PhysicsWallah Limited has announced amendments to its Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information, following approval by the Board of Directors on February 05, 2026. The regulatory filing was submitted to both the National Stock Exchange of India Limited and BSE Limited in compliance with SEBI insider trading regulations.

Board Meeting Details

The Board meeting was conducted on Thursday, February 05, 2026, with specific timing details provided for transparency:

The communication was signed by Ajinkya Jain, Group General Counsel, Company Secretary & Compliance Officer, with membership number A33261.

Revised Code Framework

The amended code establishes comprehensive procedures for handling unpublished price sensitive information (UPSI) in accordance with SEBI regulations. The framework designates the Company Secretary and Compliance Officer as the Chief Investor Relations Officer (CIRO), responsible for timely and uniform dissemination of information.

Key Provisions

The revised code includes several critical components:

• Prompt Public Disclosure: UPSI must be disclosed to stock exchanges and disseminated continuously as soon as credible information becomes available
• Universal Dissemination: Information will be shared uniformly through stock exchanges and the company's official website at https://www.pw.live/investor-relations
• Need-to-Know Basis: UPSI handling restricted to legitimate purposes, performance of duties, or legal obligations
• Analyst Interactions: Only public information provided to analysts, with simultaneous public disclosure if UPSI is shared

Legitimate Purpose Guidelines

The code includes detailed operating guidelines for determining legitimate purposes for UPSI sharing. These guidelines establish principles for assessment:

Approved Sharing Categories

The code identifies specific categories where UPSI sharing may be considered legitimate:

• Business and commercial requirements with partners, lenders, and suppliers
• Professional advice from auditors, legal advisors, and consultants
• Regulatory and governmental compliance requirements
• Strategic transactions including mergers and acquisitions
• Contractual obligations and group reporting needs

Compliance and Documentation Requirements

The amended code establishes strict documentation and compliance protocols. All UPSI recipients must be informed of their insider status and confidentiality obligations through written agreements. The company will maintain a structured digital database (SDD) containing details of information sharing, preserved for at least eight years.

Digital Database Specifications

The CIRO oversees all public disclosures and ensures compliance with the guidelines. Any deviations must be reported to the Audit Committee, while exceptions require Board of Directors approval.

Regulatory Context

This amendment aligns with Regulation 8(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015, which mandates listed companies to formulate fair disclosure codes. The revised framework ensures PhysicsWallah Limited maintains transparency while protecting sensitive business information.

The updated code will be published on the company's website and communicated to relevant stock exchanges as required by regulatory guidelines.

Source:

PhysicsWallah shares experienced significant selling pressure on Tuesday, January 20, falling nearly 8% and extending losses for the third consecutive trading session. The edtech platform's stock has declined 14% over the past three trading days, with substantial trading volumes of around 44 lakh shares recorded by 11 am IST.

Market Performance and Valuation Impact

The sharp sell-off has significantly impacted the company's market valuation, with key metrics showing substantial changes from its listing levels.

Technical Analysis Indicators

The stock's technical position has deteriorated significantly, with multiple indicators suggesting weakness. PhysicsWallah shares are currently trading below all key short-term moving averages, including the 5-day, 10-day, 20-day, and 30-day averages. The Relative Strength Index has dropped to 31.7, approaching the oversold threshold of 30, which typically indicates potential buying opportunities for technical traders.

Business Performance and Growth Strategy

Despite market pressures, the company maintains strong operational momentum. Co-founder and whole-time director Prateek Maheshwari previously indicated that PhysicsWallah aims to achieve profitability within the next 12 months. The company's expansion strategy focuses on several key areas:

• Accelerated growth in southern India
• Strengthening presence across 11 Indic languages
• Expansion into multiple exam categories
• Balanced growth between online and offline segments

Revenue Mix and Financial Performance

The company's revenue structure demonstrates a balanced approach between digital and physical presence. Currently, 52% of revenue comes from online business operations, while offline centres contribute the remaining 48%. This revenue mix is expected to remain stable as both segments continue growing at healthy rates.

IPO Performance and Market Debut

PhysicsWallah's initial public offering demonstrated strong investor interest, with the ₹3,480 crore IPO subscribed nearly two times during the November 11-13 subscription window. The company delivered impressive listing gains of 36%, debuting at ₹145 on NSE and ₹143.10 on BSE against the issue price of ₹109.

Subscription details revealed varied investor participation across categories, with retail investors subscribing 106% of their quota, non-institutional investors at 48%, and qualified institutional buyers achieving 2.7 times oversubscription.

Company Background and Current Operations

Founded in 2016 by Alakh Pandey, who initially began uploading free physics lessons on YouTube, PhysicsWallah gained significant prominence during the pandemic period. The company has built substantial infrastructure with 303 offline centres operating across 152 cities in India and the Middle East, supporting its hybrid education model.