PhysicsWallah is a leading Indian education technology company that specializes in providing highly affordable test preparation courses for competitive examinations like JEE, NEET, and UPSC, alongside upskilling courses. Founded by Alakh Pandey in 2020 after the success of his free YouTube channel, PW has rapidly become one of the top five education companies in India by revenue and one of the fastest-growing in the sector.

The company operates a comprehensive, multi-channel delivery model spanning online (via its website and apps), tech-enabled offline centers (Vidyapeeth), and a hybrid two-teacher model (Pathshala). This flexible approach supports a massive student base, with 4.13 million Unique Transacting Users online and 0.33 million offline enrolments in Fiscal 2025. Central to PW’s strategy is its community-led approach, leveraging a massive social media presence—its main YouTube channel alone boasts approximately 13.7 million subscribers. By offering a large amount of free, quality content and then pricing its paid courses at some of the most affordable rates in India, PW has successfully cultivated strong brand affinity and achieved significant scale across India. The company also aggressively expanded its physical footprint, operating 303 offline centers as of June 30, 2025.

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

(There are no listed peers of the company in India.)

*Market cap @upper band

• Student-First Community & Conversion Engine: An open-access strategy builds India’s largest online student community, creating an efficient and low-cost funnel for paid course subscriptions.
• Flexible Multi-Channel Accessibility: The online, offline, and hybrid delivery model ensures deep market penetration and caters effectively to diverse student learning preferences across India.
• Scalable Technology for Enhanced Learning: Proprietary technology and AI-backed tools enhance teaching quality, personalize the learning journey, and support rapid, quality expansion across all channels.
• Affordability and Content Quality as Core Differentiators: The dual focus on high-quality, standardized content and industry-leading affordability drives strong student adoption, trust, and long-term retention.

The Company PHYSICSWALLAH LIMITED IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Capital Expenditure for fit-outs of new offline and hybrid centers of our Company (₹ 460.55 Cr.)
• Expenditure towards lease payments of existing identifies offline and hybrid centers operated by our Company (₹ 548.31 Cr.)
• Capital expenditure for fit-outs of new offline centers of Xylem (₹ 31.65 Cr.)
• Lease payments for Xylem’s existing identified offline centers and hostels (₹ 15.52 Cr.)
• Investment in our Subsidiary, Utkarsh Classes & Edutech Primate Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers (₹ 33.70 Cr.)
• Expenditure towards server and cloud related infrastructure costs (₹ 200.11 Cr.)
• Expenditure towards marketing initiatives (₹ 710 Cr.)
• Acquisition of additional shareholding in out Subsidiary, Utkarsh Classes & Edutech Private Limited (₹ 26.50 Cr.)
• Funding inorganic growth through unidentified acquisitions and general corporate purposes

At the upper band of IPO ₹109, the stock is valued at a negative P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.