Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,760.00 last close on 9 Oct 2026 +0.01%
Research updated
Lenskart Solutions Limited
NSE: LENSKARTHealthcareMedical Instruments & Supplies
- Last close
- ₹677.65
- Day change
- +₹23.70 (+3.62%)vs
- Market cap
- ₹1.12 lakh crIndian rupees
- Research updated
- 1 report
About Lenskart Solutions
Lenskart Solutions Limited is a leading Indian multinational company specializing in eyewear, operating as a vertically integrated entity that designs, manufactures, brands, and retails both prescription and regular eyeglasses, sunglasses, contact lenses, and accessories. Founded in 2008, Lenskart has established itself as a technology-driven retail innovator, utilizing a direct-to-consumer model to reach over 2,000 stores across India and Southeast Asia, as well as through an omnichannel approach including its website and mobile app. The company leverages automation and in-house production at its state-of-the-art facility in Rajasthan, with an annual capacity of over 50 million units, enabling it to offer more than 5,000 frame styles and launch frequent new collections with renowned brands and personalities. Lenskart’s market significance is reflected in its status as one of the largest sellers of prescription eyeglasses in India by volume, its aggressive acquisition strategy—expanding globally through brands such as Owndays and Meller—and its milestone IPO in 2025. The company's commitment to quality and accessibility makes it a key player shaping the eyewear sector in India and beyond.
- Sector
- Healthcare
- Industry
- Medical Instruments & Supplies
- Listing
- NSE: LENSKART
- Chief executive
- Mr. Peyush Bansal
- Employees
- 19,201
- Headquarters
- Gurugram, India
- ISIN
- INE956O01016
- Website
- lenskart.com
Public research · Report of
Business model & financial foundation
Lenskart (NSE: LENSKART), Specialty retail - eyewear (omnichannel, vertically integrated): revenue of ₹8,814 crore in FY26 (+32.5% on FY25), an EBITDA margin of 19.9%, net profit of ₹493.6 crore and net cash of ₹3,881 crore.
- Revenue, FY26 (₹ crore)
- 8,814
- consolidated
- Revenue growth, FY26
- +32.5%
- on FY25
- EBITDA margin, FY26
- 19.9%
- EBITDA (revenue - cogs - employee - other expenses; before JV share) / revenue
- Net profit, FY26 (₹ crore)
- 493.6
- to owners
- Return on equity, FY26
- 6.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -3,881
- Net debt (negative = net cash), company-stated
- Market capitalisation (₹ crore)
- 1,18,405
- at the close of 12 Oct 2026
Company profile
Lenskart designs, manufactures and sells prescription eyeglasses, sunglasses and contact lenses through an omnichannel network of 3,459 stores (2,725 in India, 734 abroad, Jun 2026) and its apps. It is vertically integrated, making frames and lenses at its Bhiwadi plant, with a larger Hyderabad facility planned for ~FY28. International operations (Owndays in Japan and SE Asia, plus the Middle East) contributed about 41% of FY26 revenue. It listed on NSE and BSE on 10 Nov 2025 at an issue price of INR 402.
| Item | Value |
|---|---|
| Legal name | Lenskart Solutions Limited (formerly Lenskart Solutions Private Limited) |
| Exchange and ticker | NSE: LENSKART; BSE: 544600 |
| ISIN | INE956O01016 |
| Sector | Consumer Discretionary |
| Industry | Specialty retail - eyewear (omnichannel, vertically integrated) |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP |
| Market capitalisation | ₹1,18,405 crore (12 Oct 2026) |
| Shares outstanding | 169.71 crore shares (FY26) |
| Price | ₹677.7 (close, 12 Oct 2026) |
| Website | https://www.lenskart.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| MLO K.K. / Owndays Co. Ltd (Japan) | 96.67% | Owndays eyewear retail in Japan, SE Asia and other markets; acquired FY23 (92.27%) plus 4.40% in FY25 |
| Lenskart Solutions Pte Ltd (Singapore) | 100% | International holding and retail (SE Asia, Middle East) |
| Neso Brands Pte Ltd | n.d. | Brand acquisitions vehicle |
| Dealskart Online Services | 100% | Eyewear e-commerce/ lens supply, consolidated from 31 Dec 2024 |
| Meller (Spain) | 84.21% | Sunglasses brand, consolidated from 11 Aug 2025 |
| Baofeng Framekart (China JV) | 51% | Frame manufacturing JV supplying Lenskart; stake raised to 70% (Aug 2026) |
Promoters (Peyush Bansal, Neha Bansal, Amit Chaudhary, Sumeet Kapahi) hold 17.53% (Jun 2026). Associate Le Petit Lunetier (France) 34.34% from Sep 2026; Mingfeng metal-frames JV 80:20 (Jul 2026).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoter | 17.57% | 17.55% | 17.53% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 3.86% | 4.26% | 12.76% |
| Domestic institutions | 15.86% | 15.48% | 23.57% |
| of which mutual funds | 5.56% | 6.43% | 12.20% |
| Retail | 1.92% | ||
| Other | 62.71% | 62.71% | 44.22% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Lenskart designs, makes and sells prescription eyeglasses, sunglasses and contact lenses through 3,459 stores (2,725 India, 734 International at Q1 FY27) and its apps. It is vertically integrated: in-house frames 7.8 mn and lenses 5.6 mn in FY26, with prescription glasses centrally made at Bhiwadi; a larger Hyderabad plant is promised for about Nov 2027 (G4). International (Owndays Japan/SE Asia, Middle East, Meller Spain from Aug 2025) was 3,606 cr of FY26 segment revenue against India 5,260 cr. Revenue is recognised on the reported statutory consolidated basis; the company headlines proforma figures (acquisitions from 1 Apr 2024), identical to reported from Q3 FY26 (GP17). It controls design, lens and frame manufacture, store siting and the app; it does not control rent, currency (RMB sourcing, JPY translation) or the GST rate (12% to 5% on spectacles from 22 Sep 2025).
