From FY23-FY25, Physics Wallah reported strong topline growth from Rs 744 crore to Rs 2,887 crore, driven by expansion across digital and offline platforms. EBITDA improved to Rs 193 crore in FY25 (6.7% margin) from a loss of Rs 829 crore in FY24, reflecting effective cost optimisation.
The company is one of India’s leading ed-tech players, offering a broad mix of online, offline and hybrid learning solutions. As of June 2025, it operated 303 offline centres (growing at a CAGR of ~165.9% between FY23-25) and had 4.13 million unique paying users online.
Its revenue model is diversified: services (teaching, hostel, transportation, content rights), product sales (books, stationery, tablets) and ancillary income (ads, other fees).
The edtech raised a total of Rs 3,480 crore from its recent IPO with Rs 3,100 crore going to the company primarily for expanding its offline and hybrid learning centers, enhancing its marketing initiatives and strengthening its digital and cloud infrastructure.
The shares made a decent listing, but then came under some selling pressure. They are currently trading marginally above the issue price of Rs 109
