Over the past ten years, there has been an enormous digital transformation in the education sector in India. The increasing competition, the issue of affordability, and the necessity to receive quality learning at scale have already propelled students to technology-based platforms. Physics Wallah is among the companies that have enjoyed the most out of this transformation. Physics Wallah began as a small YouTube project and grew to be a household brand among millions of students studying to take competitive exams and enter professional life. It is a comprehensive analysis of the business model, financial results, strengths, risks, and future perspective of the company in a well-organized and simple manner. This article will provide complete details about Physics Wallah Share Price, NSE& BSE Listing, IPO Details , Target and More.
Physics Wallah Company Overview
Physics Wallah is an Indian technology based educational company that offers low-cost education in online, offline and hybrid learning platforms. The company primarily deals with test preparation of competitive exams like JEE, NEET, UPSC and state-level examinations as well as skill-based and professional upskilling courses on topics such as data science, banking, finance, and software development. The most significant strength of the company is a pricing model and a mass-market coverage. Compared to most high-end edtech sites, Physics Wallah caters to the middle-income and low-end student segments, which means that students can access high-quality education. It has over time expanded to offline coaching facilities, blended learning courses and built in academic solutions.
| Particulars | Details |
| Company Name | Physics Wallah Limited |
| Industry | E-Learning / EdTech |
| Market Cap | ₹37,562 Cr |
| Current Share Price | ₹131 |
| Face Value | ₹1 |
| Dividend Yield | 0.00% |
| Stock Exchange | NSE & BSE |
| ROCE | -2.12% |
| Promoter Holding | 72.30% |
| Business Model | Online, Offline & Hybrid Education |
Physics Wallah Business Profile and Offerings
Physics Wallah exists in over 13 categories of education. Its main operation is based on competitive examination preparation although the company has continued to diversify into newer learning areas. The flagship products consist of JEE and NEET preparation programs that jointly generate a high percentage of revenues. Additional diversification is provided by UPSC, state PSCs, SSC, and banking courses, as well as foundation level courses. Besides exam preparation, other areas of professional upskilling, including data analytics, finance, and software development, have been opened by the firm to graduates and working professionals. The hybrid model is very important in growth. Offline centers are used to create a sense of trust and enhance the learning experience, whereas online platforms are used to create scalability and reduce marginal costs. This mix will provide Physics Wallah with a competitive advantage in tier-2 and tier-3 cities.
Physics Wallah Revenue Model
The firm generates income primarily by the subscription of courses and enrollment fees. Online batches, recorded courses, test series and hybrid programs are purchased by students. Offline centers play a role in the form of classroom fees and combined learning packages. Moreover, Physics Wallah has high operating leverage. After creating digital content, it is possible to reach a large number of students at minimal incremental cost. This model helps to improve margin in the long run but short-term profitability may vary because of expansion costs.
Physics Wallah Share Company Listing NSE & BSE and Current Market Status
Physics Wallah Ltd is a popular Indian edtech firm that is publicly traded on the NSE and the BSE with the symbols of PWL and 544609 respectively. Following its effective IPO later in 2025, the company floated into the market with great investor enthusiasm. By January 16, 2026, the share price is operating approximately 3:50 PM IST, which means that retail and institutional investors are consistent participants. With a market capitalization of 36,856 crore, the company is among the largest listed education technology companies in India.
Post-listing performance reflects average though good health in the trading. The price actions indicate the presence of consolidation and not the extreme volatility that is often perceived to be the characteristic of the balanced demand and supply in the recently listed stocks.
| Particular | Details |
| NSE Symbol | PWL |
| BSE Code | 544609 |
| Share Price (Jan 14, 2026) | ~₹129 |
| Market Capitalization | ~₹36,856 Cr |
| Listing Status | Listed on NSE & BSE |
Physics Wallah Share IPO Overview
Physics Wallah IPO was subscribed on November 11, 2025, and closed on November 13, 2025. The fixed price range was between ₹103 and ₹109 per equity share and the final issue price was adjusted to ₹109. The IPO was in the form of a fresh issue as well as an offer-for-sale (OFS), which enabled the company to raise capital and also offered partial exits to the existing shareholders. The money collected in the IPO was mainly set aside to enhance digital education infrastructure, modernize technology platforms, and working capital requirements. Anchor investors got involved the day before the public issue and the stock was listed on November 18, 2025 with an initial premium slightly higher than ₹129 on the BSE, indicating positive listing sentiment.
