Mumbai, Nov. 16 -- Physics Wallah (PW) has been taught some sobering lessons in Kozhikode, Kerala, one of its most ambitious southern bets. The city, which became part of the edtech company's network after its acquisition of Xylem Learning in 2023, quickly emerged as a major revenue contributor. Briefly, it even became PW's top offline revenue driver.

But the red herring prospectus (RHP) for the company's Rs.3,480 crore initial public offering (IPO) showed that in the first quarter of fiscal year 2026 (FY26), Kozhikode fell to third place, going down from about 10.5% of total offline revenue to around 6%, having been overtaken by Delhi National Capital Region and Patna. Revenue from the city dropped to Rs.24 crore in the three months end...