PhysicsWallah Unlisted Share Price Description – PhysicsWallah (PW) is one of the most closely watched names in India’s booming education technology (edtech) space. Founded in 2014 by Alakh Pandey, the company began as a free YouTube channel for JEE and NEET aspirants and has now grown into a diversified education platform operating across online, offline, and hybrid models.
Its unlisted shares are actively traded in the grey market, attracting strong investor interest ahead of its IPO. The premium reflects PW’s unique position as:
- A company transitioning towards operational profitability with an Adjusted EBITDA margin of nearly 15% in FY25.
- A high-growth edtech with FY23–FY25 revenue CAGR of ~97%.
- A pioneer of affordable education in a market dominated by high-cost competitors.
For investors, the unlisted share price is a proxy for future IPO valuation, driven by the company’s scale, affordability-led moat, and brand resonance among students.
Company Business Overview
PhysicsWallah is a technology-driven education company that focuses on delivering high-quality learning at affordable prices to millions of students across India and abroad. The company operates across the entire education spectrum, starting from K–12 foundation courses for school students to competitive exam preparation for JEE, NEET, UPSC, GATE, and various government examinations, as well as professional and skill-development programs like Chartered Accountancy, MBA entrance prep, and digital upskilling courses. It has also forayed into institutional education through its Institute of Innovation (IOI), offering technology and management programs in partnership with universities and certification providers.
As of FY25, PhysicsWallah served 4.46 million paid users, with 4.13 million unique online transacting users, supported by 198 offline centers spread across 109 cities in India and the Middle East. Its presence spans 13 education categories, with courses offered in multiple languages including English, Hindi, Telugu, Kannada, Bengali, Malayalam, and Gujarati. The company has built a massive digital footprint with 14 mobile apps that together recorded 64.5 million downloads and a strong social media presence of 119 million followers and subscribers across 888 channels and handles. By combining technology, affordable pricing, and community-led engagement, PhysicsWallah has positioned itself as a full-stack education ecosystem that addresses the learning journey from school foundations to professional careers.
Read Also: Apollo Green Energy Unlisted Share Price
PhysicsWallah IPO Summary
PhysicsWallah, founded by Alakh Pandey, has filed updated draft papers with SEBI for a INR 3,820 crore IPO, comprising INR 3,100 crore fresh issue and INR 720 crore OFS by the founders. Funds will be utilized for marketing (INR 710 crore), leasing centres (INR 548.3 crore), setting up new offline/hybrid centres (INR 460.5 crore), and strengthening infrastructure. The IPO marks the edtech unicorn’s market debut, with Kotak, JP Morgan, Goldman Sachs, and Axis Capital as lead managers.
Business Model of PhysicsWallah
PhysicsWallah’s business model is built around scale, affordability, and multi-channel delivery, supported by strong community-led branding and technology.
a) Revenue Streams
- Online Courses – The largest revenue contributor, covering JEE, NEET, UPSC, GATE, boards, commerce, and professional skill courses. Students enroll via PW’s apps and website.
- Offline Centers (PW Vidyapeeth) – Traditional classroom coaching for JEE, NEET, and foundation courses.
- Hybrid Centers (PW Pathshala) – Two-teacher model combining live-streamed studio lectures with in-class faculty support.
- Other Revenues – YouTube ad monetization, sale of books & merchandise, content licensing to schools, and institutional courses.
b) Pricing Strategy
- PW’s competitive edge lies in radical affordability:
- JEE one-year course: ~INR 4,500 vs. INR 75,000–80,000 at peers.
- NEET one-year course: ~INR 4,800 vs. INR 63,000–67,000 at peers.
- UPSC full course: INR 18,000 vs. INR 1,10,000 average at peers.
- This makes PW a mass-market player targeting Tier-2, Tier-3 cities and middle-income families.
c) Distribution Channels
- Online: 14 apps + website with integrated LMS, AI learning tools, and test prep modules.
- Offline: 198 centers (PW Vidyapeeth, Pathshala, Utkarsh, Xylem, Knowledge Planet).
- Hybrid/Franchise: Franchise-driven expansion model in high-demand cities lowers capital intensity and supports rapid scaling.
d) Technology & Pedagogy
- Proprietary LMS with AI features (AI Guru, AI Grader, Smart Doubt Engine, AI Sahayak).
- Real-time analytics for student progress, adaptive learning, and efficient faculty utilization.
- Faculty training programs ensure standardization across online and offline batches.
e) Growth Flywheel
- Free funnel → Paid conversion: Free YouTube classes and content attract millions of students, a portion of whom upgrade to structured paid batches.
- Cross-sell & up-sell: Students preparing for JEE/NEET later migrate to PG prep (GATE, MBA) or skills programs, driving lifetime value.
- Offline leverage: Data on online demand is used to decide offline expansion, creating a complementary loop between channels.
Services of PhysicsWallah
PhysicsWallah provides a comprehensive suite of education services aimed at meeting the needs of students across multiple stages of their academic and professional journey. Its services are structured to offer flexibility, affordability, and accessibility.
a) Online Services
- Digital Courses via Apps & Website: Covering JEE, NEET, UPSC, GATE, CUET, commerce, and more.
- AI-Backed Tools:
- AI Guru (24/7 Q&A support with text, image, and audio responses).
- Smart Doubt Engine (instant classroom query resolution).
- AI Grader (automated answer evaluation).
- AI Sahayak (goal-setting & progress tracker).
