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Lenskart Solutions Ltd

LENSKART

NSE

₹639.95-1.01%19 Oct 2026

Reports

New age Platform E Retail

Lenskart Solutions Ltd

LENSKART

NSE

₹639.95

-1.01%

19 Oct 2026

SOICxStockScans Reports

Ask AI

New age Platform E Retail

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Lenskart is an eyewear company that rebuilt the entire category from the ground up - it designs, makes, and sells glasses, lenses, and eye tests through its own stores, app, and factories, all stitched together by a proprietary technology spine. Founded in 2008, it evolved from a consumer-tech startup into what it calls a “consumer AI company,” driven by a recurring philosophy of making long-term structural investments - its factory, its store-intelligence tool GeoIQ, and its remote optometry network were each built years before they became essential. That approach powers a flywheel: better customer experience draws more customers, which creates scale, which lowers unit costs, which funds better prices and reinvestment, which produces an even better experience.

Business segments

Three engines at different stages - a prescription-eyewear core that funds everything, a house of fashion and smart brands layered on top, and an international rollout that already generates over 40% of revenue - all fed by a shared technology and manufacturing backbone.

1. Prescription eyewear and eye tests: the core flywheel

Every pair of glasses sold starts with an eye test, and Lenskart conducts millions of them - roughly half are first-time exams, meaning the company grows the market itself rather than just taking share.

Eye tests are the top of the funnel - the company conducted 6.8 million eye tests globally in the March 2026 quarter alone, growing 45% year-on-year, and in India about half of those tests were a person’s first-ever eye exam.
Remote optometry solves the optometrist shortage - remote optometry stores expanded 3.7x in a single year to 623 locations, the result of a 36-month build, so customers in small towns can get a prescription even where qualified optometrists are scarce.
Made in-house, sold for less - the company manufactures its own frames, lenses, and finished glasses at its Bhiwadi factory, which is moving toward near-full automation from the current 75%, so frame and lens costs sit 35-40% below the industry average.
Pricing spans the spectrum without skimping on quality - the range runs from entry-level to premium, with orders above ₹10,000 growing to 20.5% of India revenue, and the company aims to deliver a 60-70% value advantage versus competitors at every price point without differentiating on quality.
A subscription programme locks in repeat buying - Lenskart Gold, a paid membership, reached 8.8 million active members in India, and subscription fees grew 84.7% year-on-year, turning a one-off purchase into a recurring relationship.

2. House of Brands and smart eyewear: fashion, culture, and the next platform

Lenskart runs a portfolio of owned eyewear brands - from its mass-market flagship to a Spanish D2C sunglasses label and a Japanese premium chain - and has launched prescription-capable AI smart glasses that pure-play tech companies cannot easily copy.

A brand for every occasion and price point - the portfolio includes Lenskart (the flagship), John Jacobs (homegrown premium lifestyle), Owndays (a Japanese optical brand), Meller (a Barcelona-born D2C sunglasses brand acquired in 2025), Hooper, and Aqualens.
Meller brings Gen Z heat to the sunglasses category - the digitally native brand arrived with over 720,000 Instagram followers and 0.6 crore daily impressions globally, was launched into about 500 Lenskart stores in India using GeoIQ intelligence, and is now in over 1,000 India stores and all Middle East stores, outperforming expectations.
Smart glasses with a prescription moat - “B by Lenskart” is an AI-powered smart eyewear product that integrates with Google Gemini, launched with over 30,000 customers on the waitlist, and because all smart glasses will eventually need prescription lenses, the company’s optometry network and prescription capability form a barrier that pure-play tech firms cannot replicate.

3. International markets: exporting the full Lenskart model

The international business - Japan, Southeast Asia, and the Middle East - already accounts for 42% of consolidated revenue and is tracking ahead of where India was at the same scale in profitability, built market-by-market by rolling out the same integrated playbook.

Japan is the anchor and already profitable - with 287 stores, revenue has more than doubled over three years primarily through same-store sales growth, and the Owndays brand operates at only 2.3 stores per million people, less than half the density of key competitors.
Southeast Asia runs a dual-brand strategy - across 284 stores in seven countries, Owndays serves the premium segment while Lenskart offers accessibility through the House of Brands and Gold subscription, with Singapore already reaching the #1 brand position and store-level profitability similar to India.
Store-level economics are strong and improving - product margin in international markets rose from 70.8% to 75.7% over roughly three years, and store-level EBITDA margins across most markets range from 20-35% depending on regional maturity.
The Middle East is a small base recovering momentum - 41 stores across the UAE and Saudi Arabia at year-end, representing about 6% of the international store count, with traffic recovering after a temporary dip.

