Is coachings like FIITJEE , AKASH, PACE are essential for IIT preparation. I am studying physics with Yadav Sir in ghaziabad, is this sufficient?

askiitians online and FIITJEE are a must

coaching helps you to prepare well as they tell you shortcuts of various things

and they have experience

so you should prefer coaching along with your sir who can clear your basics

and coaching can tell you few more things to make you succeed

I think its more of your determination and dediscation which takes you at the top. If you are comfortable with current way of studies then stick to it. Dont think of other things. Emphasize on self learning. Try out online IIT learning program such as Kaysons, Plancess etc. Also I came to know that there is going to be an google plus hangout on IIT preparation. You can attend that. Here is the link well begun is half done! 

Cheers!