Lenskart Solutions Q2 FY27 results: net profit up 124.7% to ₹232.45 crore, revenue up 35.7%

How did Lenskart Solutions perform in Q2 FY27?

Lenskart Solutions reported consolidated revenue of ₹2,845 crore in Q2 FY27, up 35.7% from ₹2,096 crore in Q2 FY26. EBITDA was ₹622 crore, up 50.1% from ₹414.38 crore, and the EBITDA margin was 21.9% against 19.8%. Profit before tax was ₹302.69 crore, up 103.1%, while net profit rose 124.7% to ₹232.45 crore and basic EPS increased to ₹1.31 from ₹0.61.

Against Q1 FY27, revenue was up 4.8% to ₹2,845 crore from ₹2,714 crore. EBITDA increased 5.7% to ₹622 crore from ₹588.48 crore and the margin moved to 21.9% from 21.7%; profit before tax rose 1.2% to ₹302.69 crore, while net profit increased 1.8% to ₹232.45 crore. Basic EPS was ₹1.31 against ₹1.28.

On the standalone basis, revenue was ₹1,663.52 crore, up 35.4%, and profit after tax was ₹167.85 crore against profit before tax of ₹99.11 crore. The board approved both standalone and consolidated unaudited results for the quarter and half-year ended 30 September 2026.

What changed in Lenskart Solutions' costs and profit?

Total expenses rose to ₹2,597 crore in Q2 FY27 from ₹1,980 crore a year earlier, an increase of ₹616.46 crore or 31.1%. Cost of materials was up ₹168.94 crore or 30.6% to ₹720.48 crore, employee cost increased ₹124.35 crore or 24.7% to ₹626.89 crore, and other expenses rose ₹213.13 crore or 40.3% to ₹742.19 crore.

Depreciation increased by ₹67.21 crore, or 26.5%, to ₹320.62 crore, while finance costs were up ₹7.98 crore, or 17.7%, at ₹53.15 crore. Other income rose by ₹21.20 crore, or 63.7%, to ₹54.46 crore. There was no exceptional item, while tax increased by ₹27.49 crore, or 61.7%, to ₹72.03 crore.

The shareholders’ letter said product margin was 70.0% despite continued rupee depreciation against the RMB. It also said in-house frame production rose 71.7% to 21 lakh units and lens production rose 52.2% to 25 lakh units, which the company said absorbed the currency impact.

How did the first half of FY27 go?

In the first half of FY27, revenue was ₹5,559.21 crore, up 39.3% from ₹3,990.60 crore in H1 FY26. Total income rose 39.4% to ₹5,682.15 crore, while profit before tax increased 142.5% to ₹601.83 crore from ₹248.19 crore.

H1 FY27 net profit was ₹460.88 crore, up 180.0% from ₹164.62 crore, and basic EPS increased to ₹2.59 from ₹0.97. The shareholders’ letter said H1 PAT was already 87% of the full-year FY26 level.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹15,677.26 crore against ₹14,413.32 crore at 31 March 2026, and total equity was ₹9,446.11 crore against ₹8,851.74 crore. Borrowings declined to ₹184.70 crore from ₹219.55 crore, while cash rose to ₹1,261.47 crore from ₹973.30 crore.

Inventories increased to ₹1,487.73 crore from ₹1,037 crore, trade receivables rose to ₹211.16 crore from ₹174.72 crore, and trade payables increased to ₹1,293.05 crore from ₹952.13 crore. In H1 FY27, operating cash flow was ₹848.29 crore against ₹660.81 crore in H1 FY26.

Investing cash flow was negative ₹99.06 crore against negative ₹72.89 crore, and financing cash flow was negative ₹476.99 crore against negative ₹400.08 crore. Capital expenditure was ₹483.59 crore compared with ₹305.57 crore in H1 FY26.

How has Lenskart Solutions done over the last 5 quarters?

Revenue increased in each of the last five quarters, reaching its highest level at ₹2,845.03 crore in Q2 FY27 from ₹2,096.14 crore in Q2 FY26. Net profit also rose across the period, from ₹103.45 crore to a peak of ₹232.45 crore.

The EBITDA margin reached its low of 19.8% in Q2 FY26 and its high of 21.9% in Q2 FY27. The margin increased in each successive quarter from 20.1% in Q3 FY26 to 21.4% in Q4 FY26 and 21.7% in Q1 FY27 before the latest quarter.

Which businesses drove the quarter?

India reported revenue of ₹1,667.92 crore in Q2 FY27, up 35.5% from ₹1,230.59 crore in Q2 FY26. Segment EBIT increased to ₹208.42 crore from ₹126.07 crore, while the reported EBIT margin was 12.5%.

International revenue was ₹1,201.14 crore, up 36.5% from ₹879.64 crore. EBIT rose to ₹97.22 crore from ₹31.09 crore, and the reported EBIT margin was 8.1%. The inter-segment elimination recorded negative EBIT of ₹2.47 crore against positive EBIT of ₹2.75 crore.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026, along with the statutory auditors’ limited review reports. It also approved proforma information prepared by management for a like-for-like comparison, which was not subjected to review or audit.

The company allotted 4,60,934 fully paid equity shares of ₹2 each to eligible employees upon exercise of vested options under the Lenskart Employees Stock Option Plan, 2021. It also changed its registered office to 6 Worldmark, 8th Floor, Gateway District, Delhi Aerocity, with effect from 4 November 2026. The same-day filings did not disclose a dividend or a fund raise.

What did Lenskart Solutions' management say?

Management maintained its FY27 ambition to add stores in line with the prior year while expanding in tier-2 locations without diluting customer experience. It also maintained that a 25% long-term EBITDA pre-INDAS margin remains possible, but no timetable was provided, and said quarterly margins may fluctuate. Co-founder and CEO Piyush Bansal said: “We will not put a time frame on twenty-five percent. Read our margins over years, not quarters. The quarterly numbers might move; the direction will not.”

Management said smart-glasses availability would expand gradually from 500 stores as hardware and software iterations and pilots continued, with no broader launch timetable. It also said international stores would continue to open slowly and steadily as unit economics improved, without an annual target.

Management identified currency movements against the RMB as the main India product-margin headwind and said Drish AI testing remained in pilot, requiring further accuracy work and optometrist oversight. India same-store sales rose 20.8% and same-pincode sales rose 27.1% in Q2 FY27, while global eye tests increased 40% to 80 lakh and the network reached 3,624 stores after 165 net additions.

How did Lenskart Solutions shares react?

After the filing appeared after market hours, the stock was down 4.6% after 5 minutes, down 4.0% after 15 minutes and down 3.1% after 30 minutes. On the reaction day, it closed 4.2% above its pre-results close, compared with a 2.0% median rise for the other Speciality Retail stocks.

Lenskart Solutions’ reaction-day move exceeded the industry median by 2.2 percentage points. Earlier reaction-day moves were 1.8% on 12 August 2026, negative 1.8% on 20 May 2026, 12.1% on 11 February 2026 and 4.3% on 29 November 2025.

How did other Speciality Retail companies do?

Fourteen other Speciality Retail companies had filed for the quarter by 6 November 2026. Their median revenue growth was 10.6%, compared with Lenskart Solutions’ 35.7% growth in the consolidated quarter.

Eleven peers grew more slowly than Lenskart Solutions and three grew faster. Among the 12 peers for which profit was compared, seven reported higher profit.