Lenskart Solutions reported a 106.1% year-on-year (YoY) increase in consolidated profit after tax (PAT) to Rs 232.45 crore in Q2 FY27, compared with Rs 112.79 crore in Q2 FY26 on a pro forma basis. Revenue from operations grew 32.5% YoY to Rs 2,845.03 crore for the quarter ended 30 September 2026.
The Lenskart Q2 FY27 results, announced on 4 November 2026, reflected higher eyewear sales, strong domestic demand, international expansion and improving operating margins. India revenue increased 35.3%, while international revenue rose 29.5%.
However, sequential revenue growth was slower, international sales remained almost flat quarter-on-quarter, and inventory requirements increased.
This Lenskart Q2 FY27 results analysis examines financial performance, business segments, margins, store expansion, cash flow, valuation and the key factors investors should monitor.
Table of Contents
- Lenskart Q2 results at a glance
- Revenue, EBITDA and profit analysis
- Reported vs pro forma results
- India business performance
- International business performance
- Margins and operating expenses
- Store expansion, manufacturing and technology
- H1 FY27 financial performance
- Cash flow, capex and balance sheet
- Share price and valuation
- Management outlook and growth opportunities
- Risks and what investors should monitor
- Conclusion
Lenskart recorded double-digit revenue growth, with profitability improving faster than sales during the September quarter.
| Financial Metric |
Q2 FY27 and YoY Change |
| Revenue from operations |
₹2,845.03 Cr (+32.5% YoY) |
| EBITDA |
₹623.79 Cr (+46.6% YoY) |
| EBITDA margin |
21.9% (+2.1 pp YoY) |
| EBITDA (pre-Ind AS 116) |
~₹392 Cr (+65.0% YoY) |
| Pre-Ind AS 116 margin |
13.8% (+2.7 pp YoY) |
| Profit before tax |
₹304.48 Cr (+89.6% YoY) |
| Consolidated PAT |
₹232.45 Cr (+106.1% YoY) |
| Basic EPS |
₹1.31 |
Source: Company Q2 FY27 earnings presentation and pro forma financial information. YoY changes are calculated against the Q2 FY26 pro forma base. EBITDA is shown excluding other income and after ESOP and R&D costs. Percentage-point changes are rounded.
The results highlight three important developments:
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Profitability improved faster than revenue, suggesting better operating leverage.
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Domestic sales growth was supported by both higher eyewear volumes and increased average selling prices.
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International margins improved, although the pace of revenue growth slowed sequentially.
The improvement in earnings is significant, but investors should also consider whether these margins can be sustained as spending on marketing, manufacturing and store expansion increases.
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Revenue grows 32.5% YoY
Consolidated revenue increased to Rs 2,845.03 crore from Rs 2,146.59 crore in the corresponding quarter last year on a pro forma basis.
Revenue grew approximately 4.8% quarter-on-quarter (QoQ) from Rs 2,714.18 crore in Q1 FY27.
The main growth drivers included higher eyewear volumes, improved pricing and premiumisation, growth in prescription lenses and sunglasses, and expansion of the physical store network.
Eyewear units sold increased 27.1% YoY globally. This indicates that a substantial portion of revenue growth came from increased demand rather than price increases alone.
However, sequential growth was uneven. India's revenue increased approximately 9% QoQ, while international revenue was broadly flat.
EBITDA rises 46.6%
EBITDA increased to approximately Rs 624 crore, compared with Rs 426 crore in Q2 FY26 on a pro forma basis.
The EBITDA margin improved to 21.9% from approximately 19.8%.
On a pre-Ind AS 116 basis, which adjusts for the accounting treatment of leases, EBITDA rose 65% to approximately Rs 392 crore, with the margin expanding to 13.8% from 11.1%.
The pre-lease measure is particularly relevant to Lenskart because physical retail stores are an important component of its business model.
Higher sales at existing stores allow the company to spread fixed expenses, including employee costs and rent, over a larger revenue base.
Net profit more than doubles
Consolidated PAT increased to Rs 232.45 crore from Rs 112.79 crore in Q2 FY26 on a pro forma basis.
The PAT margin improved to approximately 8.2%, compared with 5.3% a year earlier.
Sequentially, however, consolidated PAT increased only 1.8% from Rs 228.43 crore in Q1 FY27.
This suggests that while year-on-year profitability strengthened considerably, sequential earnings momentum was relatively modest.
