In this article, we propose a physics-based compact drain current model of planar InGaAs channel-based quantum well MOS transistor. The effects of essential physical phenomenon such as quantum confinement, multiple sub-band energies, wavefunctions and perturbations in sub-band energies are considered in the model by deriving the time-independent Schroedinger wave equation. The potential and inversion carrier profiles are obtained through direct solution of Schroedinger and Poisson equations inside the device. The proposed model also considers other important physical aspects such as band non-parabolicity, velocity overshoot and threshold voltage roll-off. The model is thus physics-based and does not include any empirical fitting parameter. Professional numerical simulator data for a variety of bias voltages and channel thicknesses have been used to validate the expected outcomes of our model. A reasonable agreement between the transistor characteristics as predicted by our model and that available experimentally is obtained, thus justifying the accuracy of our model.