Lenskart Solutions
Lenskart Solutions
RetailKey Fundamentals
LargecapEcommerceRetailTapetide Score
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Key Insights
Strengths
2- Company is expected to give good quarter
- Company has delivered good profit growth of 74.2% CAGR over last 5 years
Weaknesses
5- Stock is trading at 13.6 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding is low: 17.5%
- Company has a low return on equity of 3.62% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3h agoLenskart Solutions Ltd is a recently listed eyewear retailer with a market cap of approximately ₹1,19,476 Cr, trading at a PE of 180.5x and 13.8x book value. The company has delivered strong revenue growth of 33% CAGR over 3 years and profit growth of 74% CAGR over 5 years, but carries a low ROE of 3.6% over 3 years and pays no dividend despite reporting profits.
- Exceptional top-line momentum with TTM sales growth of 37% and a 5-year compounded sales CAGR of 58%, indicating rapid market share gains in India's underpenetrated eyewear segment
- Profit growth CAGR of 74.2% over the last 5 years demonstrates the business is scaling towards profitability as operating leverage kicks in
- TTM profit growth of 77% shows an accelerating earnings trajectory, outpacing even the strong 5-year trend
- 3-year compounded profit CAGR of 110% reflects a sharp turnaround from earlier loss-making years to consistent profitability
- ROE has improved from 2% on a 5-year basis to 4% on a 3-year basis and further to 6% last year, showing a clear upward trend in return ratios
- Large market cap of ₹1,19,476 Cr signals institutional confidence and liquidity, positioning the company among India's prominent consumer-facing platforms
- Company is expected to deliver a good upcoming quarter based on available business momentum indicators, suggesting near-term earnings visibility remains intact
- PE ratio of 180.5x is extremely elevated even by growth-stock standards, leaving minimal room for execution missteps before the valuation compresses
- Price-to-book ratio of 13.8x is very high, meaning investors are paying a steep premium over the company's net asset value
- 3-year average ROE of just 3.6% is poor for a company commanding such a high valuation, indicating capital is not being deployed efficiently relative to its price
- Promoter holding is low at 17.5%, which raises governance concerns and increases vulnerability to hostile actions or large block-sale driven volatility
- Zero dividend payout despite reporting repeated profits suggests either reinvestment needs remain very high or free cash flow generation is limited
- Potential capitalisation of interest costs, as flagged in financial analysis, could be inflating reported profitability and overstating asset values
- Absence of key financial data points such as debt-to-equity, EPS, and 52-week price range limits visibility into the company's balance sheet health and trading history
- 5-year ROE of only 2% indicates that the recent improvement in returns is still nascent and not yet proven to be sustainable over a full business cycle
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- SoftBank sells 4.5 crore shares Aug 27
SVF II Lightbulb sold 4.5 crore Lenskart shares on Aug 24, cutting its stake from 9.86% to 7.27%. Large block sale by a key investor may weigh on sentiment.
- Ajna revenue declining sharply Sep 13
Associate entity Ajna (Dimension NXG) reported FY25-26 turnover of ₹103.64 million, down 35% from ₹159.68 million in FY23-24, raising questions on the investment thesis.
- Q1FY27 PAT triples to ₹228Cr Aug 19
Lenskart posted a 182% YoY surge in net profit to ₹228 crore for Q1FY27, backed by 34% revenue growth and expanding margins across India and international segments.
- MSCI rebalancing drives $343M inflow Aug 31
Lenskart is set to receive USD 343M (₹32.74B) in passive fund inflows from the MSCI August rebalancing, effective Aug 31.
- Ajna stake raised to 9.01% Sep 13
Lenskart acquired an additional 1.80% stake in Ajna for ₹79.97 million, taking total holding to 9.01% of fully diluted capital at an aggregate cost of ₹185 million since Feb 2026.
- AGM approves FY26 financials Aug 19
Lenskart's 18th AGM on Aug 19 approved standalone and consolidated FY26 financial statements, with 75 members attending via video conferencing.
TL;DR: Lenskart's operational performance is strong, with Q1FY27 PAT tripling on robust revenue growth and margin expansion. MSCI inclusion is a structural positive driving significant passive inflows. The key risk is SoftBank trimming its stake, which could create near-term supply pressure, while the declining revenue at associate Ajna is a minor concern. The earnings trend is clearly improving, and the stock's index inclusion supports a constructive outlook.
