Announcement
Announcement under Regulation 30 (LODR)-Acquisition 23 Sep - NESO invested EUR 0.248 million to buy 2.52% more of Le Petit Lunetier, raising stake to 34.34%.
Source: Bse
Lenskart Solutions Limited (LENSKART)
Mid CapConsumer stocks · Mid cap · NSE
Lenskart is an eyewear company leveraging technology and AI to rebuild the global vision correction category. It owns the entire value chain, from eye tests to manufacturing and delivery, serving over 2.5 billion people globally needing vision correction. It operates through stores, online channels, and new form factors like smart glasses.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result12 Aug, 03:47 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
42NeutralMACD − · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 49
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
LENSKARTD candles · FIT view+20.4%Latest close ₹631.35 on 2026-10-21
Daily history is available from 2025-11-10; the requested 1Y window is partially covered.
Bar
-1.8%
RSI
39
MACD hist
-6.36
52W pos
75%
2026-10-21O ₹643.00H ₹647.20L ₹624.80C ₹631.35Vol 29.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
LENSKARTNifty Consumer DurablesNifty 500
- LENSKART
- +15.0%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- +21.5 pp
Chart stats
21 Oct 2026- From 52W high
- -12.9%
- 52W range position
- 75%
- ATR (14)
- 3.4%
- Volume vs 20D
- 0.44x
- Avg traded value
- ₹306 Cr
- 20D price channel
- ₹624.8 - ₹698.1
₹725
₹356.1 - ₹725
₹21.3
Latest completed session
20-session average
34.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST36
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +43.3% · PAT +273.8% YoY
Technical
Neutral42
Price trend and sector-relative-strength timing.
Valuation
Legacy model-328.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +43% YoY · PAT +274% YoY · margin expansion · +8% QoQ · operating leverage
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,714 Cr | +43.3% | +7.9% |
| EBITDA | ₹588 Cr | +75.0% | +9.7% |
| Operating margin | 22.0% | +400 bps | +100 bps |
| PAT | ₹228 Cr | +273.8% | +11.8% |
| PAT margin | 8.4% | +518 bps | +29 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 170.00
- P/B
- 12.78
- EV/EBITDA
- 40.03
- Market Cap
- 111785.00Cr
Profitability
- ROE
- 6.33%
- ROCE
- 8.08%
- ROA
- 4.69%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 58.00%
- EPS 5Y
- 74.00%
- Revenue 3Y
- 33.00%
- EPS 3Y
- 110.00%
Balance Sheet
- Debt/Equity
- 0.35
- Interest Coverage
- 9.18×
- Altman Z
- 8.13
- Book Value
- 50.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 1670.00 Cr
- EPS TTM
- 4.43
Shareholding
- Promoter Hold
- 17.52%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 78%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 2,714+7.9% vs prev
Net Profit
₹ CrLatest: 228+11.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 39.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 77% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
86
RS percentile
Stage 2 UptrendEstablished S2
1M return
-7.7%
3M return
+15.0%
6M return
+17.4%
1Y return
-
RS 1D
+1
RS 20D
-2
Sector rank
#8
Industry rank
-
Stage evidence
- Price is 11.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 observed by
03 Jul 2026
S2 age
76 trading sessions
Sector
improving
Industry
unranked
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
235 observations
21 Oct 2026Value 169.24-0.42%
RS vs Nifty 500169
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth22/25
Quality0/20
Balance Sheet7/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
36
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
36/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 22/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -328.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
170.0
PB
12.8
EV/EBITDA
40.0
ROE
6.3%
ROCE
8.1%
FCF Yield
—
Debt/Equity
0.3
MoS
-328.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
36
Previous: 36
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-328.0%
Previous: -333.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
33
33
33
33
33
33
36
36
36
36
36
36
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹70.81
-791.6% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹147.52
-328.0% MoS
PEG
1.92
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
COFORGE
Mid
Coforge Limited
IT Services / Digital
match 151
47
44.7
21.4%
-23%
FAIR VALUE
PERSISTENT
Mid
Persistent Systems Limited
IT Services / Digital
match 150
58
48.1
27.2%
-55%
FAIR VALUE
MPHASIS
Mid
MphasiS Limited
IT Services / Digital
match 148
38
24.7
18.5%
-4%
WATCHLIST
KPITTECH
Mid
KPIT Technologies Limited
IT Services / Digital
match 144
56
23.6
20.9%
+21%
FAIR VALUE
WIPRO
Large
Wipro Limited
IT Services / Digital
match 140
55
13.9
15.5%
-25%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T19:28:09.036Z
Management commentary snapshot
Lenskart reported strong Q4 FY26 and full-year FY26 results, with Q4 revenue up 40.6% YoY, EBITDA up 61.2% YoY, and adjusted PAT up 164.7% YoY. Full-year revenue grew 32.3% YoY, EBITDA 55.3% YoY, and adjusted PAT 147.7% YoY, driven by volume expansion, new customer additions, and operating leverage.
