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PhysicsWallah IPO Review

PhysicsWallah IPO has been reviewed by 11 analysts, and the overall consensus is May Apply — carrying a score of 64. Out of the 11 analysts who have covered this IPO, 7 recommend subscribing while 4 advise caution or avoidance — reflecting a mixed view from the analyst community.

The issue is priced in the band of ₹₹103 to ₹109 per share, with a minimum application size of 137 shares. Subscription ran from 11 Nov 2025 to 13 Nov 2025. The issue size is ₹3,480 crore, a mix of fresh issue and offer for sale. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
64/ 100
May Apply 7 of 11 recommend subscribing
How analysts voted
Apply 7
Neutral 1
Avoid 3
Not rated 2

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

PhysicsWallah is an education technology company that scaled revenue from ₹2,015.35 crore in FY24 to ₹3,039.09 crore in FY25, with sales and EBITDA CAGRs of 96.9 and 88.8 percent over three years. Profitability remains fragile. Seven of the thirteen analysts said subscribe, three said avoid.

Listing gains

With losses, a price to earnings ratio cannot be calculated, so the notes use EV to sales of about 10.7 times on post-issue capital, at a market cap near ₹31,527 crore. Analysts describe that as demanding. The split between subscribe and avoid ratings pointed to a muted listing.

Short-term strategy

The June 2025 quarter slipped back to an EBITDA loss of ₹21.22 crore, after FY25 had recovered to a positive ₹193.20 crore from a loss of ₹829.35 crore in FY24. That reversal is the near-term concern, since it suggests the FY25 profitability was not yet stable.

Long-term strategy

The positive notes are explicit that this suits risk-tolerant investors with a long-term perspective only, resting on brand reach, a very large subscriber base and rising digital penetration in education. The bearish view is that the valuation demands sustained profitability that the quarterly numbers have not yet delivered.

How this is written: an AI-assisted summary of the 13 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Latest IPO reviews

How analysts rated the most recent mainboard issues — and, where they have listed, how the call played out.

Frequently asked

Should I apply for PhysicsWallah IPO?

The analyst consensus for PhysicsWallah IPO tracked on this page is May Apply, with a score of 64/100. Out of 11 analysts who have reviewed this IPO, 7 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 64 mean for PhysicsWallah IPO?

The score of 64 is an aggregate of all analyst ratings tracked for PhysicsWallah IPO. A score in this range reflects mixed views — some analysts are positive while others are cautious. Read the individual analyst verdicts above for more context.

What was the actual listing price of PhysicsWallah IPO?

PhysicsWallah IPO listed on November 18, 2025 at ₹145, against the issue price of ₹109 — a gain of +33.03% (₹36 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of PhysicsWallah IPO?

PhysicsWallah IPO was priced at ₹₹103 to ₹109 per share. The minimum lot size is 137 shares. Subscription ran from 11 Nov 2025 to 13 Nov 2025.

Explore PhysicsWallah IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

PhysicsWallah IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
May Apply
Score
64 / 100
Listed at
₹145
Full IPO details