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| India | 5,260 | 59.7% | 583.2 | 83.3% | 1,068 | 59.4% |
| International (SEA, Japan/Owndays, Middle East, Meller, others) | 3,606 | 40.9% | 125.3 | 17.9% | 730.2 | 40.6% |
| Inter-segment eliminations | -52.1 | -0.6% | -8.25 | -1.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Titan Company (TITAN) | |
| Trent (TRENT) | High-growth Indian vertically integrated private-label retailer with rapid store rollout |
| Avenue Supermarts (DMART) | |
| Metro Brands (METROBRAND) | Specialty footwear retailer with high product margins and store-led growth |
| FSN E-Commerce (Nykaa) (NYKAA) | Omnichannel beauty retailer, new-age listed consumer platform growing ~25-30% |
| Page Industries (PAGEIND) | |
| Warby Parker | Global listed direct-to-consumer omnichannel eyewear retailer (NYSE: WRBY) |
| EssilorLuxottica | Global eyewear leader (Euronext Paris: EL), lens and frame supply plus retail |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations (reported consolidated) | 5,428 | 6,653 | 8,814 |
| Cost of revenue (vendor classification) * | 2,164 | 2,776 | |
| Other operating costs (vendor classification) * | 1,876 | 1,857 | |
| EBITDA (vendor classification) * | 1,082 | 1,878 | |
| EBIT * | 531.3 | 858.8 | |
| Finance costs | 123.0 | 145.9 | 178.5 |
| Profit before tax | 59.0 | 385.4 | 680.3 |
| Total tax expense | 69.2 | 88.0 | 179.4 |
| Profit after tax | -10.2 | 297.3 | 501.0 |
| Diluted EPS (INR) | -0.11 | 1.76 | 2.90 |
| COGS (raw materials + purchases of stock-in-trade + change in inventories) | 1,776 | 2,134 | 2,736 |
| Employee benefits expense | 1,086 | 1,379 | 2,044 |
| Other expenses | 1,892 | 2,164 | 2,282 |
| EBITDA (revenue - cogs - employee - other expenses; before JV share) | 673.3 | 975.5 | 1,753 |
| Other income | 182.2 | 356.8 | 174.3 |
| Depreciation and amortisation | 672.2 | 796.6 | 1,048 |
| Exceptional items (charge negative) | 0.00 | 0.00 | -15.7 |
| Share of profit/(loss) of associates and JVs | -1.25 | -4.44 | -4.40 |
| Profit attributable to non-controlling interests | 7.31 | 1.75 | 7.34 |
| Profit attributable to owners of the holding company | -17.5 | 295.6 | 493.6 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total equity * | 6,206 | 8,852 | |
| Borrowings * | 2,573 | 3,097 | |
| Cash and cash equivalents * | 654.2 | 973.3 | |
| Trade receivables * | 125.9 | 174.7 | |
| Inventories * | 1,081 | 1,037 | |
| Trade payables * | 755.1 | 976.0 | |
| Net property, plant and equipment * | 37.8 | 40.3 | |
| Capital work in progress * | 142.8 | ||
| Total assets * | 10,471 | 14,413 | |
| Net debt (negative = net cash), company-stated | -3,881 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net cash from operating activities (statutory) | 487.4 | 1,231 | 1,670 |
| Free cash flow (vendor definition) * | 841.1 | ||
| Capex: purchase of PPE, CWIP, ROU and intangibles (negative) | -437.7 | -426.7 | -828.5 |
| Lease payments (principal + interest) | -593.4 | -782.9 | |
| Share-based payment expense (cash-flow add-back) | 6.37 | 8.90 | 12.1 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shares outstanding * | 167.02 | 169.71 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (reported consolidated) | 1,736 | 1,669 | 1,728 | 1,894 | 2,096 | 2,308 | 2,516 | 2,714 |