| IPO Detail | Information |
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Price Band | ₹103 – ₹109 |
| Issue Price | ₹109 |
| Listing Date | November 18, 2025 |
| IPO Structure | Fresh Issue + OFS |
Physics Wallah Share Price Live Details
Physics Wallah share Price on the NSE opened at approximately ₹127.24 on January 16, 2026. On intraday it reached a high of about ₹131.70 and a low of about ₹126.50. The last close was ₹128.40 and VWAP was near 129.07, which implies a fair-value trading. Trading at NSE was closely related to the trends at BSE with the stock mostly trading within the ₹128– ₹130 range. Its 52-week high is approximately ₹161.99, and the 52-week low is ₹121.22. The volumes become 3 to 6 lakh shares a day with indicators of moderate liquidity and not too much speculation.
| Price Indicator | Value |
| Intraday High | ₹129.70 |
| Intraday Low | ₹128.60 |
| Previous Close | ₹128.40 |
| VWAP | ~₹129.07 |
| 52-Week High | ₹161.99 |
| 52-Week Low | ₹121.22 |
Market Depth & Liquidity
Market depth information reveals equal purchasing and selling interest in the stock. The buy orders are observed to cluster to a point of ₹129.20 and the sell orders begin showing up at around 129.35 and above. Such a small dispersion implies good liquidity and effective price discovery.
This kind of behavior in order books is typical of fundamentally strong stocks in a consolidation stage. It does not indicate any aggressive accumulation or panic selling, which contributes to the observation of a stable post-IPO trade environment.
| Market Depth Aspect | Observation |
| Buy Orders | Up to ~₹129.20 |
| Sell Orders | From ~₹129.35 |
| Liquidity Status | Balanced |
| Volatility | Moderate |
Physics Wallah Share Price Targets (2026–2030)
There are widely varying Physics Wallah share price analysis and market-based estimates of the share price of Physics Wallah, based on various assumptions relating to growth, profitability, and competition. Conservative 2026 projections put the stock at ₹215-₹310 in case of consistent growth in revenue and a check on expenditure. Moderate expectations are ₹650-800 in case the company exceeds profitably.
Bullish estimates soar up to ₹900-₹1,100 in the medium-term, influenced by robust app monetization, rise in enrollments, and growth of hybrid learning models. In the long run in 2030, there are projections of ₹1,800-2200 per share with positive payoffs in the event of a continued leadership in the area of edtech and increased margin.
| Timeframe | Expected Price Range |
| 2026 (Conservative) | ₹215 – ₹310 |
| 2026 (Moderate) | ₹650 – ₹800 |
| 2026 (Aggressive) | ₹900 – ₹1,100 |
| 2030 (Optimistic) | ₹1,800 – ₹2,200 |
Physics Wallah share Key Financial Ratios
The financial ratios of Physics Wallah indicate a company that is in the expansion stage. The ROCE is negative and this implies that investments have not yet been converted into efficient returns. The firm does not pay dividends because the profits are still invested in growth.
The improvement in the debt in the past years is a good indicator as it reflects better financial discipline. Nevertheless, the interest cover is low, which indicates the strain on operating returns.
| Ratio | Value |
| ROCE | -2.12% |
| Dividend Yield | 0.00% |
| Debt Trend | Decreasing |
| Interest Coverage | Low |
Physics Wallah Share Peer Comparison Overview
Physics Wallah is the most capitalized in the listed e-learning space compared to its competitors. Nevertheless, a significant number of its peers have superior ROCE and profitability ratios. This distinction arises due to the fact that Physics Wallah is in the aggressive scaling stage, whereas some of the peers may be in niche or mature segments. On the growth front, Physics Wallah is the industry leader in terms of quarterly sales and students served. Competitors such as MPS and Jaro Institute seem more profitable.
| Company | Market Cap (₹ Cr) | ROCE % |
| Physics Wallah | 37,562 | -2.12 |
| MPS | 3,227 | 40.94 |
| Veranda Learning | 2,095 | -12.96 |
| Jaro Institute | 1,044 | 39.89 |
Physics Wallah Share Quarterly Financial Performance
Recent quarterly performance has indicated increasing momentum in revenues. The latest quarter saw sales grow to 1051 crore owing to enrollments of more students and offline growth. There was an improvement in operating margins relative to previous quarters but volatility is still there. The net profit has recorded a positive figure after a loss in the last quarter indicating that everything is starting to stabilize. But consistency of earnings will be paramount in long run investor confidence.
| Quarter | Sales (₹ Cr) | Net Profit (₹ Cr) |
| Sep 2024 | 832 | 41 |
| Jun 2025 | 847 | -127 |
| Sep 2025 | 1,051 | 70 |
Physics Wallah share Profit & Loss Trend
Physics Wallah has posted remarkable revenue growth in the past couple of years. Sales had risen by 233 crore in FY22 to 2,887 crore in FY 25. This expansion represents a high need to obtain low-cost education and effective expansion of operations. But the high depreciation, interest coverage and aggressive expansion have been playing with profits. The loss in FY24 and FY25 shows that the company takes growth over short-term profitability.
| Year | Revenue (₹ Cr) | Net Profit (₹ Cr) |
| FY22 | 233 | 98 |
| FY23 | 744 | -84 |
| FY24 | 1,941 | -1,131 |
| FY25 | 2,887 | -243 |
Physics Wallah Share Balance Sheet Analysis
The balance sheet indicates fast growth. The investments in the fixed assets, technology, and strategic investments drove the growth of total assets. The level of borrowings increased remarkably in the growth phase but it has begun to go down which is a good omen. In FY25, reserves regained a positive value, which shows that accumulated losses were partially recovered. The growth in investments implies increased emphasis on long term capacity building.
| Item | FY25 (₹ Cr) |
| Total Assets | 4,168 |
| Borrowings | 1,831 |
| Reserves | 472 |
| Investments | 1,401 |
Physics Wallah Share Cash Flow Position
Cash flows have been positive and this is a good indicator of sustainability. This shows that the regular operations provide sufficient cash to provide day-to-day business requirements. Cash flow investments are unfavorable because of high capital spending. The financing cash flows indicate the inflows of both equities and debt, which are used to finance expansion plans. Total net cash flow is stable.
| Cash Flow Type | FY25 (₹ Cr) |
| Operating | 507 |
| Investing | -1,513 |
| Financing | 1,007 |
Physics Wallah Shareholding Pattern
The majority ownership is very high and this demonstrates trust in the future of the company. The institutional investors can also play a significant role, and the level of public shareholding is rather low. Stability comes with high promoter holding, and further enhancement of institutional involvement may enhance governance perception.
| Shareholder | Holding % |
| Promoters | 72.30% |
| FIIs | 11.90% |
| DIIs | 13.01% |
| Public | 2.81% |
Pros and Cons
| Pros | Cons |
| Strong brand recognition | Negative ROCE |
| Affordable pricing model | Profit volatility |
| Growing offline presence | High competition |
| Debt reduction | Low interest coverage |
Conclusion
In a relatively short period of time, Physics Wallah Ltd has gone through significant progression as it has switched from a popular digital learning platform to a publicly-traded edtech corporation. Its successful IPO and robust performance after the listing indicate good brand names, extensive student base, and confidence of investors in the long-term education market of India. The stock trades between 125 and 135 range, where it seems to be healthy in the consolidation phase as opposed to being uncontrollably volatile as many new stocks tend to be. On a business level, Physics Wallah has solid growth potential due to its cost-effective pricing strategy, the hybrid learning strategy, and the ongoing penetration of new education and upskilling markets.
FAQs
Physics Wallah has recorded varied profitability. As revenues increase rapidly, the net profits have been fluctuating because of the high cost of expansion.
ROCE is adverse since the firm is making substantial investment into infrastructure, technology, and expansion which has not yet borne efficient returns.
No, the company does not pay any dividends since it reinvests earnings in growth.
It can also be viewed as a long-term long-term growth investment but has risks on profitability and competition.
It stands out of the competitors because of its low cost, mass-market orientation, and powerful hybrid learning design.
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