Physicswallah Limited has submitted its Monitoring Agency Report for the quarter ended December 31, 2025, as required by SEBI regulations. The report, issued by CARE Ratings Limited, confirms no deviation from the objects for which the Initial Public Offer (IPO) proceeds were raised. The company utilized ₹285.68 crore during the third quarter of FY26 towards the IPO objectives. Key utilization areas included capital expenditure for new offline and hybrid centers (₹2.42 crore), lease payments for existing centers (₹13.47 crore), and investment in its subsidiary Xylem Learning Private Limited (₹0.00 crore utilized from ₹47.17 crore allocated). Significant utilization was also observed in funding inorganic growth and general corporate purposes, with ₹243.33 crore spent on employee benefits, professional fees, and Goods and Services Tax. The report details the original cost allocations for various objects, totaling ₹3100 crore, with a remaining unutilized amount of ₹2,814.32 crore as of December 31, 2025. The company has deployed a substantial portion of unutilized proceeds into fixed deposits with various banks, maturing between January 2026 and February 2027, yielding returns between 5.25% and 6.80%. The Audit Committee and the Board of Directors of Physicswallah Limited reviewed and took on record the Monitoring Agency Report during their meetings held on February 05, 2026. The disclosure is also available on the company's investor relations website.