An important distinction in Lenskart's financial statements is the difference between statutory reported results and pro forma results.
The company provides pro forma comparisons to reflect the historical impact of certain acquisitions and consolidation changes, including Meller and Quantduo Technologies.
The following tables compare Lenskart's financial performance on a statutory and pro forma basis.
Statutory Financial Results
| Financial Metric |
Statutory Basis |
| Q2 FY26 revenue |
₹2,096.14 Cr |
| Q2 FY27 revenue |
₹2,845.03 Cr |
| Revenue growth |
+35.7% YoY |
| Q2 FY26 consolidated PAT |
₹103.45 Cr |
| Q2 FY27 consolidated PAT |
₹232.45 Cr |
| PAT growth |
+124.7% YoY |
Pro Forma Financial Results
| Financial Metric |
Pro Forma Basis |
| Q2 FY26 revenue |
₹2,146.59 Cr |
| Q2 FY27 revenue |
₹2,845.03 Cr |
| Revenue growth |
+32.5% YoY |
| Q2 FY26 consolidated PAT |
₹112.79 Cr |
| Q2 FY27 consolidated PAT |
₹232.45 Cr |
| PAT growth |
+106.1% YoY |
These figures are not contradictory. The historical comparison base differs, while the Q2 FY27 amounts are identical.
Another distinction is between total consolidated profit and profit attributable to shareholders of the parent company.
In Q2 FY27:
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Total consolidated PAT was Rs 232.45 crore.
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Profit attributable to shareholders of the parent was Rs 227.08 crore.
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Profit attributable to non-controlling interests was Rs 5.37 crore.
For revenue and operating performance, pro forma comparisons help investors assess like-for-like growth. For valuation using earnings attributable to ordinary shareholders, the parent-attributable profit is more relevant.
India remained Lenskart's largest operating segment and a major contributor to revenue growth.
| Financial Metric |
Q2 FY27 and YoY Change |
| Revenue |
₹1,667.92 Cr (+35.3% YoY) |
| EBITDA |
~₹362 Cr (+50.5% YoY) |
| Pre-Ind AS 116 EBITDA |
~₹267 Cr (+61.5% YoY) |
| Pre-Ind AS 116 margin |
16.0% (+2.6 pp YoY) |
| Eyewear units sold |
85.5 lakh (+26.5% YoY) |
| Eye tests performed |
~70 lakh (+44.1% YoY) |
| Net new stores |
143 |
Strong same-store sales growth
India's same-store sales growth (SSSG) reached 20.8% in Q2 FY27, compared with 14.8% in Q2 FY26.
Same-pincode sales growth (SPSG) stood at 27.1%.
SSSG measures revenue growth from qualifying existing stores, while SPSG measures revenue growth across qualifying pincodes, including the effects of additions within those areas.
The difference is important because it indicates that opening more stores within a location can expand total sales rather than merely redistribute existing customer demand.
However, investors should monitor whether this trend continues as store density increases.
Higher eyewear volumes and premiumisation
India eyewear sales volumes rose 26.5% YoY to 85.5 lakh units.
The average selling price (ASP) increased 6.9% to Rs 1,950, supported by demand for premium lenses, progressive lenses and higher-value eyewear.
The company also reported 46 lakh quarterly transacting customer accounts, an increase of 18.5% YoY.
These indicators suggest growth was supported by a combination of new customers, higher purchase volumes and improvements in the product mix.
Lenskart Gold membership crosses one crore
Active Gold members in India reached 103 lakh, or 1.03 crore, at the end of Q2 FY27, increasing 38.6% YoY.
Gold subscription fees collected during the quarter increased 54.6% to Rs 73 crore.
The membership programme supports repeat purchases, family purchases and customer retention. However, subscription fees collected should not automatically be treated as revenue recognised during the same quarter.
Digitally influenced sales increase
Digitally influenced sales accounted for 57% of India revenue, compared with 50% a year earlier.
This includes purchases influenced by online interactions before customers complete their transactions.
The increase supports Lenskart's omnichannel strategy, where digital discovery and physical retail complement each other.