Technology, AI and data backbone

Lenskart is built as an engineering and data company that expresses itself through stores, factories, lenses, and eye tests - proprietary AI models developed over 14 years and millions of customer interactions now run through every layer of the business.

GeoIQ decides where every store goes - a micro-market cannibalisation model, originally built seven years ago, now informs every site decision for new stores, which is how the company confidently enters towns like Saharsa (Bihar) and Golaghat (Assam) and sees roughly ₹16-17 lakhs per month in first-year revenue.
TangoEye watches the shop floor - a computer vision platform analyses real-time in-store activity to optimise customer flow and conversion, while an AI Store Operating System cut eye-test wait times from 19.5 minutes to 15.8 minutes.
Multi-dimensional data shortens the loop from trend to shelf - the company operates on face geometry, purchase history, social trends, regional demand, and store-level conversion, so social trends can reach manufacturing in days.
Vertical integration creates maximum surface for intelligence - because Lenskart owns the entire chain from eye test to delivery, AI can act on every node, creating a structural advantage that a marketplace or pure retailer cannot match.

Group structure and partners

Lenskart Solutions Limited is the listed Indian parent, with international operations held through a Singapore subsidiary and a web of wholly owned service entities in India now being merged to simplify the structure.

Indian service subsidiaries are being folded in - Dealskart (store operations and maintenance) and Lenskart Eyetech (retail training centres) are both wholly owned and were approved for amalgamation into the parent in July 2026 to streamline the group.
GeoIQ is now fully owned - QuantDuo Technologies Private Limited, the Indian analytics company behind the GeoIQ tool, became a 100% subsidiary during FY26 after Lenskart acquired the remaining stake in stages.
Manufacturing joint ventures reduce import dependence - a 50% JV in Thailand with Matt Optical for frame manufacturing was announced during the year, and a further JV in India with China’s Mingfeng Glassesworld was approved in July 2026 to make metal spectacle frames locally.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹1,11,229Cr

Close Price

₹639.50

Industry

New age Platform E Retail

Price To Earnings

166.97

Price To Sales

11.55

Revenue

₹9,634Cr

Rev Gr TTM

Revenue Growth TTM

37.11%

PAT Gr TTM

PAT Growth TTM

80.86%

Upcoming Results on

4 Nov 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,736	1,669	1,728	1,894	2,096	2,308	2,516	2,714
Growth YoY Revenue Growth YoY%					20.8	38.3	45.6	43.3
Expenses ExpensesCr	1,449	1,457	1,435	1,558	1,682	1,844	1,977	2,126
Operating Profit Operating ProfitCr	287	212	293	336	414	464	538	588
OPM OPM%	16.5	12.7	16.9	17.7	19.8	20.1	21.4	21.7
Other Income Other IncomeCr	69	30	211	42	32	33	47	69
Interest Expense Interest ExpenseCr	26	34	48	41	45	49	44	53
Depreciation DepreciationCr	196	199	215	237	253	270	288	305
PBT PBTCr	134	8	241	100	148	178	254	300
Tax TaxCr	48	6	21	39	45	46	51	71
PAT PATCr	86	2	220	61	103	133	204	228
Growth YoY PAT Growth YoY%					19.9	7,073.5	-7.5	273.4
NPM NPM%	5.0	0.1	12.7	3.2	4.9	5.8	8.1	8.4
EPS EPS₹	1.1	0.0	1.3	0.4	0.6	0.8	1.2	1.3

Quarter	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,736	1,669	1,728	1,894	2,096	2,308	2,516	2,714
Growth YoY Revenue Growth YoY%					20.8	38.3	45.6	43.3
Expenses ExpensesCr	1,449	1,457	1,435	1,558	1,682	1,844	1,977	2,126
Operating Profit Operating ProfitCr	287	212	293	336	414	464	538	588
OPM OPM%	16.5	12.7	16.9	17.7	19.8	20.1	21.4	21.7
Other Income Other IncomeCr	69	30	211	42	32	33	47	69
Interest Expense Interest ExpenseCr	26	34	48	41	45	49	44	53
Depreciation DepreciationCr	196	199	215	237	253	270	288	305
PBT PBTCr	134	8	241	100	148	178	254	300
Tax TaxCr	48	6	21	39	45	46	51	71
PAT PATCr	86	2	220	61	103	133	204	228
Growth YoY PAT Growth YoY%					19.9	7,073.5	-7.5	273.4
NPM NPM%	5.0	0.1	12.7	3.2	4.9	5.8	8.1	8.4
EPS EPS₹	1.1	0.0	1.3	0.4	0.6	0.8	1.2	1.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	474	900	905	1,503	3,788	5,428	6,653	8,814	9,634
Growth Revenue Growth%		89.8	0.6	66.0	152.1	43.3	22.6	32.5	37.1
Expenses ExpensesCr	503	932	952	1,617	3,524	4,754	5,677	7,061	7,628
Operating Profit Operating ProfitCr	-29	-32	-47	-115	264	673	976	1,753	2,005
OPM OPM%	-6.1	-3.6	-5.2	-7.6	7.0	12.4	14.7	19.9	20.8
Other Income Other IncomeCr	11	69	127	116	140	181	352	154	181
Interest Expense Interest ExpenseCr	0	4	7	23	83	123	146	178	191
Depreciation DepreciationCr	14	27	39	85	418	672	797	1,048	1,116
PBT PBTCr	-32	6	33	-108	-97	59	385	680	880
Tax TaxCr	0	0	0	0	-37	69	88	179	212
PAT PATCr	-32	6	33	-108	-60	-10	297	501	668
Growth PAT Growth%		120.0	428.1	-423.0	44.6	83.0	3,028.3	68.5	80.9
NPM NPM%	-6.7	0.7	3.7	-7.2	-1.6	-0.2	4.5	5.7	6.9
EPS EPS₹	-4.7	0.8	2.0	-6.9	-8.3	-0.1	1.8	2.9	3.8

