Physics Wallah Restricted has launched an Preliminary Public Providing to lift funds for growth, attracting new prospects, and updating of digital infrastructure. The IPO consists of a contemporary problem of 28.44 crore shares price Rs. 3,100 crore and a proposal on the market of three.49 crore present shares price Rs. 380 crore, totaling Rs. 3,480 crore.
The Rs. 3,480-crore preliminary public providing (IPO) of edtech platform PhysicsWallah opened for subscription within the main market at present at 10 a.m. The corporate had raised Rs. 1,562.85 crore from 57 anchor buyers a day earlier. Marquee international buyers included Capital Group, Goldman Sachs, Constancy, Abu Dhabi Funding Council, and PineBridge.
What’s the analysts’ view on the IPO
SBI Securities
SBI Securities has assigned a ‘Impartial’ score to the IPO, stating that it prefers to watch the corporate’s efficiency after itemizing. The brokerage famous that over the previous three years, PhysicsWallah has achieved a gross sales and EBITDA CAGR of 96.9% and 88.8%, respectively.
Nonetheless, the corporate’s internet loss widened from Rs. 81 crore in FY23 to Rs. 216 crore in FY25, primarily resulting from greater depreciation bills and impairment losses on monetary belongings.
InCred Equities
InCred Equities has assigned a ‘Subscribe’ score to the IPO, highlighting the corporate’s vital development throughout each its on-line and offline enterprise verticals.
On the higher value band, the IPO is valued at an EV/gross sales a number of of 10.7x primarily based on post-issue capital. Whereas the valuation seems stretched, the brokerage famous that the corporate’s robust moat and ongoing enterprise growth place it effectively to disrupt the edtech sector. Profitability is predicted to enhance over the medium to long run because the enterprise scales.
Angel One
Angel One famous that PhysicsWallah’s financials can’t be in contrast on a P/E foundation, as the corporate stays loss-making and has no listed friends within the Indian edtech sector.
Whereas the agency continues to report robust income development and enjoys excessive model recall, its profitability is constrained by rising competitors and elevated scaling prices. Consequently, Angel One has assigned a ‘Impartial’ score, advising buyers to attend for clearer earnings visibility earlier than taking a long-term place.
GMP of Physics Wallah Restricted IPO
As of eleventh November, 2025, Physics Wallah Restricted’s shares had been buying and selling within the gray market at a 2.75 p.c premium. The gray market value is Rs. 112 per share, which is Rs. 3 greater than the problem value of Rs. 109.
About PhysicsWallah
Physics Wallah Restricted is an edtech firm offering take a look at preparation programs for exams like JEE, NEET, and UPSC, together with upskilling programs in areas resembling information science, banking, finance, and software program growth.
It delivers training on-line by way of social media, apps, and its web site, in addition to by way of tech-enabled offline and hybrid facilities. Ranked amongst India’s prime 5 edtech corporations by income, it has 13.7 million YouTube subscribers as of July 15, 2025.
Financials
Between FY24 and FY25, the corporate confirmed robust enchancment throughout key monetary metrics. Complete belongings elevated considerably from Rs. 2,480.74 crore in FY24 to Rs. 4,156.38 crore in FY25.
Complete revenue additionally rose sharply from Rs. 2,015.35 crore to Rs. 3,039.09 crore over the identical interval. Losses narrowed, with revenue after tax enhancing from a lack of Rs. 1,131.13 crore in FY24 to a smaller lack of Rs. –243.26 crore in FY25.
Written by Sridhar J
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