Given the task of landing a ball in a goal region beyond direct reach, humans can often throw, slide, or rebound objects against the wall to attain the goal. Enabling robots to replicate such reasoning is non-trivial as it requires multi-step planning and involves a mixture of discrete and continuous action spaces, a sparse and sensitive reward structure, computationally expensive simulations, and an incomplete understanding of the environment's physics. We present PhyPlan, a physics-informed and adaptable planning framework for efficient multi-step physical reasoning. At its core, PhyPlan comprises of Generative Flow Networks (GFlowNets) and Monte Carlo Tree Search (MCTS) to explore and evaluate sequences of object interactions. GFlowNets sample discrete action sequences in proportion to their associated reward, enabling broad and reward-driven exploration of the discrete planning space. MCTS complements this by adaptively balancing the use of a fast but approximate pre-trained physics-informed dynamics predictor and costly but accurate environment rollouts, ensuring both speed and precision in planning. The known and actual physics discrepancy is captured using Gaussian Process Regression. Experiments on benchmark simulated tasks requiring composition of collisions, slides, and rebounds demonstrate that PhyPlan achieves a 45\% higher success rate and up to 3× efficiency gains over state-of-the-art model-based reinforcement learning approaches.