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	474	900	905	1,503	3,788	5,428	6,653	8,814	9,634
Growth Revenue Growth%		89.8	0.6	66.0	152.1	43.3	22.6	32.5	37.1
Expenses ExpensesCr	503	932	952	1,617	3,524	4,754	5,677	7,061	7,628
Operating Profit Operating ProfitCr	-29	-32	-47	-115	264	673	976	1,753	2,005
OPM OPM%	-6.1	-3.6	-5.2	-7.6	7.0	12.4	14.7	19.9	20.8
Other Income Other IncomeCr	11	69	127	116	140	181	352	154	181
Interest Expense Interest ExpenseCr	0	4	7	23	83	123	146	178	191
Depreciation DepreciationCr	14	27	39	85	418	672	797	1,048	1,116
PBT PBTCr	-32	6	33	-108	-97	59	385	680	880
Tax TaxCr	0	0	0	0	-37	69	88	179	212
PAT PATCr	-32	6	33	-108	-60	-10	297	501	668
Growth PAT Growth%		120.0	428.1	-423.0	44.6	83.0	3,028.3	68.5	80.9
NPM NPM%	-6.7	0.7	3.7	-7.2	-1.6	-0.2	4.5	5.7	6.9
EPS EPS₹	-4.7	0.8	2.0	-6.9	-8.3	-0.1	1.8	2.9	3.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	15	29	30	15	15	154	347
Reserves ReservesCr	305	2,333	2,363	2,918	5,441	5,473	5,785	8,391
Current Liabilities Current LiabilitiesCr	110	170	251	366	1,588	1,510	1,869	2,508
Non Current Liabilities Non Current LiabilitiesCr	9	52	158	386	2,370	2,265	2,396	3,054
Total Liabilities Total LiabilitiesCr	444	2,583	2,802	3,700	9,528	9,531	10,471	14,413
Current Assets Current AssetsCr	318	2,052	2,233	1,952	3,913	3,437	3,630	5,670
Non Current Assets Non Current AssetsCr	126	531	568	1,748	5,615	6,094	6,841	8,743
Total Assets Total AssetsCr	444	2,583	2,802	3,700	9,528	9,531	10,471	14,413

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	15	29	30	15	15	154	347
Reserves ReservesCr	305	2,333	2,363	2,918	5,441	5,473	5,785	8,391
Current Liabilities Current LiabilitiesCr	110	170	251	366	1,588	1,510	1,869	2,508
Non Current Liabilities Non Current LiabilitiesCr	9	52	158	386	2,370	2,265	2,396	3,054
Total Liabilities Total LiabilitiesCr	444	2,583	2,802	3,700	9,528	9,531	10,471	14,413
Current Assets Current AssetsCr	318	2,052	2,233	1,952	3,913	3,437	3,630	5,670
Non Current Assets Non Current AssetsCr	126	531	568	1,748	5,615	6,094	6,841	8,743
Total Assets Total AssetsCr	444	2,583	2,802	3,700	9,528	9,531	10,471	14,413

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-32	-89	-117	-183	95	487	1,231	1,670
Investing Cash Flow Investing Cash FlowCr	38	-1,915	114	-421	-2,586	159	-266	-2,725
Financing Cash Flow Financing Cash FlowCr	0	2,019	-16	604	2,777	-722	-535	1,201
Net Cash Flow Net Cash FlowCr	6	15	-18	0	285	-76	430	145
Free Cash Flow Free Cash FlowCr	-52	-135	-227	-427	-304	62	815	847
CFO To PAT CFO To PAT%	99.9	-1,407.2	-349.9	169.7	-158.8	-4,799.9	413.9	333.3
CFO To EBITDA CFO To EBITDA%	109.7	275.8	248.8	159.7	35.9	72.4	126.2	95.2

