November 20, 2025 – After a blockbuster debut that saw gains of over 40% from its ₹109 IPO price, edtech major PhysicsWallah Ltd (NSE: PWL) continued to face heavy selling pressure for the third straight session. As of 09:20 AM IST, the stock traded at ₹136.50, down ₹6.78 or 4.73% from the previous close.
Performance Snapshot (as on Nov 20, 09:20 AM):
- Current Price: ₹135.10 (-4.73%)
- Day's Range: ₹135.12 (new 52-week low) – ₹140.76
- Volume Traded: 55.71 lakh shares
- Bid/Ask Spread: ₹136.45 / ₹136.55
- 52-Week Range: ₹135.12 (L) – ₹161.99 (H, hit on debut day)
Journey So Far – From Dream Debut to Sharp Pullback:
| Date | Event | Open/Close | Gain/Loss from IPO (₹109) | Key Notes |
|---|---|---|---|---|
| Nov 18 | Listing Day | Opened ₹145 | +43–48% (intraday high ₹161.99) | Listed at 33% premium; closed ~₹155–156 (+43–44%) |
| Nov 19 | Day 2 | Closed ~₹143 | +31% | ~8–10% correction on profit-booking |
| Nov 20 | Day 3 (ongoing) | ₹136.50 | +25% | Another 4–5% drop; total ~15% off debut peak |
Despite the two-day slide of ~12–15% from its all-time high of ₹161.99, the stock remains ~25% above the IPO price, rewarding allottees with decent listing gains overall.
What’s Driving the Decline?
- Classic post-IPO profit-booking: Many retail and HNI investors who got allotment at ₹109 are locking in quick gains after the unexpected listing pop (GMP had suggested only ~12–13% premium pre-listing).
- Valuation concerns: At listing, the stock commanded rich multiples (EV/Sales ~13x on FY25 numbers). With the company still loss-making (net loss ₹243 crore in FY25) and facing intense competition in edtech, some analysts view the initial euphoria as overdone.
- No fresh negative triggers: Fundamentals remain unchanged — strong hybrid model, rapid offline expansion (303 centres), 13.7M+ YouTube subscribers, and a clear path to profitability in the next 12 months.
Long-Term Story Intact
PhysicsWallah, founded by Alakh Pandey, continues to disrupt India’s ₹15–16 lakh crore education sector with its affordable online + offline offerings targeting Tier-2/3 cities and competitive exams (JEE, NEET, UPSC). Key IPO proceeds (₹3,480 crore total issue) are earmarked for:
- Expanding offline/hybrid centres
- Marketing & brand building (₹710 crore)
- Tech upgrades and acquisitions
Analysts remain bullish on the structural growth opportunity but advise caution in the near term due to volatility typical of newly listed high-beta stocks.
Outlook
- Support levels: ₹130–135 (near IPO price zone) could act as strong psychological support.
- Resistance: ₹145–150; a sustained move above ₹150 could signal resumption of uptrend.
- Investor takeaway: Long-term believers can view dips as accumulation opportunities; short-term traders should wait for stabilisation.
