Lenskart Solutions delivered a robust financial performance for the quarter and half-year ended 30 September 2025, marking its first results disclosure post-IPO. The company’s execution and margin expansion underscore its transformation into a scalable, high-growth, and profitable consumer-tech enterprise.
Chief Executive Officer Peyush Bansal described Lenskart Q2 FY26 as a “phase of compounding,” with technology investments, omnichannel expansion, and vertical integration now yielding tangible leverage across revenue and profitability.
Lenskart Q2 FY26 Results: Financial Performance
| Particulars | Q2 FY25 | Q2 FY26 | YoY Growth | Margin (FY26) |
| Revenue from Operations | 1,732.6 | 2,146.6 | +23.9% | — |
| Product Margin | 1,180.7 | 1,485.1 | +25.8% | 69.2% |
| EBITDA | 316.5 | 425.8 | +34.5% | 19.8% |
| Profit After Tax (PAT) | 75.6 | 113.0 | +49.6% | 5.3% |
| ROCE (Annualized) | — | 21.6% | — | — |
Lenskart H1 FY26 Results: Financial Performance
| Particulars | H1 FY25 | H1 FY26 | YoY Growth | Margin (FY26) |
| Revenue from Operations | 3,334.1 | 4,178.8 | +25.3% | — |
| Product Margin | 2,290.7 | 2,881.2 | +25.8% | 68.9% |
| EBITDA | 577.0 | 780.8 | +37.1% | 18.9% |
| Profit After Tax (PAT) | 97.8 | 193.7 | +98.1% | 4.6% |
| Net Working Capital Days | 25 | 22 | Improved | — |
Operating leverage, cost discipline, and efficiency gains from in-house manufacturing continue to anchor margin improvement.
Lenskart Q2 FY26: Operating Metrics
| Metric | Q2 FY25 | Q2 FY26 | YoY Growth | H1 FY25 | H1 FY26 | YoY Growth |
| Eye Tests Conducted (Mn) | 3.9 | 5.6 | +44.3% | 7.3 | 10.7 | +46.9% |
| Eyewear Units Sold (Mn) | 6.9 | 8.3 | +20.2% | 13.7 | 16.7 | +22.0% |
| Net New Stores Added | 66 | 143 | +117% | 112 | 225 | +101% |
| Cities Covered | 399 | 431 | +8.0% | — | — | — |
| NPS (Customer Satisfaction) | 70% | 79% | +9 pts | — | — | — |
The operational engine continues to fire on all cylinders — eye tests surged 47%, units sold grew 22%, and new store additions more than doubled year-on-year. Importantly, 46% of all eye tests were first-time exams, validating Lenskart’s role in market creation rather than share capture.
Profitability Anchored in Structure and Scale
The company’s product margin of 69% reflects deep vertical integration and backward-linked manufacturing efficiency. Automation and robotics at its Bhiwadi plant have reduced lens and frame costs 35–40% below industry averages, creating structural margin strength.
EBITDA margin progression: FY23: 8.3% → FY24: 14.5% → FY25: 17.0% → Q2 FY26: 19.8%
PAT margin progression: FY23: -3.3% → FY24: 1.4% → FY25: 5.6% → Q2 FY26: 5.3%
These steady improvements validate Lenskart’s operating leverage thesis — fixed costs remain stable while revenue expands, translating into consistent margin expansion.
Technology: The Core Flywheel
Lenskart’s strength lies in its AI-driven omnichannel model.
- Remote Eye Testing: Over 500 stores now operate with AI-assisted remote optometry, addressing India’s chronic shortage of trained optometrists.
- GeoAnalytics (GeolQ): Uses satellite, mobility, and 3,000+ variables to identify profitable locations, ensuring predictable store payback (~10 months).
- Computer Vision (TangoEye): Analyzes in-store behavior to optimize customer flow.
- Digital Ecosystem: Over 100 million app downloads and 45% digitally influenced sales reinforce omnichannel depth.
These platforms ensure scalability and consistency — allowing Lenskart to open 300+ stores annually while maintaining service quality and unit economics.
Smart Glasses: The Next Consumer-Tech Leap
- In Q4 FY26, Lenskart will debut its “B by Lenskart” Smart Glasses, integrating AI and Snapdragon AR1 technology.
- These smart eyewear devices will offer UPI payments, fitness tracking, object scanning, translations, and real-time video capture — developed entirely in-house using the Gemini AI platform.
- This initiative positions Lenskart not only as a retailer but as a hardware-software innovator, potentially opening a new high-margin product category globally.
Conclusion
Lenskart Q2 FY26 results confirm a clear structural uptrend — strong revenue visibility, improving margins, healthy cash flow, and disciplined expansion.
Key highlights:
- Robust demand creation in Tier 2+ cities.
- Operating leverage from technology and integration.
- Expanding international footprint with improved profitability.
- Entry into smart eyewear — a potentially transformative category.
With margins expanding every quarter and a clear long-term runway of 2,000+ potential new stores, Lenskart exemplifies a high-quality compounding business in India’s consumer-tech space.
As Peyush Bansal stated, “It’s still Day Zero — the journey toward Vision for a Billion has only begun.”
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