shares.
When is the listing date for the PhysicsWallah IPO?
The listing date for the PhysicsWallah IPO is November 18, 2025.
What does GMP mean?
GMP stands for grey market premium, which indicates the expected price of the IPO shares in the unofficial market before they are listed.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
11 Nov 2025
Close
13 Nov 2025
Allotment
14 Nov 2025
Listing
18 Nov 2025
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