Quarterly Results
| Particulars | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,736 | 1,669 | 1,728 | 1,894 | 2,096 | 2,308 | 2,516 | 2,714 |
| Expenses | 1,449 | 1,459 | 1,436 | 1,558 | 1,683 | 1,845 | 1,979 | 2,126 |
| Operating Profit | 286 | 210 | 292 | 336 | 413 | 462 | 536 | 588 |
| OPM % | 16% | 13% | 17% | 18% | 20% | 20% | 21% | 22% |
| Other Income | 70 | 32 | 212 | 42 | 33 | 35 | 49 | 69 |
| Interest | 26 | 34 | 48 | 41 | 45 | 49 | 44 | 53 |
| Depreciation | 196 | 199 | 215 | 237 | 253 | 270 | 288 | 305 |
| PBT | 134 | 8 | 241 | 100 | 148 | 178 | 254 | 300 |
| Tax % | 36% | 77% | 9% | 39% | 30% | 26% | 20% | 24% |
| Net Profit | 86 | 2 | 220 | 61 | 103 | 133 | 204 | 228 |
| EPS in Rs | 11.08 | 0.02 | 2.84 | 0.78 | 1.24 | 0.76 | 1.15 | 1.28 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 900 | 905 | 1,503 | 3,788 | 5,428 | 6,653 | 8,814 | 9,634 |
| Expenses | 932 | 952 | 1,617 | 3,524 | 4,748 | 5,676 | 7,060 | 7,633 |
| Operating Profit | -32 | -47 | -115 | 264 | 680 | 977 | 1,754 | 2,000 |
| OPM % | -3.6% | -5% | -8% | 7% | 13% | 15% | 20% | 21% |
| Other Income | 69 | 127 | 116 | 140 | 175 | 351 | 153 | 186 |
| Interest | 4 | 7 | 23 | 83 | 124 | 146 | 178 | 191 |
| Depreciation | 27 | 39 | 85 | 418 | 672 | 797 | 1,048 | 1,116 |
| PBT | 6 | 33 | -108 | -97 | 59 | 385 | 680 | 880 |
| Tax % | 0% | 0% | 0% | -39% | 117% | 23% | 26% | — |
| Net Profit | 6 | 29 | -102 | -64 | -10 | 297 | 501 | 668 |
| EPS in Rs | 0.83 | 3.79 | -13.39 | -8.34 | -2.26 | 3.83 | 2.84 | 4.43 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 154 | 347 |
| Reserves | 2,333 | 2,363 | 2,918 | 5,441 | 5,467 | 5,777 | 8,391 |
| Borrowings | 14 | 30 | 34 | 934 | 2,343 | 2,740 | 3,097 |
| Other Liabilities | 221 | 393 | 733 | 3,071 | 1,661 | 1,718 | 2,410 |
| Total Liabilities | 2,583 | 2,802 | 3,700 | 9,462 | 9,487 | 10,390 | 14,245 |
| Fixed Assets | 155 | 337 | 649 | 5,067 | 5,501 | 6,231 | 7,740 |
| CWIP | 1 | 5 | 133 | 134 | 71 | 107 | 112 |
| Investments | 1,353 | 841 | 1,048 | 787 | 1,003 | 1,038 | 571 |
| Other Assets | 1,074 | 1,618 | 1,869 | 3,474 | 2,912 | 3,014 | 5,822 |
| Total Assets | 2,583 | 2,802 | 3,700 | 9,462 | 9,487 | 10,390 | 14,245 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | -89 | -117 | -183 | 95 | 487 | 1,231 | 1,670 |
| Investing | -1,915 | 115 | -421 | -2,586 | 163 | -262 | -2,551 |
| Financing | 2,019 | -16 | 604 | 2,777 | -722 | -535 | 1,201 |
| Net Cash Flow | 15 | -18 | 0 | 285 | -72 | 434 | 319 |
| Free Cash Flow | -138 | -227 | -430 | -318 | 55 | 805 | 846 |
| CFO/OP | 273 | 242 | 150 | 45 | 80 | 137 | 109 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 73 | 13 | 21 | 27 | 23 | 7 | 7 |
| Inventory Days | 109 | 233 | 141 | 163 | 148 | 198 | 150 |
| Days Payable | 94 | 136 | 109 | 154 | 111 | 135 | 138 |
| Cash Conversion Cycle | 88 | 110 | 53 | 36 | 60 | 69 | 19 |
| Working Capital Days | 169 | 352 | 115 | 57 | 11 | -5 | 53 |
| ROCE % | — | 2% | -3% | 0% | 2% | 6% | 8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY20–FY26.
Documents
Frequently Asked Questions about Lenskart Solutions
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Company Information
Incorporated in 2008,Lenskart Solutions is a technology-focused eyewear company involved in the design, manufacturing, branding, and retail of prescription eyeglasses, sunglasses, contact lenses, and accessories.[1]
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