Yash Optics & Lens is an Indian manufacturer that makes the lenses inside spectacles - from simple single-vision lenses to advanced progressive ones that shift focus seamlessly - and it got here by transforming itself from a trading business into a technology-led factory. Founded in 2002 by three brothers who began by importing and distributing lenses, the company spent two decades building a pan-India distribution network before acquiring its own manufacturing operation in FY2021-22 and, most recently, opening a large-scale lens-casting plant to make its own raw material. The recurring approach is vertical integration: start by selling, then start making, then start making the inputs - each stage reducing dependence on imports and tightening control over quality, cost and speed. # Business segments A single engine - manufacturing and selling spectacle lenses - that spans the entire value chain from casting raw lens blanks to delivering finished prescription lenses to over 10,500 retail stores, with a trading legacy that still supplies imported brands alongside its own. ## 1. Spectacle lenses: a vertically integrated Indian manufacturer replacing imports with its own factory output **The company designs, casts, coats and delivers prescription spectacle lenses under 36 of its own brands while also distributing exclusive international brands - all through the same pan-India network.** - **Finishes lenses to a specific prescription within 24-48 hours** - the Mumbai factory takes lens blanks, grinds and polishes them to the exact power a patient needs, applies hard coatings and anti-glare or blue-light-filtering layers, then engraves and quality-checks each pair before dispatch. Current capacity is 2,400-plus pairs a day at about 70% utilisation, with a new German Schneider freeform machine added in 2025 to raise progressive-lens output by roughly 60% at peak. - **Sells through a network it built over two decades as a trader** - the company reaches more than 10,500 retail stores across over 20 states, selling both to businesses (distributors, opticians, hospitals) and directly to consumers. Domestic sales consistently account for roughly nine-tenths of revenue, with exports to over 38 countries making up the rest. - **Carries international brands it does not own** - exclusive distribution rights for Pentax lenses (from HOYA) and Optovision lenses (from Rodenstock) sit alongside the company's own 36 brands, including its flagship coating range called Lustroo. This means a single sales call can offer a shop everything from economy single-vision lenses to premium German-engineered progressives. - **Competes on import substitution, not just price** - in a market where management estimates roughly 214 million lenses are sold each year in India, the company's backward-integrated capacity gives it an estimated 2% domestic share with room to double output at low additional cost. The pitch to customers is global-MNC-comparable quality with faster delivery and no currency or shipping risk. # Group structure and partners **A family-run, single-entity company with no subsidiaries - the three founding brothers run operations, and the technology comes from German and Spanish partners.** - The three promoter brothers - Tarun (Managing Director), Chirag (Whole Time Director) and Dharmendra (Whole Time Director) - collectively hold roughly two-thirds of the equity, with each holding approximately 22% as of early 2025. - The company has no subsidiary, joint venture or associate - it is a single standalone entity listed on the NSE Emerge platform. - Manufacturing technology partners include Schneider GmbH of Germany for freeform lens production machinery, Indizen Optical Technologies of Spain for lens-design software, and HOYA Lens India for Pentax-brand design software. - Exclusive distribution agreements are held with HOYA Lens India (for Pentax ophthalmic lenses, since October 2022) and the Rodenstock Group (for Optovision lenses) - these give the company sole rights to manufacture and distribute those brands in India.