Lenskart Trades at 10.5 Times Annualised Revenue, Nykaa at 8.4 and PhysicsWallah at 7.5

Lenskart, Nykaa and PhysicsWallah all reported September-quarter results on November 4, and the three market values set against annualised revenue run from 7.5 times to 10.5 times, in the same order as their growth rates. The multiples are The Terminal's arithmetic: Q2 FY27 operating revenue multiplied by four, divided into the market capitalisation each outlet reported at the close.

Annualising one quarter is crude, and it flatters any business with a seasonal fourth quarter. It is still the quickest way to see what the market is paying per rupee of sales, and the ordering survives most reasonable adjustments.

The three prints side by side

Company	Q2 FY27 revenue	Growth	Net profit
Lenskart	₹2,845 crore	35.7%	₹232.5 crore
Nykaa	₹3,006 crore	28%	₹101 crore
PhysicsWallah	₹1,242.3 crore	18.2%	₹143.6 crore

The revenue and profit figures come from Inc42's Lenskart report, Entrackr's Nykaa report and Inc42's PhysicsWallah report. Nykaa's profit is up from ₹33 crore a year earlier, and Lenskart's from ₹103.5 crore.

What the market pays for each rupee of sales

1. Lenskart10.5 x
2. Nykaa8.4 x
3. PhysicsWallah7.5 x

Source: The Terminal's calculation from Entrackr and Inc42 reports of 2026-11-04

Entrackr puts Lenskart's market capitalisation at ₹1,19,960 crore, or $12.6 billion, after a close of ₹689.7. Inc42 gives the close as ₹691. Against ₹11,380 crore of annualised revenue that is 10.5 times. Nykaa's ₹1,01,410 crore on ₹12,024 crore is 8.4 times, and PhysicsWallah's ₹37,376 crore on ₹4,969 crore is 7.5 times.

The order tracks growth. Lenskart is growing fastest and carries the highest multiple. PhysicsWallah is growing slowest, and its offline business grew just 9% in the quarter, so it carries the lowest.

Why Lenskart earns its premium, and Nykaa does not quite

Lenskart's reported EBITDA was ₹624 crore on a 21.9% margin, per Inc42, and its return on capital employed was 22.5% in the first half of FY27 against 14.6% in FY26. It added 165 net stores in the quarter, taking the active count to 2,868 in India and 756 internationally, and India same-store sales grew 20.8%. Those are the numbers that justify paying more for a retailer: each store is selling more, not just more stores being opened.

Nykaa's net margin is the weak point. ₹101 crore on ₹3,006 crore is 3.4%, against 8.2% at Lenskart and 11.6% at PhysicsWallah. Entrackr's Nykaa report does not give EBITDA, and the beauty segment is 90% of operating revenue at ₹2,700 crore, so the company has little cushion from a second line. Its market value is 8.4 times sales on a business that keeps 3.4 paise of each rupee.

Where each margin comes from

Inc42's segment table shows Lenskart's India business earning ₹208.4 crore of segment profit, up from ₹126.1 crore, and its international business ₹97.2 crore, up from ₹31.1 crore. International revenue grew 36.5% to ₹1,201.1 crore, almost level with India's 35.5% to ₹1,667.9 crore, so the premium is not a one-market story. The company reported operating cash flow of ₹388 crore against ₹187 crore of capex on stores, refurbishments and remote optometry, which means the store build is being paid for from the business.

Nykaa's cost structure explains the thin margin. Cost of materials was ₹1,624 crore, 56.64% of total expenditure, and other expenses covering marketing, technology and overheads rose 26% to ₹899 crore, nearly level with revenue growth of 28%. Entrackr reports first-half profit of ₹181 crore, up from ₹57.5 crore, so the direction is clear while the level is still small.

PhysicsWallah sits at the other end on EBITDA. Inc42 reports a 28% margin against 21.7% a year earlier, but the net-profit gap to Lenskart narrows once other income and the Finz Finance lending exit are set aside.

The profit multiples are noisier

Annualising net profit gives roughly 129 times for Lenskart, 251 times for Nykaa and 65 times for PhysicsWallah. The PhysicsWallah figure is the least reliable of the three: ₹92.4 crore of its quarter's income was non-operating, so the multiple rests on a number that may not recur. Nykaa's is the highest because its profit base is thinnest, not because the market expects the most from it.

There is also a base effect. All three profits are more than double the year-earlier quarter, and a low base makes any multiple look both better and worse than it is.

Who is missing from the comparison

None of these companies is a venture-stage business any more, which is why the comparison works at all: they file quarterly numbers and the market prices them daily. Private Indian companies reporting through filings, such as Spill Games, valued at ₹400 crore from its Series A filings and Ottonomy's ₹40 crore round, have no such daily check on the multiple they are paid.

The next test for the ranking is the December-quarter print. If PhysicsWallah's delayed NEET collections arrive as Inc42 reports they should, its growth rate rises and its multiple gap to Nykaa has a reason to narrow.