Lenskart Solutions
Lenskart Solutions
RetailKey Fundamentals
LargecapEcommerceRetailPrice-based figures as of 9 Oct 2026, 3:59 pm IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
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 13.1 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
As of the 2026-10-08 close, Lenskart Solutions Ltd traded at ₹653.95, giving it a market capitalisation of ₹113,741.93 crore. That is a trailing P/E of 147.62x on TTM EPS of ₹4.43 and 13.02x book value. The company has grown fast, with compounded sales growth of 37% TTM and 58% over 5 years and compounded profit growth of 77% TTM and 74% over 5 years. Its returns on capital remain low, with ROE at 5.66% and ROCE at 7.21%. The stock was about 9.8% below its 52-week high of ₹725 and about 84% above its 52-week low of ₹356.1.
- Revenue has grown quickly and steadily, with compounded sales growth of 58% over 5 years, 33% over 3 years and 37% TTM. Growth has stayed above 30% across every period shown.
- Profit is growing faster than sales. Compounded profit growth was 110% over 3 years, 77% TTM and 74.2% over 5 years, which suggests operating leverage as the business scales.
- TTM profit growth of 77% is about twice TTM sales growth of 37%. This points to expanding margins rather than growth driven only by revenue.
- Return on equity is improving. It rose from a 5-year average of about 2% and a 3-year average of about 4% to 6% last year, and the current ROE is 5.66%.
- The balance sheet carries little debt, with debt-to-equity at 0.35. That leaves room to fund store expansion and capex without relying heavily on borrowing.
- The stock has shown strong price momentum. At ₹653.95 it was about 84% above its 52-week low of ₹356.1 and within about 10% of its 52-week high of ₹725.
- Its market cap of ₹113,741.93 crore makes it a large, liquid listed company in the organised eyewear retail segment.
- The company is reportedly expected to post a good quarter, which could support continued earnings growth from the TTM EPS of ₹4.43.
- The valuation is very high. A trailing P/E of 147.62x implies an earnings yield of only about 0.68%, so the current price assumes strong growth will continue for a long time.
- A price-to-book of 13.02x is hard to square with an ROE of 5.66%. Investors are paying a large premium to book value for returns on equity in the single digits.
- Return on capital is weak. ROCE of 7.21% is likely close to or below the company's cost of capital, and the 3-year average ROE of about 3.6–4% and 5-year average of about 2% show a long record of low returns.
- The company may be capitalising interest cost. If so, reported profits could be flattering the earnings behind EPS of ₹4.43 and the 77% TTM profit growth.
- Promoter holding is low at 17.5%. This means promoters have less economic stake in the company and control is more spread out.
- The dividend yield is 0% even though the company reports repeated profits, so shareholders get no cash return and depend entirely on share price gains.
- The stock is volatile. Its 52-week range runs from ₹356.1 to ₹725, so the high is more than double the low, which signals sensitivity to sentiment and to changes in growth expectations.
- Profit growth is coming off a small base, since 5-year ROE averaged about 2%. High percentage growth rates such as 110% over 3 years may slow as the profit base gets larger.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Platinum Jasmine offloads 2.01% stake Sep 23
Platinum Jasmine A 2018 Trust sold 3.5 crore shares (2.01% of equity) on-market at ₹687.95 on Sep 21, 2026, a sale valued at ₹2,426.31 crore. Its holding fell from 9.77% to 7.75%, and the remaining stake could keep supply pressure on the stock.
- Higher stake in smart-glasses firm Ajna Sep 13
Lenskart bought an additional 1.80% of Dimension NXG (Ajna) for ₹79.97 million, taking its holding to 9.01%. The deal adds to its XR and AI-enabled eyewear capabilities.
- NESO lifts LPL stake to 34.34% Sep 23
Subsidiary NESO Brands bought an extra 2.52% of French brand Le Petit Lunetier Paris for EUR 0.248 million, raising its total holding to 34.34%. The deal is small but adds to Lenskart's international premium brand portfolio.
- Large block trades flagged Sep 30
Trade scanners flagged about 5.93 lakh shares at ₹683.05 (₹40.48 crore) on BSE on Sep 30 and about 4.25 lakh shares at ₹687.70 (₹29.22 crore) on NSE on Sep 23. Neither trade is confirmed by the exchange, and the counterparties are unknown.
- Investor meetings scheduled in Mumbai Sep 19
Lenskart has analyst and investor meetings in Mumbai on Sep 22 and Oct 22, 2026, including a JP Morgan conference and a Pacific Pension & Investment Institute event.
TL;DR: Lenskart keeps making small strategic investments, raising its stakes in smart-glasses maker Ajna (9.01%) and French brand LPL (34.34%), which supports its tech and global premium positioning. The main overhang is Platinum Jasmine's ₹2,426 crore exit of 2.01%, with 7.75% still held. Repeated block trades near ₹683-688 point to steady institutional churn, and the price has eased slightly. The trend looks stable to mildly cautious for now, and watch the Oct 22 investor meeting and any further large-holder sales for direction.
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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62 extracted metrics + investor summaries across FY20–FY27.
Documents
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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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