Physicswallah Ltd

On a consolidated basis, net sales increased 26.3% YoY to Rs 1,051.24 crore, while net profit jumped 62.4% YoY to Rs 72.33 crore in Q2 FY26. Profit before tax moved up 58.6% YoY to Rs 98.86 crore. Adjusted EBITDA rose 38% YoY to Rs 269.7 crore, with margins improving to 26% from 23% a year earlier. Total expenditure rose 24.6% YoY to Rs 870.1 crore, driven by a 37.8% surge in employee costs to Rs 473.06 crore and a 64.6% rise in raw material costs to Rs 27.12 crore. Free cash flow for H1 FY26 reached Rs 644.1 crore, up from Rs 543.4 crore in H1 FY25, while the treasury stood at Rs 2,551.9 crore as of 30 September 2025. The online business continued to build momentum with 3.22 million enrollments in H1 FY26, up 20% YoY. The offline business expanded its nationwide footprint by adding 128 centres over the past year. The total centre base increased to 314, comprising 117 PW Vidyapeeth, 75 PW Pathshala, 53 Other PW Centres and 69 Subsidiary Centres, compared with 186 centres in H1 FY25. Unique transacting users reached 3.22 million, while offline enrollments climbed 26% YoY to 0.40 million. PhysicsWallah now has 6,643 faculty members, serves 3.5 million daily active users, and records an average engagement time of 103 minutes. Its social media community has crossed 125 million subscribers across platforms. PhysicsWallah, founded in 2020 by Alakh Pandey and Prateek Maheshwari, is headquartered in Noida and aims to democratise education through online, offline and hybrid formats. Originally launched as a YouTube channel in 2016, PW now spans test prep, skilling, higher education and study-abroad programmes, offered in multiple vernacular languages. The company listed on 18 November 2025 at Rs 143.10, a 31.28% premium to the issue price of Rs 109. It touched a high of Rs 162.05 before closing at Rs 155.20 on listing day. The stock has since cooled, trading 13.76% below its peak but still 28.21% above the IPO price. The public issue, open from 11 to 13 November 2025, was subscribed 1.81 times and included a fresh issue of Rs 3,100 crore and an offer for sale of Rs 380 crore, with founders Alakh Pandey and Prateek Boob each selling 1.74 crore shares worth Rs 190 crore at the upper band. Powered by Capital Market - Live

Net profit of Physicswallah rose 62.39% to Rs 72.33 crore in the quarter ended September 2025 as against Rs 44.54 crore during the previous quarter ended September 2024. Sales rose 26.33% to Rs 1051.24 crore in the quarter ended September 2025 as against Rs 832.17 crore during the previous quarter ended September 2024. ParticularsQuarter EndedSep. 2025Sep. 2024% Var. Sales1051.24832.17 26 OPM %17.2316.11 - PBDT203.55151.37 34 PBT98.8662.35 59 NP72.3344.54 62 Powered by Capital Market - Live

Physicswallah will hold a meeting of the Board of Directors of the Company on 8 December 2025.Powered by Capital Market - Live

The stock has now corrected 17.78% over four sessions, extending the volatility that followed its recent listing. The company made its market debut on 18 November 2025 at Rs 143.10, a 31.28% premium to the issue price of Rs 109. It surged to a record high of Rs 162.05 before settling at Rs 155.20 on listing day. The reversal began the next day, and the current market price is 21.26% below the peak but still 17.06% above the IPO price. The IPO opened for subscription on 11 November 2025 and closed on 13 November 2025. The public issue was subscribed 1.81 times. The IPO, priced between Rs 103 and Rs 109, consisted of a fresh issue of Rs 3,100 crore and an offer for sale of Rs 380 crore. Founders Alakh Pandey and Prateek Boob each sold 1.74 crore shares worth Rs 190 crore at the upper band. The company plans to deploy Rs 460.5 crore from the fresh issue towards fit-outs of new offline and hybrid centres and Rs 548.3 crore towards lease payments for existing centres. It has earmarked Rs 47.2 crore for subsidiary Xylem Learning and Rs 33.7 crore for Utkarsh Classes & Edutech, along with allocations for server infrastructure, marketing and acquisitions. Ahead of the IPO, Physicswallah raised Rs 1,562.84 crore from 57 anchor investors by allotting 14.33 crore shares at Rs 109 each. Physicswallah offers test preparation programmes for JEE, NEET and UPSC, as well as upskilling courses in analytics, finance and software development. It delivers content through online platforms and runs tech-enabled offline and hybrid centres. The company operated 303 offline centres as of 30 June 2025, supported by 6,267 faculty members. For the quarter ended June 2025, the firm reported a consolidated net loss of Rs 127.01 crore on sales of Rs 847.09 crore. Powered by Capital Market - Live

The stock was listed at Rs 143.10, exhibiting a premium of 31.28% to the issue price. So far, the stock has hit a high of 162.05 and a low of 143. On the BSE, over 79.10 lakh shares of the company were traded in the counter so far. The initial public offer of Physicswallah was subscribed 1.81 times. The issue opened for bidding on 11 November 2025 and it closed on 13 November 2025. The price band of the IPO is fixed between Rs 103 and 109 per share. The IPO comprised a fresh issue of Rs 3,100 crore and an offer for sale of Rs 380 crore. The selling shareholders include Alakh Pandey, who will offload 1,74,31,193 equity shares at the upper price band, aggregating Rs 190 crore, and Prateek Boob, who will offload 1,74,31,193 equity shares at the upper price band, aggregating Rs 190.0 crore. PhysicsWallah proposes to utilize Rs 460.5 crore from the net fresh issue proceeds for fit-outs of new offline and hybrid centers of the company and Rs 548.3 crore for lease payments of its existing identified offline and hybrid centers. The company will use Rs 47.2 crore in subsidiary Xylem Learning, Rs 31.6 crore for new centres and Rs 15.5 crore for lease payments and hostels. Further, Rs 33.7 crore will be directed to Utkarsh Classes & Edutech for lease payments of its centers. Additionally, Rs 200.1 crore is earmarked for server and cloud infrastructure, Rs 710 crore for marketing initiatives, and Rs 26.5 crore for acquiring an additional stake in Utkarsh Classes. The balance will be utilized to fund growth through unidentified acquisitions and general corporate purposes. Physicswallah is an edtech company offering test preparation courses for various competitive examinations like JEE, NEET, and UPSC and upskilling courses like data science and analytics, banking and finance, and software development. It offers online services via social media channels, websites, and apps and offers tech-enabled offline centers and hybrid centers. Online course content includes live lectures and recorded lectures, among other services. Fees for online courses are typically collected at the time of enrollment. The offline class faculty conducts live classes in a physical center. The company operated 303 offline centers as of June 30, 2025. As on June 30, 2025, the company had 6,267 specialized faculty members across categories Ahead of the IPO, Physicswallah, on 10 November 2025, raised Rs 1,562.84 crore from anchor investors. The board allotted 14,33,80,733 shares at Rs 109 each to 57 anchor investors. The firm reported a consolidated net loss of Rs 127.01 crore and sales of Rs 847.09 crore for the three months ended on 30th June 2025.Powered by Capital Market - Live

The equity shares of Physicswallah (Scrip Code: 544609) are listed effective 18 November 2025 and admitted to dealings on the Exchange in the list of ''B'' Group Securities. At 10:02 IST, the stock was trading at a premium of 45.18% to the offer price of Rs 109. Powered by Capital Market - Live