- E-Store & Test Series: Books, study material, and practice tests.
b) Offline Services
- PW Vidyapeeth Centers – Face-to-face coaching for JEE, NEET, and Foundation.
- Utkarsh Classes – Government job exam prep centers across Rajasthan, MP, and UP.
- Xylem – Strong presence in Kerala for JEE & NEET.
- Knowledge Planet – Middle East-based centers (UAE, Oman, Saudi Arabia).
c) Hybrid Services
- PW Pathshala – Two-teacher model where live lectures are streamed from studios while local faculty assist students in real time.
- Majority operated through franchise partnerships, reducing capital outlay while scaling reach.
d) Institutional & Skills Services
- Institute of Innovation (IOI) – Residential campuses offering technology (School of Tech) and management (School of Management) courses.
- Curious Junior – App for students from grades 3–8, with 3.39 million downloads by FY25.
- Skills & Upskilling – Data science, web development, digital marketing, banking/finance, and product management (with AI integration).
Product Portfolio of PhysicsWallah
- Flagship Test Preparation Courses
- JEE (Engineering Entrance): Arjuna (2-year, Class 11), Lakshya (1-year, Class 12), Prayas (Repeater course).
- NEET (Medical Entrance): Arjuna (2-year, Class 11), Lakshya (1-year, Class 12), Yakeen (Repeater course).
- Foundation (Class 6–10): Neev, Umang, Udaan, Victory (aligned with CBSE, ICSE, State Boards, IB, Cambridge, AP).
- Other Test Preparatory Courses
- Civil Services (UPSC & State PSC): Prahar, Prarambh, Sankalp; online via “Sarrthi IAS” (Guiding Light).
- Boards & CUET: Class 10 & 12 boards + university entrance preparation.
- Defence Exams: NDA/NA (UPSC).
- GATE: Engineering, Data Science, AI, and other streams.
- Chartered Accountancy (CA): Foundation, Intermediate, Final levels.
- MBA Entrance: CAT and allied exams.
- Commerce: Class 12 prep in Accountancy, Business Studies, Economics, Mathematics, English.
- Other Government Exams: Railways, Nursing, Banking, Judiciary, Teaching, etc.
- Skills & Upskilling Programs
- AI, Data Science, Machine Learning, Web Development, Full Stack Programming (C++, Java, Python).
- Digital Marketing with AI, Product Management, Banking & Finance certifications.
- Early Learning (K-12 Backward Integration)
- Curious Junior: Interactive learning app for Classes 3–8 (Math, Science, English).
- Downloads: 3.39 million as of Mar 31, 2025.
- Institutional & Professional Programs
- Institute of Innovation (IOI): Residential institute in Bengaluru.
- Planned campuses: Pune, Patna, Indore, Lucknow, Noida.
- Books, Merchandise & Others
- Published 3,582 books as of Mar 2025.
- Over 8.20 million question banks in library.
- Stationery, branded merchandise, and B2B content licensing to schools.
Read Also: PharmEasy Unlisted Share Price
- Revenue Growth: PhysicsWallah posted a 96.9% CAGR in revenues between FY23–FY25, outpacing most peers in the Indian edtech ecosystem.
- Loss Margins: Loss margins contracted to 8.4% in FY25 from 58.3% in FY24, indicating that FY24 was a heavy investment year (acquisitions, center expansions, tech development).
- Paid Users Growth: Total paid users reached 4.46 million in FY25, growing at a CAGR of 59.19% from FY23 to FY25.
- Offline Expansion: Offline centers grew to 198 across 109 cities (CAGR of ~166% from FY23 to FY25).
- Faculty Strength: Total faculty members rose to 5,096 in FY25 (including 889 consultants).
- Revenue Mix: Online channel contributed INR 1,404.0 crore (48.6%), offline INR 1,351.9 crore (46.8%), and others INR 130.7 crore (4.5%).
- Engagement: Daily active users grew from 0.93M in FY23 to 2.70M in FY25; average student engagement time rose from 93 minutes (FY23) to 111 minutes (FY25).
- Technology Investments: AI-backed tools like AI Guru (3.16M questions answered monthly), Smart Doubt Engine, and AI Grader were deployed to enhance pedagogy and reduce costs.
- CSR & Foundation: Through PW Foundation’s initiatives like Utthan, the company partnered with schools in Delhi, UP, and Bihar to deliver free tech infrastructure and teacher training.
Read Also: Biggest Unlisted Companies in India
PhysicsWallah Board of Directors
- Alakh Pandey, Co-Founder, CEO, and Whole-Time Director
- Prateek Boob, Whole-Time Director
- Sandeep Singhal, Non-Executive Nominee Director
- Deepak Amitabh, Non-Executive Independent Director
- Rachna Dikshit, Non-Executive Independent Director
- Nitin Savara, Non-Executive Independent Director
PhysicsWallah Unlisted Share Price FAQs
Is it safe to purchase unlisted shares in India?
While there are risks associated with unlisted shares, purchases made from credible brokers and after conducting due diligence considerably lower these risks.
What is PhysicsWallah unlisted share price?
PhysicsWallah share price today is INR 142 per share. Shares are purchased in lots of 100 shares.
Who determines the PhysicsWallah unlisted share price?
PhysicsWallah share price is determined by various factors including recent transaction price, supply and demand, valuation in the latest funding round, profitability, and return ratios.
When is PhysicsWallah IPO planned?
On 6 September 2025, PhysicsWallah filed its updated draft IPO papers, with the listing expected at the end of 2025.