The brokerage reportedly highlighted Lenskart’s vertically integrated supply chain and strong execution track record as key positives. Its end to end control over manufacturing, design and distribution is seen as a major advantage in India’s fragmented eyewear market, helping on costs, speed and efficiency.
The broker expects this positioning to drive strong medium term growth and margin expansion. Lenskart is projected to add 450 to 600 stores annually and deliver a sales CAGR of about 26% over FY25 to FY28. Operating EBITDA is expected to nearly triple over the same period, supported by operating leverage and higher in house manufacturing.
Faster margin expansion, improved international execution and quicker adoption of smart glasses were cited as key catalysts. With an estimated 5% share of the Indian eyewear market, well below levels seen for global category leaders, the brokerage sees significant headroom for growth, even as broader broker views remain mixed.
Established in 2008, Lenskart Solutions is a technology-led eyewear company involved in designing, manufacturing, branding and retailing prescription glasses, sunglasses, contact lenses and related accessories. India is its main market, and the company offers products across multiple price points and age groups. It operates in 14 countries, enabling cross-market design sharing and uniform brand positioning. Its portfolio includes in-house brands such as John Jacobs and Owndays in the premium segment, and Lenskart Air, Vincent Chase, Hustlr and Hooper Kids in the affordable and mid-range categories.
On a consolidated basis, Lenskart's revenue for the Q2 FY26 quarter stood at Rs 2,096.1 crore, rising 20.8% year-on-year (YoY). Profit after tax (PAT) came in at Rs 103.5 crore, up 19.9% YoY, while the PAT margin moderated slightly by 4 bps to 4.94% in Q2 FY26.
For FY26, the company is targeting 450+ net store additions--a 60% increase from the 282 stores added in FY25.
Lenskart Solutions debuted on the exchanges on 10 November 2025 at Rs 390, a 2.99% discount to the issue price of Rs 402. The initial public offering was subscribed 28.26 times. The bidding window was open from 31 October to 4 November 2025, with a price band of Rs 382 to Rs 402 per share.
At current levels, the stock is up 4.83% over its IPO price of Rs 402 and is up 8.05% from its listing price of Rs 390.