PhysicsWallah made a strong market debut on November 18, listing at ₹145 per share on NSE, marking a 33% premium over its IPO price of ₹109. The stock hit an intraday high of ₹161.99, nearly 49% above the IPO price, before some profit booking brought it down to around ₹146 per share. Its market capitalization stands at ₹42,618 crore. Analysts attribute the surge to the company’s strong brand recall, loyal student base, affordable hybrid test-prep offerings, scalable digital content engine, and expanding offline footprint, covering exams like JEE, NEET, UPSC, and state-level tests. Experts recommend booking partial profits while holding the remaining shares for medium-term growth, citing risks such as competition from other edtech players, regulatory uncertainties, and the challenge of sustaining profitability. Despite its scale and market presence, profitability remains elusive, with cumulative losses exceeding ₹1,400 crore over FY23–FY25. Investors with a high-risk appetite and long-term horizon may consider limited participation, betting on eventual operating leverage and monetization of its vast user base, whereas conservative investors are advised to wait for consistent profitability and positive cash flows before investing.