| Cost of revenue (vendor classification) * | 547.6 | 560.4 | 604.0 | 717.0 | 764.5 | 807.3 | ||
| Other operating costs (vendor classification) * | 584.0 | 439.4 | 488.8 | 598.8 | 665.2 | 719.1 | ||
| EBITDA (vendor classification) * | 241.7 | 503.4 | 388.3 | 502.8 | 585.3 | 657.4 | ||
| EBIT * | 42.5 | 288.3 | 140.8 | 227.1 | 297.7 | 352.8 | ||
| Finance costs | 26.2 | 34.5 | 47.5 | 41.0 | 45.2 | 48.7 | 43.5 | 53.2 |
| Profit before tax | 134.0 | 7.99 | 240.8 | 99.7 | 148.0 | 178.4 | 254.2 | 299.6 |
| Total tax expense | 47.6 | 6.14 | 20.7 | 38.6 | 44.5 | 45.7 | 50.6 | 71.2 |
| Profit after tax | 86.3 | 1.85 | 220.1 | 61.2 | 103.5 | 132.7 | 203.6 | 228.4 |
| Diluted EPS (INR, not annualised) | 0.51 | 0.01 | 1.30 | 0.36 | 0.61 | 0.77 | 1.16 | 1.28 |
| COGS (raw materials + purchases of stock-in-trade + change in inventories) | 546.4 | 547.6 | 560.4 | 604.0 | 650.2 | 717.0 | 764.5 | 807.3 |
| Employee benefits expense | 325.1 | 325.1 | 434.8 | 465.6 | 502.5 | 527.8 | 547.6 | 599.4 |
| Other expenses | 577.6 | 584.0 | 439.4 | 488.8 | 529.1 | 598.8 | 665.2 | 719.1 |
| EBITDA (revenue - cogs - employee - other expenses; before JV share) | 286.6 | 212.2 | 292.9 | 336.0 | 414.4 | 464.1 | 538.4 | 588.5 |
| Other income | 69.6 | 32.1 | 211.7 | 51.7 | 33.3 | 40.4 | 49.0 | 68.5 |
| Depreciation and amortisation | 195.8 | 199.3 | 215.1 | 237.1 | 253.4 | 270.3 | 287.5 | 304.6 |
| Exceptional items (charge negative) | 0.00 | 0.00 | 0.00 | -10.4 | 0.00 | -5.32 | 0.00 | 0.00 |
| Share of profit/(loss) of associates and JVs | -0.29 | -2.55 | -1.11 | 0.58 | -1.06 | -1.71 | -2.21 | 0.47 |
| Profit attributable to non-controlling interests | 0.84 | 0.00 | 1.25 | 1.09 | 1.23 | 1.68 | 3.33 | 6.59 |
| Profit attributable to owners of the holding company | 85.5 | 1.85 | 218.9 | 60.1 | 102.2 | 131.0 | 200.3 | 221.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 22.6% | 32.5% | |
| EBITDA margin | 12.4% | 14.7% | 19.9% |
| Net margin | -0.3% | 4.4% | 5.6% |
| Return on equity | 4.8% | 6.6% | |
| Return on capital employed | 6.1% | 8.3% | |
| Return on assets | 2.8% | 4.0% | |
| Net debt (₹ crore) | -3,881 | ||
| Net debt / EBITDA | -2.21x | ||
| Interest cover | 3.64x | 4.81x | |
| Asset turnover | 0.64x | 0.71x | |
| Receivable days | 7 | 7 | |
| Inventory days (on revenue) | 59 | 43 | |
| Payable days (on revenue) | 41 | 40 | |
| Cash conversion | -27.9x | 4.16x | 3.38x |
| Capex intensity | 8.1% | 6.4% | 9.4% |
| Free cash flow (₹ crore) | 49.7 | 803.9 | 841.1 |
| EPS, diluted (₹) | -0.11 | 1.76 | 2.90 |
| Book value per share (₹) | 37.16 | 52.16 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue - cogs - employee - other expenses; before JV share) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash), company-stated.
- Net debt / EBITDA: net debt / EBITDA (revenue - cogs - employee - other expenses; before JV share).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Lenskart Solutions
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
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