Lenskart's international operations, including Owndays and other brands, continued expanding across Japan, Southeast Asia, the Middle East and additional markets.
| Financial Metric |
Q2 FY27 and YoY Change |
| Revenue |
₹1,201.14 Cr (+29.5% YoY) |
| EBITDA |
~₹264 Cr (+45.9% YoY) |
| Pre-Ind AS 116 EBITDA |
~₹127 Cr (+86.8% YoY) |
| Pre-Ind AS 116 margin |
10.6% (+3.3 pp YoY) |
| Eyewear units sold |
20.6 lakh (+29.7% YoY) |
| Active stores |
756 |
Revenue growth and currency impact
International revenue grew 29.5% YoY on a reported pro forma basis.
However, the company reported growth of approximately 23% in constant currency.
This indicates that favourable currency movements contributed to reported growth. Investors should therefore examine both reported and constant-currency revenue trends when assessing underlying demand.
Sequentially, international revenue declined marginally from Rs 1,203.29 crore in Q1 FY27 to Rs 1,201.14 crore in Q2 FY27.
Management attributed quarterly fluctuations partly to seasonality and changing product mix, particularly sunglasses.
International margins improve
Pre-Ind AS 116 EBITDA margin increased to 10.6% from 7.3% in Q2 FY26.
This was the second consecutive quarter in which international pre-lease EBITDA margin exceeded 10%.
The improvement was supported by higher product margins, operating leverage and the continued integration of Owndays and Meller into Lenskart's supply chain.
International product margin reached 77.1%, compared with 75.5% a year earlier.
However, marketing expenses increased as the company continued investing in brand-building across its overseas markets.
One of the most important developments in the quarter was margin expansion despite continued investment in technology and retail expansion.
Product margin remains resilient
Consolidated product margin increased to 70.0% from 69.2% in Q2 FY26.
India's product margin improved to 64.0% from 63.4%, while the international margin increased to 77.1% from 75.5%.
The company maintained these margins despite rupee depreciation against the Chinese renminbi, which created pressure on sourcing costs.
Increasing in-house production of frames and lenses helped offset part of this impact.
Employee costs and marketing expenses
In India, employee costs declined as a percentage of revenue to 18.0% from 19.3% a year earlier.
Marketing expenses also declined to 4.5% of India revenue from 5.4%.
However, management clarified that lower marketing expenditure partly reflected timing and indicated its intention to increase brand investment where attractive opportunities emerge.
International marketing expenses increased to 10.3% of revenue from 9.5%.
Therefore, future operating margins may fluctuate depending on advertising expenditure, new-store openings and international growth investments.
Why Ind AS 116 matters
Under Ind AS 116, most store leases are reflected through right-of-use assets, lease liabilities, depreciation and finance costs rather than conventional rental expenses.
This generally increases reported EBITDA relative to a pre-lease measure.
Lenskart's Q2 FY27 EBITDA margin was 21.9%, while its pre-Ind AS 116 EBITDA margin was 13.8%.
For investors, the pre-lease measure provides an additional perspective on retail operating profitability, while statutory financial statements remain essential for understanding lease obligations and cash flow.
Global store network reaches 3,624
Lenskart added 165 net new stores during Q2 FY27, taking its global active store count to 3,624.
The network included:
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India: 2,868 active stores, with 143 net additions during Q2.
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International: 756 active stores, with 22 net additions.
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H1 FY27: 297 net new stores globally.
In India, 94 of the quarterly net additions were in Tier 2 and smaller cities. The company also expanded into 61 new cities, taking its domestic presence to 665 cities.
Expansion beyond metropolitan markets can increase the addressable customer base, although profitability depends on store-level sales, customer acquisition, staffing and rental economics.
In-house manufacturing expands
Lenskart continued expanding vertically integrated manufacturing.
During Q2 FY27, in-house frame production reached approximately 36 lakh units, up 71.7% YoY, while in-house lens production reached approximately 20 lakh units, up 52.2%.
Higher internal production can improve supply-chain control, reduce dependence on external suppliers and support product-margin stability.
The company is also developing a centralised manufacturing facility in Hyderabad, designed for capacity of up to 50 million pairs annually.
The facility could support future scale, but its contribution will depend on commissioning, utilisation, capital efficiency and execution.
Technology and AI initiatives
Lenskart has incorporated proprietary technology across retail, eye testing, inventory management, manufacturing and customer service.
Remote optometry was available in 934 stores in India during Q2 FY27, compared with 303 stores a year earlier.
The company is also testing AI-enabled eye examinations and deploying technology for store replenishment, employee training and customer assistance.
Its B smart glasses were available for customer experience in more than 500 stores, with deliveries already underway.
