India, Sept. 12 -- Can PhysicsWallah Break The Edtech Jinx?

Days ago, PhysicsWallah submitted its updated DRHP with SEBI for an INR 3,280 Cr public listing. Amid the dilapidated state of Indian edtech, the listing could be a breath of fresh air. But is PW's touted IPO more smoke than fire?

Sound Fundamentals? PhysicsWallah's FY25 financials present a compelling turnaround - losses dropped 78% YoY to INR 243.3 Cr while operating revenue zoomed 49% YoY to INR 2,886.6 Cr. Yet, a deeper analysis reveals that FY24 losses, adjusted for one-time expenses, stood at INR 376 Cr, reducing the actual improvement to 35% rather than the headline 78%.

Expansion Pains: There are also troubling signs in PW's expansion strategy. Revenue from Kota, its i...