IPO-bound PhysicsWallah grows 33% in Q1FY26, but losses widen

IPO-bound edtech unicorn PhysicsWallah saw its operating revenue grow 33% to Rs 847 crore during the April-June quarter of the current fiscal, from Rs 635 crore a year ago.

The net loss of the Noida-based company, however, widened to Rs 127 crore in Q1FY26, from Rs 72 crore in the same period last year, as per its red herring prospectus (RHP).

This came as the company saw its total expenses rise 39% to Rs 1,057 crore, compared to Rs 762 crore a year ago.


The company that started as a YouTube channel has expanded into a full-stack education platform spanning online classes, offline centres, test prep, and skilling. In the first quarter, the offline segment accounted for 48.75% of PhysicsWallah's operating revenue, while the online business contributed 47.07%.

PhysicsWallah’s revenue from its offline operations rose 32.4% to Rs 413 crore in the April–June quarter. Its online business generated Rs 399 crore during the quarter, up from Rs 301 crore in the same period last year.

In the test-prep segment, the company competes with Aakash Institute, Allen Career Institute, and Unacademy.

PhysicsWallah is set to launch its Rs 3,480 crore initial public offering (IPO) on November 11, with a price band of Rs 103–109 per share. At the upper end of the range, the company is targeting a post-money valuation of about Rs 31,500 crore, which is roughly at a 35% premium to its last valuation.

It will be the first Indian edtech to list on public markets after the sector's reset following Byju's' collapse.

For FY25, PhysicsWallah reported revenues of Rs 2,886 crore, up from Rs 1,940 crore in FY24. Its losses narrowed sharply to Rs 243 crore from Rs 1,131 crore a year earlier. Online channels contributed 48.6% of the revenue.