Lenskart Valuations: Why The Sky-High Valuation Towers Global Optical Giants And What Justifies The Premium

Lenskart appears to be seeking a valuation that is significantly higher than its global peers and trades at premium multiples compared to its nearest domestic competitor, Nykaa, based on its impressive top-line growth and positioning as a high-growth company, according to data compiled by NDTV Profit Research and Bloomberg.

At the upper end of its price band, Lenskart’s Market Capitalisation on listing will be close to Rs 69,900 crore or $7.946 billion, based on financial year 2026 market cap data.

The company's valuation metrics suggest a high premium, which is its price-to-earnings or P/E ratio. This is projected at 236.5 times for financial year 2025 and a massive 202.1 times for financial year 2026.

Its Price-to-Sales or P/S and Price-to-Ebitda multiples are also substantial, at 10.5 times and 71.7 times for financial year 2025, respectively, cooling slightly to 8.1times and 53.9 times for financial year 2026. This is assuming a 30% top-line growth.

When stacked against key global optical and retail peers, Lenskart’s high premium becomes evident:

Among Indian companies in the Rs 65,000-75,000 market cap band, Lenskart's nearest peer is Nykaa, which has a market cap of Rs 72,582 crore compared to Lenskart’s Rs 69,913 crore. Comparing the two for financial year 2026:

Lenskart's premium valuation is attributed to its classification as a high-growth company, demonstrated by its revenue growth at a CAGR of over 33% over FY23-25. This growth rate places it among the top performers in the Indian market.

When compared to five Indian companies with a Market Cap above Rs 90,000 crore and a top-line growth rate exceeding 33% over FY23-25, Lenskart's P/E multiple is higher than most, though its P/S ratio is comparable or lower than some.