None -Nonecr

The Offer comprises a Fresh Issue of 284,468,537* Equity Shares of face value of ?1 each, aggregating to ?31,00* million by our Company and an Offer for Sale of 34,862,384* Equity Shares of face value of ?1 each, aggregating to ? 3,00* million by the Promoter Selling Shareholders.

PhysicsWallah is a household name with over 13.7M YouTube subscribers and millions of active learners, giving it one of the largest engaged student communities in India.

A combination of low-cost digital courses and tech-enabled offline centers enables strong scalability and penetration in Tier-II & Tier-III cities.

Offers 13 education categories, covering K-12, test prep, and professional upskilling, reducing dependence on a single segment.

Paid user base grew at a CAGR of ~59% (FY23–FY25); revenues up 51% YoY.

PW’s in-house technology improves content delivery, personalization, and student outcomes while keeping costs efficient.

Despite improving EBITDA, the company remains net loss-making (₹243.26 Cr in FY25), raising sustainability concerns.

Rapid rollout of new centers could strain working capital and increase fixed costs, affecting margins.

Faces pressure from BYJU’s, Unacademy, Vedantu, Adda247, and Allen, especially in the test-prep and upskilling segments.

With a P/B of 14.10x and negative EPS, the IPO appears expensive relative to profitability.

Any dip in exam demand or consumer affordability could impact enrolments and revenue growth.