NSE: LENSKART · BSE: 544600
LENSKART SOLUTIONS LTD
Sells prescription eyewear and smart glasses through company-owned retail stores in India and abroad, and uses in-store eye tests as the main entry point for dispensing glasses. India accounted for 59.3% of FY26 segment revenue at ₹5,260.081 cr and International for 40.7% at ₹3,606.022 cr. India delivered Q4 FY26 revenue of ₹1,475 cr (+44% YoY) at 15.3% EBITDA margin, while International delivered ₹1,054 cr (+35% YoY) at 9.2% margin. Added 542 net new stores in FY26, with 718 located in International markets; conducted 6.8 million eye tests in Q4 FY26, of which roughly half were first-time exams. Recently launched B by Lenskart prescription smart glasses with a 30,000+ waitlist, and is setting up an India joint venture with China's Mingfeng Glassesworld to manufacture metal spectacle frames domestically. The largest identified input cost is materials (lenses and frames) at 25.6% of revenue, followed by employee costs at 23.2% and depreciation at 11.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India (59%), International (41%). Asset-heavy specialty retail with vertical manufacturing integration, omnichannel stores and international expansion
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 8,814 |
| EBITDA (ex other income) | 1,737 |
| margin % | 19.7 |
| Owners' profit | 494 |
| EPS, as reported (₹) | 2.91 |
| ROE % · ROCE % | 5.7 · 7.3 |
| Debt / equity (x) | 0.02 |
| Cash from operations | 1,670 |
| Capex | (828) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 2,096 | 2,308 | 2,516 | 2,714 |
| Profit before tax | 149 | 180 | 256 | 299 |
| Net profit | 103 | 133 | 204 | 228 |
| EPS (₹) | 0.61 | 0.77 | 1.17 | 1.28 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 4,091 | 58.9 |
| International | 2,870 | 41.3 |
| Total, before eliminations | 6,960 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TRENT LTD | 1,50,394 | 61.3 | 21.16 | 40.0 | 24.2 | 26.2 | 50.6 | 20.1 |
| LENSKART SOLUTIONS LTD ◆ | 1,16,496 | 174.9 | 13.16 | 60.5 | 5.7 | 5.8 | — | 24.2 |
| VEDANT FASHIONS LIMITED | 11,516 | 28.6 | 7.54 | 15.8 | 8.5 | 8.4 | — | 52.7 |
| ADITYA BIRLA LIFES BRAN L | 9,142 | 51.7 | 6.47 | 7.2 | 12.1 | 5.0 | — | 16.0 |
| ADITYA VISION LIMITED | 7,307 | 52.5 | 10.61 | — | 17.0 | 17.4 | — | 10.6 |
| V2 RETAIL LIMITED | 5,721 | 3.7 | 6.34 | 12.1 | 18.0 | 14.2 | 41.6 | 14.1 |
| ARVIND FASHIONS LIMITED | 4,928 | 41.1 | 4.25 | 7.5 | 15.8 | 12.9 | 19.1 | 13.0 |
| ADITYA BIRLA FASHION & RT | 4,876 | — | 0.78 | 7.0 | (13.3) | (7.1) | 9.3 | 8.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 174.9 | 26.3 | 18 of 19 | 6% |
| P/B | 13.2 | 3.9 | 13 of 14 | 8% |
| ROCE | 5.8 | 10.0 | 14 of 20 | 32% |
| ROE | 5.7 | 11.7 | 11 of 14 | 23% |
| Debt / Equity | 0.0 | 0.1 | 5 of 14 | 69% |
| EBITDA margin | 24.2 | 15.7 | 5 of 14 | 69% |
| Market cap | 116496 | 735 | 2 of 20 | 95% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Lenskart to host Q2 and H1 FY26 earnings call on November 4 2026 | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Board meeting on Nov 4 to consider Q2 FY27 results | results | low | — | — |
| 16 Oct 2026 · Lenskart gets customs duty demand of about Rs 13.17 crore on eyeframe imports | regulatory legal | high | — | — |
| 12 Oct 2026 · Lenskart files quarterly share capital audit report for Q2 FY27 | compliance | minimal | — | — |
| 11 Oct 2026 · ESOP grant of 3,42,000 stock options at Rs 508 per share | capital market events | low | — | — |
| 6 Oct 2026 · Lenskart files quarterly RTA certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Lenskart Solutions: Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Investor Platinum Jasmine Trust cuts Lenskart stake by 2.01 percent | ownership changes | high | — | — |
| 19 Sept 2026 · Lenskart to attend JP Morgan and PPI investor conferences | board shareholder meetings | low | — | — |
| 13 Sept 2026 · Lenskart buys additional 1.80% stake in Ajna for INR 79.97 million | strategic transactions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.