31 Mar 2023
Assets2,082.18
Total Income772.54
EBITDA13.86
Profit After Tax-84.08
NET Worth62.29
Reserves and Surplus-187.65
Total Borrowing956.15
At a glance
Updated 2026-09-10PhysicsWallah operates in the 3,027,426.00 segment. The shares listed at ₹145.00, a 33.03% move from the issue price. PhysicsWallah is a Mainboard IPO with an issue size of ₹3,480.00 crore, proposed for listing on BSE, NSE. The offer opens on 11th Nov 2025 and closes on 13th Nov 2025. The issue structure includes a fresh issue of ₹3,100.08 crore and an offer-for-sale component of ₹379.92 crore. The current listing schedule points to 18th Nov 2025.
Issue details
Listing atBSE, NSE
Issue typeBook Build Issue
Issue size₹3,480.00 Cr
Fresh issue₹3,100.08 Cr
Offer for sale₹379.92 Cr
Face value₹1
Price band₹103.00–₹109.00
Allotment14th Nov 2025
Listing18th Nov 2025
Listing performance
Full performance ↗Issue price₹109.00
Listing price₹145.00
Current price—
Listing gain33.03%
Current return—
Price progressionIssue → Listing → Current
Grey market
GMP page ↗Latest GMP₹14.00
GMP / upper price12.84%
Est. listing₹123.00
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens11th Nov 2025
Closes13th Nov 2025
Allotment14th Nov 2025
Refund17th Nov 2025
Demat17th Nov 2025
Listing18th Nov 2025
Subscription demand
Full bidding ↗Total1.92×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Minimum Bid | 1 | 137 | ₹14,933 |
Company
Use of proceeds
| Object | Amount |
|---|---|
| Capital expenditure for fit-outs of new offline and hybrid centers of Company | ₹460.55 Cr |
| Expenditure towards lease payments of existing identified offline and hybrid centers operated by Company | ₹548.31 Cr |
| Capital expenditure for fit-outs of new offline centers of Xylem | ₹31.65 Cr |
| Lease payments for Xylems existing identified offline centers and hostels | ₹15.52 Cr |
| Investment in Subsidiary, Utkarsh Classes & Edutech Pvt.Ltd. for expenditure towards lease payments for Utkarsh Classes existing identified offline centers | ₹28.00 Cr |
| Expenditure towards server and cloud related infrastructure costs | ₹200.11 Cr |
| Expenditure towards marketing initiatives | ₹710.00 Cr |
| Acquisition of additional shareholding in Subsidiary, Utkarsh Classes & Edutech Pvt.Ltd. | ₹26.50 Cr |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes | ₹941.15 Cr |
| Issue Expenses | ₹155.19 Cr |
| Total | ₹3,116.97 Cr |
Financial performance
Year-wise operating scale, profitability and balance-sheet context.Revenue905.41₹ Cr · -70.2% vs prior year
EBITDA-21.22₹ Cr · -111.0% vs prior year
PAT-127.01₹ Cr · +47.8% vs prior year
Assets5,075.67₹ Cr · +22.1% vs prior year
Net Worth1,867.92₹ Cr · -4.0% vs prior year
Borrowing1.55₹ Cr · +369.7% vs prior year
3-year financial trendRevenue / EBITDA / PAT
₹ crore31 Mar 2024
Assets2,480.74
Total Income2,015.35
EBITDA-829.35
Profit After Tax-1,131.13
NET Worth-861.79
Reserves and Surplus-1,254.74
Total Borrowing1,687.40
31 Mar 2025
Assets4,156.38
Total Income3,039.09
EBITDA193.20
Profit After Tax-243.26
NET Worth1,945.37
Reserves and Surplus467.06
Total Borrowing0.33
30 Jun 2025
Assets5,075.67
Total Income905.41
EBITDA-21.22
Profit After Tax-127.01
NET Worth1,867.92
Reserves and Surplus787.92
Total Borrowing1.55
KPIs
| KPI | Mar 31, 2025 |
|---|---|
| RoNW | -12.50% |
| PAT Margin | -8.43% |
| EBITDA Margin | 6.69% |
| Price to Book Value | 14.1 |
Valuation & shareholding
Pre-IPO EPS-0.93
Post-IPO EPS-ve
Pre-IPO P/E-116.86
Post-IPO P/E-ve
Promoter holding pre81.64%
Promoter holding post71.48%
Market cap₹31526.73 Cr.
Peer comparison
| Company | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|
| Physics Wallah IPO | — | -62.06 x | — | — |
| Jaro Institute IPO | — | 38.17 x | — | — |
| Crizac Limited IPO | — | 28.03 x | — | — |
| Veranda Learning IPO | — | - | — | — |
Issue expenses
| Expense | Amount |
|---|---|
| Capital expenditure for fit-outs of new offline and hybrid centers of Company | ₹460.55 Cr |
| Expenditure towards lease payments of existing identified offline and hybrid centers operated by Company | ₹548.31 Cr |
| Capital expenditure for fit-outs of new offline centers of Xylem | ₹31.65 Cr |
| Lease payments for Xylems existing identified offline centers and hostels | ₹15.52 Cr |
| Investment in Subsidiary, Utkarsh Classes & Edutech Pvt.Ltd. for expenditure towards lease payments for Utkarsh Classes existing identified offline centers | ₹28.00 Cr |
| Expenditure towards server and cloud related infrastructure costs | ₹200.11 Cr |
| Expenditure towards marketing initiatives | ₹710.00 Cr |
| Acquisition of additional shareholding in Subsidiary, Utkarsh Classes & Edutech Pvt.Ltd. | ₹26.50 Cr |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes | ₹941.15 Cr |
| Issue Expenses | ₹155.19 Cr |
| Total | ₹3,116.97 Cr |
Registrar & lead managers
Registrar
MUFG Intime India Pvt.Ltd.Lead managers
- Kotak Mahindra Capital Co.Ltd.
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-09-10.
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