Inside ₹3,480 Crore PhysicsWallah IPO: Dates, Financials and Key Risks Explained

Noida, November 10: PhysicsWallah IPO will open for subscription on November 11 and will close on November 13. The IPO is a combination of fresh issue of 28.44 crore shares aggregating to ₹3,100 crore and an offer for sale of 3.49 crore shares aggregating to ₹380 crore. The PhysicsWallah IPO share allotment is expected to be finalised on November 14. The company is expected to credit the shares and initiate refunds on November 17. The shares of PhysicsWallah are expected to list on NSE and BSE on November 18.

PhysicsWallah IPO price band is set between ₹103.00 to ₹109.00 per share. The lot size is 137 shares per application. The minimum investment amount required by a retail investor is ₹14,933 (137 shares), at the upper price band. The lot size investment for sNII is 14 lots (1,918 shares), amounting to ₹2,09,062, and for bNII, it is 67 lots (9,179 shares), amounting to ₹10,00,511. Kotak Mahindra Capital Co.Ltd is the book-running lead manager, while MUFG Intime India Pvt.Ltd is the registrar of the issue.

PhysicsWallah Key Financial Highlights

The company reported revenue from operations of ₹8,449.17 million in Q1 FY26, higher than ₹6,366.26 million in Q1 FY25. Restated loss narrowed to ₹1,270.09 million in Q1 FY26 from ₹718.12 million a year earlier. EBITDA was at a loss of ₹212.21 million in Q1 FY26 compared to a profit of ₹92.34 million in Q1 FY25. EBITDA margin was at -2.51%, compared to 1.45% previously.

However, adjusted EBITDA improved to ₹264.73 million in Q1 FY26 compared to ₹301.81 million in Q1 FY25. Adjusted EBITDA margin was 3.13% compared to 4.75% a year ago. Net worth increased to ₹18,679.21 million in Q1 FY26 from ₹7,199.22 million in Q1 FY25. The company also turned operationally profitable in FY25 on an adjusted EBITDA basis.

PhysicsWallah IPO: Key Strengths

The company has a significant online presence and is India’s largest digital educational community. It had 8.8 million YouTube subscribers and 4.46 million paid users in FY25, a growth of 59% CAGR from FY23. It uses a ‘hybrid model’ to offer both online and offline courses, which are generally affordable for exams such as JEE and NEET.

PhysicsWallah IPO: Key Risks

The company has not turned out a profit yet, and reported negative EBITDA in FY24 and Q1 FY26. It depends heavily on digital platforms to gain new students for its courses. It is also facing challenges due to its recent acquisitions and for opening new offline centers. It also faces strong competition from other educational institutes that have higher funding.

What’s Ahead for PhysicsWallah IPO?

The PhysicsWallah IPO opens for subscription tomorrow. Although it is backed by big investors, it is not profitable yet. However, its 59% CAGR growth is a positive factor and may drive investor demand. Investors will now track the PhysicsWallah IPO subscription status starting tomorrow and hope for a high subscription.

Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations