PhysicsWallah Ltd Share Price Today: Volatile Debut, Analyst Views and Outlook as of 2 December 2025

Data and prices referenced in this article are as of intraday trade on 2 December 2025 unless stated otherwise.

PhysicsWallah share price today (2 December 2025)

PhysicsWallah Ltd (NSE: PWL, BSE: 544609) – the newly listed edtech unicorn – is trading in a tight but nervous range after a roller‑coaster first two weeks on Dalal Street.

Across live data providers, PhysicsWallah’s share price on 2 December 2025 is hovering around ₹135–137 on the NSE:

Mint’s live tracker shows the stock at ₹136.35, with a market capitalisation of about ₹38,992 crore, and a 52‑week high/low of ₹162.05 / ₹121.15 – effectively the entire range since listing. ^[1]
Moneycontrol quotes a last traded price of ₹136.83 around 11:30 a.m., with a day range of roughly ₹132.6–₹138.4 and a 52‑week range of ₹121.22–₹161.99. ^[2]
Some broker platforms (for example Angel One) show slightly lower snapshots, around ₹133–134, reflecting earlier ticks in the session. ^[3]

Even with this volatility, PhysicsWallah Ltd (often shortened to “Physicswallah” or “PW”) still trades well above its IPO issue price of ₹109, but significantly below its euphoric debut‑day highs. ^[4]

At roughly ₹136, the stock is:

About 25% above the IPO price of ₹109
Roughly 16–18% below the first‑day peak near ₹162

In other words, early investors are still in the green, but anyone who chased the listing pop is nursing quick mark‑to‑market pain.

From YouTube channel to Dalal Street: the PhysicsWallah IPO story

PhysicsWallah began life as a YouTube channel in 2016, built around educator Alakh Pandey, and has since grown into a large hybrid edtech business offering test‑prep for JEE, NEET, UPSC and other exams, plus upskilling courses in areas like data science and finance. ^[5]

To fund its next phase of growth, the company came to the public markets with a ₹3,480 crore IPO in November 2025:

Price band: ₹103–₹109 per share
Issue size: ₹3,480–3,480.7 crore, including a fresh issue of ~₹3,100 crore and an offer for sale (OFS) of ~₹380 crore
IPO dates: 11–13 November 2025 for public subscription
Planned listing date: 18 November 2025 on NSE and BSE ^[6]

Reuters estimated that the IPO, at the top end of the price band, targeted a valuation of ₹280.7 billion (~$3.19 billion). ^[7]

Demand, while positive, was not euphoric:

The issue was subscribed around 1.8–1.9 times overall, with Qualified Institutional Buyers (QIBs) driving most of the interest and retail subscription just a little above 1x. ^[8]
In the grey market, the premium (GMP) drifted lower closer to listing, at one point hovering in the single digits, suggesting modest listing‑gain expectations. ^[9]

The listing, however, blew past those modest expectations.

A blockbuster debut – and a sector milestone

On 18 November 2025, PhysicsWallah made its stock market debut – and promptly became the face of edtech’s “second chance” on the bourses:

The stock listed at ₹145 on the NSE and ₹143.10 on the BSE, about 31–33% above the issue price. ^[10]
Intraday, shares spiked to ₹161.99–₹162.05, translating into listing gains of roughly 48–49% and valuing the company at around $5.2 billion. ^[11]
At the debut‑day peak, PhysicsWallah’s market cap briefly touched ~₹46,300 crore. ^[12]

Reuters highlighted that PhysicsWallah was the first Indian edtech firm to go public after the sector’s crisis years, when peers like Byju’s, Unacademy and Vedantu were grappling with layoffs, funding stress and in Byju’s case, bankruptcy proceedings. ^[13]

The debut was therefore more than just another IPO – it was read as a barometer of investor willingness to fund “new‑age” education businesses again.

After the pop: a swift correction and ₹8,600+ crore wealth erosion

The euphoria didn’t last long. Within days of listing, PhysicsWallah’s share price gave investors a textbook lesson in post‑IPO volatility:

Day 2: On 19 November, the stock fell sharply intraday, at one point down about 11%, and closed roughly 6–8% lower, though still above the IPO price. ^[14]
Day 3: On 20 November, shares slid further, hitting an intraday low of ₹130.65 on the BSE. ^[15]

Economic Times and Times of India both calculated that within just three sessions, PhysicsWallah’s market value fell from nearly ₹46,300 crore to below ₹37,700 crore, wiping out about ₹8,600 crore of investor wealth from the debut‑day high. ^[16]

Mint later pointed out that, from the intra‑day peak, the stock had dropped more than 20%, erasing roughly ₹10,000 crore in value before stabilising. ^[17]

Importantly, through this sell‑off, the stock remained above its IPO price – reminding investors that:

For those who got allotment and booked profits early, PhysicsWallah has been a windfall so far.
For those who bought into the listing spike, it has already been a high‑beta bet with rapid drawdowns.

How expensive is PhysicsWallah stock now?

Even after the correction and partial bounce, PhysicsWallah is not cheap on traditional metrics. Because it is still loss‑making on a consolidated basis, some ratios are noisy – and different data providers show different snapshots – but the broad picture is consistent: valuations are rich and expectations are high.

Revenue and losses

Multiple sources summarise PhysicsWallah’s rapid top‑line growth and ongoing losses:

A StockGro IPO primer shows revenue rising from ₹772.54 crore in FY22 to ₹2,015.35 crore in FY23 and ₹3,039.08 crore in FY24, while net losses widened from ₹84.08 crore (FY22) to ₹1,131.13 crore (FY23) before narrowing to ₹243.26 crore (FY24). ^[18]
Liquide’s IPO analysis, using slightly different year labels, describes revenue jumping from ~₹744 crore in FY23 to ₹2,887 crore in FY25, with losses of ₹84 crore, ₹1,131 crore and ₹243 crore across FY23–FY25, and a further loss in Q1 FY26. ^[19]
Reuters also notes that in the most recent full financial year, PhysicsWallah delivered ~50% revenue growth while narrowing losses to about ₹2.4 billion from ₹11.3 billion the previous year. ^[20]

The direction is clear: revenue is compounding fast, but sustained profitability is still unproven.

Valuation multiples

On current prices around ₹136 and market cap near ₹39,000 crore:

A simple price‑to‑sales based on FY24 revenue of ~₹3,039 crore works out to roughly 12.8x, very close to Business Standard’s listing‑day estimate of ~13x EV/Sales at post‑listing prices (vs 10.3x at the IPO price). ^[21]
Third‑party dashboard Planify, using its own earnings assumptions, pegs trailing EPS at ₹1.48, implying a P/E of about 90x at a ₹134 share price and a P/B of over 14x. ^[22]
By contrast, Groww’s fundamentals page – likely based on a different trailing period – shows negative EPS (‑₹0.85) and labels the P/E as not meaningful, while still flagging a P/B around 10x and a market cap above ₹38,000 crore. ^[23]

The exact numbers differ by provider and timeframe, but they all point to the same conclusion:

PhysicsWallah is priced like a high‑growth tech platform, not a traditional coaching or education company.

Swastika Investmart, in its detailed IPO note, explicitly called out an EV/EBITDA multiple above 145x and EV/Sales “far above industry benchmarks”, arguing that valuations leave little margin of safety while the business is still in the red. ^[24]

What brokers and analysts are saying

Pre‑IPO: “great story, stretched valuation”

Ahead of the issue, many independent notes took a cautious stance:

Swastika Investmart assigned the IPO an “AVOID” rating, citing:
- High EV/Sales and EV/EBITDA
- Continued losses and negative EPS
- Heavy capex and long payback periods for offline centres
- No directly comparable listed edtech peer in India
  The note recommended that conservative investors wait for clearer profitability before entering. ^[25]
Liquide’s IPO review acknowledged PhysicsWallah’s strong brand, rapid user growth and offline scale‑up (303 centres and 4.46 million paid users by June 2025), but highlighted:
- Sustained net losses over FY23–FY25
- Limited operating leverage, with margins slipping back into negative territory in Q1 FY26
- Loss‑making subsidiaries and high faculty attrition (~36% in FY25)
- Legal and regulatory exposure and intense competition
  Its bottom line: the growth story is compelling, but investors should stay cautious and consider entry only once profitability sustains and earnings visibility improves. ^[26]

Listing‑day verdicts: split between booking profits and holding with caution

On listing day, commentary turned into a three‑way split between optimists, pragmatists and sceptics:

Swastika’s Shivani Nyati told Business Standard that the strong debut reflected high investor confidence in PhysicsWallah’s brand, affordable offerings and fast‑growing hybrid model. She suggested booking partial profits, but holding a portion for the medium term with a stop‑loss around ₹130. ^[27]
Geojit’s Anil R. highlighted that EV/Sales had moved from ~10.3x at IPO to ~13x post‑listing, arguing that if the company continues to execute, the stock could revive interest in edtech IPOs and become a benchmark for profitability‑focused hybrid models. ^[28]
MasterTrust’s Ravi Singh took the opposite side, warning that the long‑term outlook was weak at current valuations and advising allottees to book profits and exit. ^[29]

Mint’s coverage of the subsequent 21% crash urged investors to “tread cautiously”, presenting PhysicsWallah as a classic example of a narrative‑driven, high‑beta IPO where fundamentals need time to catch up with price. ^[30]

After the bounce: short‑term technical views

Following a sharp rebound on 1 December 2025, when the stock jumped over 15% intraday to hit ₹144, Business Today collected near‑term technical views: ^[31]

Ravi Singh (MasterTrust) now sees the stock as “strong on charts” and believes it could move towards ₹150 in the near term, while advising a stop‑loss at ₹135 to manage volatility. ^[32]
SEBI‑registered analyst A.R. Ramachandran describes the structure as “slightly bullish,” identifying strong support near ₹123 and saying that a decisive close above ₹139 could open the way back to ₹162 – effectively retesting the listing‑day high. ^[33]

These are short‑term trading levels, not long‑term fair‑value estimates, but they illustrate how tightly the stock is now trading around a cluster of well‑watched supports (₹123–130) and resistances (₹139–162).

Business fundamentals: growth engine vs profitability challenge

Beyond the ticker tape, PhysicsWallah’s investment case rests on whether it can convert its huge student community into sustainable, profitable cash flows.

Key operating highlights from the IPO documents and broker research:

One of India’s top five education companies by revenue, and among the largest by student community. The flagship “Physics Wallah – Alakh Pandey” YouTube channel had about 13.7 million subscribers as of mid‑July 2025. ^[34]
A hybrid operating model across:
- Fully online courses (app, website, YouTube)
- Offline “Vidyapeeth” centres
- Hybrid “Pathshala” centres where students watch online classes at physical locations with on‑site faculty support ^[35]
As of June 2025, Swastika and Liquide report:
- 4.46 million paid users, with a ~59% CAGR since FY23
- 303 offline centres, 6,000+ faculty and over 18,000 employees across India ^[36]

The problem, as multiple IPO reviews stress, is that this expansion has been capital‑intensive:

Offline centres bring high fixed costs (rent, fit‑out, faculty), long payback periods and sensitivity to utilisation. ^[37]
Subsidiaries such as Xylem Learning, Knowledge Planet and Utkarsh Classes have reported losses and negative net worth, increasing the risk that the parent may need to support them for longer. ^[38]

Until these offline bets mature and contribution margins improve, PhysicsWallah remains firmly in “growth first, profits later” mode.

Growth strategy and use of IPO funds

Management has been clear that the IPO is not just a liquidity event; it is fuel for an aggressive expansion plan.

According to the Red Herring Prospectus, Business Standard’s listing‑day summary and Swastika’s note, key uses of the proceeds include: ^[39]

Setting up new offline and hybrid centres
Lease payments for existing centres
Investments in subsidiaries such as Xylem Learning and additional stake in Utkarsh Classes
Capital expenditure on server and cloud infrastructure
Marketing and general corporate purposes

In a recent Economic Times interview, co‑founder Prateek Maheshwari laid out a more detailed roadmap: ^[40]

Offline push:
- Open 60–70 new centres in the next two quarters
- Scale to around 200 additional centres over three years, with a focus on South India and state board syllabi for Classes 9–12
Revenue mix goal: Target 55% online and 45% offline revenue by FY30, betting that the digital engine will grow even faster than the offline presence
New products: Launch of “Pi”, an OTT‑style learning platform priced at about ₹300 per month, designed to drive recurring subscription revenue while staying affordable
Fintech layer: Through its NBFC arm Finz Finance, PhysicsWallah plans to finance student loans directly, potentially improving margins but also introducing credit risk

If execution matches ambition, this could deliver operating leverage over time. If not, it risks prolonged losses and balance‑sheet stress – precisely the concerns raised in many pre‑IPO notes. ^[41]

Key risks investors should watch

Across SEBI filings and independent research, several risk themes recur: ^[42]

Profitability and cash flows
- The company has reported three consecutive years of losses, plus a loss in Q1 FY26.
- High offline capex and rental commitments could keep margins under pressure if utilisation lags.
Dependence on star educators and founders
- The brand is tightly associated with Alakh Pandey and a handful of star teachers.
- Liquide flags a ~36% faculty attrition rate in FY25, which is high for a teacher‑led model.
Regulatory and reputational risk
- Education is a politically and socially sensitive sector. Changes in rules around test prep, K‑12 content, advertising or data privacy can materially affect operations.
- Exam controversies or complaints can quickly damage trust.
Competitive intensity
- PhysicsWallah faces competition from both distressed but still sizeable edtech peers (Byju’s, Unacademy, Vedantu) and entrenched offline coaching giants, especially in Kota and Delhi NCR. ^[43]
- Aggressive discounting or marketing wars could hurt pricing power and margins.
Capital allocation and leverage
- IPO proceeds are being deployed into long‑gestation offline projects and tech infrastructure. Mis‑allocation or delays in centre break‑even could weigh on returns. ^[44]
Supply overhang from lock‑ins
- According to IPO data compiled by StockGro, anchor investor lock‑ins end in two phases:
  - 30‑day lock‑in: 14 December 2025
  - 90‑day lock‑in: 12 February 2026 ^[45]
- As these windows open, additional supply of shares may hit the market, potentially increasing volatility.

Outlook: high‑beta education bet, not a safe compounder (yet)

Putting it all together as of 2 December 2025:

Price action: PWL trades around ₹135–137, roughly 25% above IPO price but well below debut‑day highs, after a sharp rally, a 20%+ correction and a partial rebound. ^[46]
Business: It is one of India’s most powerful education brands, with a vast digital footprint and a rapidly scaling offline network. ^[47]
Financials and valuation: Revenue is growing fast, but the company is still loss‑making, and trades at double‑digit sales multiples and high book multiples, with some brokers explicitly labelling it overvalued on traditional metrics. ^[48]
Street view: Pre‑IPO research mostly leaned “avoid / wait and watch”; post‑listing, opinions range from “book profits and exit” to “hold with a strict stop‑loss”, while short‑term technical calls see room for a move back towards ₹150–162 if momentum holds. ^[49]

For investors, PhysicsWallah Ltd is not a sleepy, dividend‑paying education stock. It is a high‑beta, narrative‑heavy growth listing where:

The upside case assumes continued rapid revenue growth, successful execution of the hybrid model, improving margins at offline centres, strong adoption of the “Pi” platform and disciplined capital allocation.
The downside case focuses on extended losses, regulatory or reputational shocks, centre under‑utilisation and a market that de‑rates expensive, loss‑making growth stories.

Until the company can show several quarters of consistent profitability and cash‑flow discipline, many analysts will likely continue to treat PhysicsWallah as a high‑risk, high‑volatility idea rather than a safe long‑term compounder.