PhysicsWallah, Lenskart, Nykaa post stellar profits

Dear Reader, 

The earnings season is in full swing. 

PhysicsWallah, Lenskart and Nykaa were among the major Indian companies that reported their Q2FY27 results yesterday. 

Expanding scale and cost efficiencies helped PhysicsWallah post a record quarterly top-line and double its net profit. Lenskart’s net profit too rose over two-fold year on year. 

Nykaa’s profit grew three times to Rs 101 crore and revenue rose 28% YoY to Rs 3,006 crore. The beauty and fashion retailer has also acquired an 82% stake in cosmetics brand Simply Nam. The acquisition is expected to help Nykaa expand its premium makeup portfolio.

Meanwhile, Nasdaq-listed SaaS company Freshworks posted a net profit of $18.3 million in the third quarter of 2026, compared with a loss of $4.7 million in the year-ago period. Revenue rose 14% year on year to $245.4 million. 

In an important step towards Atmanirbhar Bharat, the Cabinet has approved a Rs 2,814-crore scheme to promote processing of critical minerals such as lithium and nickel and reduce import dependence. 

In other news, Razorpay has secured Sebi’s approval for its proposed IPO of Rs 5,000-6,000 crore, according to sources. The fintech firm is targeting a valuation of around $5 billion through the public offering. 

Lastly, the Democrats have taken control of both the Senate and the House of Representatives in the US midterm elections, with Indian Americans also making a mark. 

In today’s newsletter: 

• Lenskart’s profit doubles, revenue grows 36% in Q2
• PhysicsWallah posts Rs 1,242 Cr top-line; net profit doubles

Here’s your trivia for today: What was the first item ever sold on eBay? (Scroll down for the answer)

Retail

Lenskart’s profit doubles, revenue grows 36% in Q2

Omnichannel eyewear retailer Lenskart’s net profit more than doubled in the second quarter of FY27, while revenue rose 36% year on year. The growth was driven by higher eyewear volumes, premiumisation of products, and stronger demand in India and overseas.

The company reported a net profit of Rs 227 crore in Q2FY27 compared to Rs 102 crore in the year-ago period, a growth of 123%. Revenue was Rs 2,845 crore, a YoY growth of 36%.

Key takeaways: 

• India revenue grew 35.3% year on year to Rs 1,668 crore, supported by a 26.5% growth in eyewear volumes and rising demand for premium lenses. Same-store sales growth reached 20.8%, compared with 14.8% a year ago. International revenue grew by 29.5%.
• The company added 143 stores in India, including 94 in Tier II+ markets. It also entered 61 new cities. Its India network now spans 2,868 stores across 665 cities. 
• Lenskart maintained its consolidated product margin at 70%, compared with 69.2% a year ago, despite continued rupee depreciation. In-house frame manufacturing grew 71.7% YoY, while lens manufacturing increased 52.2%, helping offset currency pressures and strengthen control over product quality and costs.

<Funding Alert>

Startup: EloElo Group 

Amount: $80M 

Round: Series C

Startup: Peppermint Robotics 

Amount: Rs 100 Cr 

Round: Pre-Series B  

Edtech

PhysicsWallah posts Rs 1,242 Cr top-line; net profit doubles

The second quarter of the 2027 financial year marked a pivotal turn for PhysicsWallah, as expanding scale and cost efficiencies together yielded a record quarterly top-line and a two-fold growth in net profit. The edtech firm achieved its highest-ever quarterly revenue, driven by expanding student enrolments and enhanced course realisations. 

Key takeaways:  

• Consolidated revenue from operations reached Rs 1,242.26 crore, up 18.2% YoY. Total income, which includes other non-operating receipts, grew 21.5% YoY to Rs 1,334.64 crore. 
• Consolidated profit after tax doubled to Rs 142.29 crore in the second quarter, rising 104.1% YoY from Rs 69.72 crore. The net profit in Q2FY27 comes after a loss of Rs 87.04 crore in Q1FY27.
• “We delivered record revenue and a sharp improvement in profitability, while our learner base kept widening across K-12, vernacular and new categories. Our focus remains on scaling affordable, tech-led education with disciplined capital allocation,” said Founder and Chief Executive Officer Alakh Pandey.

News & updates

• Startup momentum: Indian startups with a valuation of over $500 million rose to 51 in 2026, from 47 in 2025, despite a lower number of AI companies. Their combined value is about Rs 3.3 lakh crore, with an average valuation of Rs 6,400 crore, according to the 2026 ASK Private Wealth Hurun India Gazelle Index report.  
• Canva restructuring: Graphic design platform Canva is undertaking a major workforce restructuring affecting 1,271 employees, or 22% of its workforce, as it adapts to rapid technological change. In a note to employees, CEO Melanie Perkins described this as the hardest moment in Canva’s 13-year history. 
• Accounts hack: Nearly 30 Indian investors who trade US shares through Stockal Securities have reported unauthorised access to their accounts, alleging that their blue-chip holdings, worth millions of dollars in total, were sold off without their consent and replaced with shares in a little-known company that subsequently lost almost 60% of its value.

What was the first item ever sold on eBay?

Answer: A broken laser pointer

We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. 

If you don’t already get this newsletter in your inbox, sign up here. For past editions of the YourStory Buzz, you can check our Daily Capsule page here.