However, management described smart glasses as a multi-year opportunity rather than a near-term financial growth driver.
The first half of FY27 showed continued growth in both revenue and profitability.
| Financial Metric |
H1 FY27 and YoY Change |
| Revenue |
₹5,559.21 Cr (+33.0% YoY) |
| EBITDA |
~₹1,213 Cr (+53.4% YoY) |
| Pre-Ind AS 116 EBITDA |
~₹753 Cr (~+78% YoY) |
| Consolidated PAT |
₹460.88 Cr (+138.0% YoY) |
| Net new stores |
297 |
| Management-reported ROCE |
22.5% (vs 19.0% in H1 FY26) |
YoY financial growth uses the company's pro forma historical base. ROCE follows the company's disclosed calculation.
H1 FY27 PAT reached approximately 87% of the full-year FY26 pro forma PAT of Rs 530 crore.
Lenskart also reported trailing twelve-month revenue exceeding Rs 10,000 crore, EBITDA exceeding Rs 2,200 crore and PAT of approximately Rs 800 crore.
The improvement indicates that business scale is translating into higher profitability. However, the pace of improvement must be assessed alongside working-capital requirements and future investments.
Operating cash flow and lease adjustments
Lenskart reported statutory consolidated operating cash flow of Rs 848.29 crore for H1 FY27.
However, management presented operating cash flow of approximately Rs 388 crore after accounting for lease-related cash payments.
The reconciliation is:
| Cash flow component |
H1 FY27 |
| Statutory operating cash flow |
Rs 848.29 Cr |
| Lease principal payments |
Rs 361.16 Cr |
| Lease interest payments |
Rs 99.60 Cr |
| Operating cash flow after leases |
Rs 387.53 Cr |
This distinction is important because lease principal and interest payments are classified under financing activities in Lenskart's statutory cash-flow statement.
The approximately Rs 388 crore management measure is therefore not directly comparable with statutory operating cash flow.
Store capex and manufacturing investments
Management's H1 FY27 cash-flow bridge included:
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Operating cash flow after leases: Rs 388 crore.
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Store capex: Rs 187 crore.
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Cash remaining after store capex: Rs 201 crore.
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Plant and other capex: Rs 297 crore.
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Other net inflows: Rs 108 crore.
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Net cash inflow before acquisitions: Rs 12 crore.
The company also disclosed approximately Rs 82.2 crore of acquisition-related investments during H1.
These figures indicate that Lenskart's operations generated sufficient cash to cover store capex, but manufacturing investments absorbed much of the remaining operating cash generation and other inflows.
Inventory and working capital
Consolidated inventory increased from Rs 1,037.00 crore on 31 March 2026 to Rs 1,487.73 crore on 30 September 2026.
This represents an increase of approximately Rs 450.73 crore, or 43.5%.
Management attributed the inventory build partly to replenishment following lower stock levels and preparations ahead of the festive season.
While inventory accumulation can support demand and store expansion, investors should monitor stock turnover, working-capital days and cash conversion.
Cash, borrowings and lease liabilities
As of 30 September 2026:
| Balance-sheet metric |
Amount |
| Total assets |
Rs 15,677.26 Cr |
| Total equity |
Rs 9,446.11 Cr |
| Cash and cash equivalents |
Rs 1,261.47 Cr |
| Current and non-current borrowings |
Rs 184.70 Cr |
| Current and non-current lease liabilities |
Rs 3,270.70 Cr |
Management separately disclosed a net cash balance of approximately Rs 3,855 crore after its stated adjustments, including exclusion of IPO-related payables.
This management-defined balance is not identical to the statutory cash-and-cash-equivalents figure.
Although conventional borrowings were relatively modest, lease liabilities remain significant because of Lenskart's large retail network.
Lenskart shares closed at approximately Rs 718.80 on the NSE on 9 November 2026, according to exchange-linked market-price data reported by Business Standard.
At that price, using the approximately 173.93 crore equity shares implied by the company's 30 September 2026 paid-up share capital, the indicative market capitalisation was around Rs 1.25 lakh crore.
For a trailing valuation comparison, profit attributable to shareholders of the parent company can be calculated from the statutory results:
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FY26 parent-attributable PAT: Rs 493.61 crore.
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Less H1 FY26 parent-attributable PAT: Rs 162.30 crore.
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Add H1 FY27 parent-attributable PAT: Rs 448.92 crore.