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-32	-89	-117	-183	95	487	1,231	1,670
Investing Cash Flow Investing Cash FlowCr	38	-1,915	114	-421	-2,586	159	-266	-2,725
Financing Cash Flow Financing Cash FlowCr	0	2,019	-16	604	2,777	-722	-535	1,201
Net Cash Flow Net Cash FlowCr	6	15	-18	0	285	-76	430	145
Free Cash Flow Free Cash FlowCr	-52	-135	-227	-427	-304	62	815	847
CFO To PAT CFO To PAT%	99.9	-1,407.2	-349.9	169.7	-158.8	-4,799.9	413.9	333.3
CFO To EBITDA CFO To EBITDA%	109.7	275.8	248.8	159.7	35.9	72.4	126.2	95.2

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr								86,925	1,11,229
Price To Earnings Price To Earnings								176.3	167.0
Price To Sales Price To Sales								9.9	11.6
Price To Book Price To Book								9.9	12.7
EV To EBITDA EV To EBITDA								50.5	56.8
Profitability Ratios Profitability Ratios
GPM GPM%	47.8	56.9	62.1	59.5	62.4	63.7	64.5	65.7	65.7
OPM OPM%	-6.1	-3.6	-5.2	-7.6	7.0	12.4	14.7	19.9	20.8
NPM NPM%	-6.7	0.7	3.7	-7.2	-1.6	-0.2	4.5	5.7	6.9
ROCE ROCE%	-9.9	0.4	1.7	-2.8	-0.2	2.4	6.2	7.3	7.3
ROE ROE%	-9.9	0.3	1.4	-3.7	-1.1	-0.2	5.0	5.7	5.7
ROA ROA%	-7.1	0.2	1.2	-2.9	-0.6	-0.1	2.8	3.5	3.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr								86,925	1,11,229
Price To Earnings Price To Earnings								176.3	167.0
Price To Sales Price To Sales								9.9	11.6
Price To Book Price To Book								9.9	12.7
EV To EBITDA EV To EBITDA								50.5	56.8
Profitability Ratios Profitability Ratios
GPM GPM%	47.8	56.9	62.1	59.5	62.4	63.7	64.5	65.7	65.7
OPM OPM%	-6.1	-3.6	-5.2	-7.6	7.0	12.4	14.7	19.9	20.8
NPM NPM%	-6.7	0.7	3.7	-7.2	-1.6	-0.2	4.5	5.7	6.9
ROCE ROCE%	-9.9	0.4	1.7	-2.8	-0.2	2.4	6.2	7.3	7.3
ROE ROE%	-9.9	0.3	1.4	-3.7	-1.1	-0.2	5.0	5.7	5.7
ROA ROA%	-7.1	0.2	1.2	-2.9	-0.6	-0.1	2.8	3.5	3.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	LENSKART	MEESHO	NYKAA	HONASA	FIRSTCRY	EBGNG
Market CapitalizationMkt CapCr	1,11,229	1,04,859	96,440	14,283	9,098	7,936
Close PriceClose₹	639.50	226.55	336.65	438.10	174.26	696.05
IndustryIndustry	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail
Price To EarningsPE	166.97		378.26	57.27		56.31
Price To SalesPS	11.55	7.58	9.06	5.60	1.03	3.99
RevenueRevenueCr	9,634	13,835	10,649	2,553	8,792	1,991
Revenue Growth TTMRev Gr TTM%	37.1%		27.4%	21.1%	11.7%	35.6%
PAT Growth TTMPAT Gr TTM%	80.9%		208.9%	238.1%	29.0%	88.9%

	LENSKART	MEESHO	NYKAA	HONASA	FIRSTCRY	EBGNG
Market CapitalizationMkt CapCr	1,11,229	1,04,859	96,440	14,283	9,098	7,936
Close PriceClose₹	639.50	226.55	336.65	438.10	174.26	696.05
IndustryIndustry	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail
Price To EarningsPE	166.97		378.26	57.27		56.31
Price To SalesPS	11.55	7.58	9.06	5.60	1.03	3.99
RevenueRevenueCr	9,634	13,835	10,649	2,553	8,792	1,991
Revenue Growth TTMRev Gr TTM%	37.1%		27.4%	21.1%	11.7%	35.6%
PAT Growth TTMPAT Gr TTM%	80.9%		208.9%	238.1%	29.0%	88.9%