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Resulting trailing twelve-month parent-attributable PAT: Rs 780.23 crore.
This implies an illustrative trailing price-to-earnings ratio of approximately 160 times.
The calculation is date-specific and uses the share count reported at the end of September. It may differ from market-data platforms using adjusted earnings, diluted shares or a later share count.
The valuation indicates that expectations of substantial future earnings growth are embedded in the share price. Continued store expansion, strong same-store performance, margin improvement and efficient capital allocation will be important in assessing whether earnings can support that valuation over time.
Management has identified vertical integration, brand development, manufacturing scale and technology as important long-term drivers.
The company believes its model offers the potential to reach a 25% pre-Ind AS 116 EBITDA margin in the long term.
However, it has explicitly stated that 25% is not a near-term target and has not specified a deadline.
Management intends to prioritise growth, including investment in smaller Indian cities, international markets, marketing, technology and manufacturing.
The main opportunities include:
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Domestic eyewear penetration: Increasing access to eye testing and affordable prescription eyewear.
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Premiumisation: Higher demand for premium lenses, progressive lenses and branded eyewear.
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Manufacturing integration: Greater internal production and centralised operations.
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International expansion: Developing the existing Owndays and other international brand networks.
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Customer retention: Increasing repeat purchases through Gold membership and omnichannel services.
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Technology: Improving productivity, inventory planning and customer experience.
These opportunities could support growth, but future financial contributions will depend on execution.
Despite strong YoY performance, several factors require attention.
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Valuation risk: A high earnings multiple increases sensitivity to slower-than-expected growth or profitability.
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Sequential growth: Consolidated revenue increased only 4.8% QoQ, while international revenue was almost flat.
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Currency exposure: Renminbi-linked sourcing costs and exchange-rate movements can influence product margins and reported international growth.
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Marketing expenditure: Higher advertising and brand-building investment could temporarily limit margin expansion.
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Working capital: Rising inventory could affect cash conversion if sales growth slows.
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Store economics: Rapid expansion creates upfront staffing, rental and capital costs before new stores mature.
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Execution risk: Returns from the Hyderabad manufacturing facility, technology investments and international acquisitions will depend on utilisation and operational performance.
Investors should track eyewear volumes, India SSSG and SPSG, ASP growth, store productivity, international constant-currency growth, pre-lease EBITDA margin, cash generation after leases and capex, and returns on capital over the next few quarters.
Lenskart's Q2 FY27 performance reflected strong revenue growth, expanding operating margins and a significant improvement in profitability. Consolidated revenue increased 32.5% YoY to Rs 2,845.03 crore, while PAT rose 106.1% to Rs 232.45 crore on a pro forma comparison.
India's strong same-store sales growth, rising eyewear volumes, premiumisation and international margin improvement were encouraging developments.
However, sequential international revenue weakness, higher inventory requirements, substantial lease obligations and a demanding valuation remain important considerations.
The key question for investors is whether Lenskart can maintain volume-led growth while improving cash generation and returns on capital as its global retail and manufacturing operations expand.
Frequently Asked Questions
1. When were Lenskart Q2 results 2027 announced?
Lenskart announced its Q2 FY27 results on 4 November 2026, for the quarter ended 30 September 2026. The FY27 designation refers to the financial year ending March 2027.
2. What was Lenskart's net profit in Q2 FY27?
Lenskart reported consolidated PAT of Rs 232.45 crore, up 106.1% YoY on a pro forma basis. Profit attributable to shareholders of the parent company was Rs 227.08 crore.
3. How much did Lenskart's revenue grow in Q2 FY27?
Revenue increased 32.5% YoY to Rs 2,845.03 crore on a pro forma basis. On the statutory reported basis, revenue growth was 35.7%, reflecting a different Q2 FY26 comparison base.
4. How many stores did Lenskart have in September 2026?
Lenskart operated 3,624 active stores globally at the end of Q2 FY27, including 2,868 in India and 756 internationally. It added 165 net new stores during the quarter.
5. What is Lenskart's long-term EBITDA margin target?
Management believes the business has the potential to achieve a 25% pre-Ind AS 116 EBITDA margin over the long term. However, it has not committed to a near-term deadline and continues to prioritise growth investments.
Financial data is based on official Lenskart disclosures. Pro forma comparisons, management-defined metrics and analyst-derived calculations are distinguished throughout. This article is for informational purposes and does not constitute investment advice.