Management's claim of entering a compounding phase is reinforced by robust Q4 and FY26 financial and operating performance. Strong volume growth, SSSG, and expanding margins across India and International segments, coupled with improving capital efficiency, support the long-term growth narrative. The focus on AI and new form factors indicates continued innovation.
Growth engines
Volume Expansion & New Customer Acquisition
Driven by 48.5% YoY eye test growth, remote optometry stores expanding 3.7x, and new store additions unlocking demand.
Premiumisation of Product Mix
Shift towards premium products like Owndays lenses and Meller sunglasses, and progressive lenses, driving India ASP growth of 15.9% YoY in Q4.
International Market Expansion
International revenue grew 35.4% YoY in Q4, with EBITDA (pre-IndAS 116) margin expanding to 9.2%, tracking ahead of India at comparable scale.
Omnichannel & Digital Influence
~50% of FY26 India revenue was digitally influenced. App-led customer journeys and hyper-local innovations drive online growth and physical store traffic.
Capacity and execution
Net New Stores
603 net new stores added in FY26 (542 India, 61 International), taking total active stores to 3,327. Operating cash flow funded these additions.
Tier 2+ Market Expansion
254 stores added in Tier 2+ markets in FY26 (vs 89 in FY25), entering 157 new cities and taking total city footprint to 556.
Thailand Frame Manufacturing JV
50% joint venture with Sunrise (Matt Optical) to strengthen in-house frame manufacturing capacity, expected to contribute incremental supply through FY27.
Hyderabad Manufacturing Facility
Facility remains on track for commissioning in ~18 months, boosting prescription eyeglasses manufacturing capacity and deepening backward integration.
Tailwinds
Underpenetrated Eyewear Market
2.5 billion people globally need vision correction; India has ~60 optical stores per million people, indicating significant untapped demand.
AI Integration Across Value Chain
Management states AI is a 'step-change opportunity' for a company owning the entire value chain, from eye test to delivery, enabling faster feedback loops.
Structural Logistics Advantage
The 3,300+ store network acts as a structural logistics advantage for quick commerce, enabling multi-role community hubs.
Natural Currency Hedge
42% of consolidated revenue generated outside India provides a natural hedge against currency fluctuations.
Headwinds
Geopolitical Developments
A small dip in store traffic and revenue was observed in directly affected Middle East geographies during recent escalation, though business bounced back.
Cross-Currency Rate Pressure
Broader geopolitical environment has put pressure on cross-currency rates, flowing through to the cost of imports.
Risk radar
Geopolitical Instability
Potential for future disruptions in regions like the Middle East, impacting store traffic and revenue, despite current limited direct business impact.
Currency Volatility
Pressure on cross-currency rates impacts import costs, requiring active management through structural levers like vertical integration.
Execution Risk in AI Transformation
Shifting from a consumer-tech to a consumer-AI company requires embedding AI into the organization's culture and operations at every level.
Smart Glasses Adoption
B by Lenskart is a multi-year journey; revenue upside is not factored in the near term, and adoption depends on earning customer love before scaling distribution.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY is crucial for assessing overall growth and margin expansion, especially given potential seasonality in marketing and product mix. QoQ is relevant for India ASP, which was broadly flat sequentially, indicating stability after a YoY increase driven by base effects.
Sector KPIs management disclosed
Eye Tests Conducted
Q4 FY26: 6.8 million (+45.0% YoY); Full-year FY26: 23.8 million (+48.5% YoY).
Eyewear Units Volume Growth
Q4 FY26: 25.2% YoY; Full-year FY26: 24.7% YoY.
India Same Store Sales Growth (SSSG)
Q4 FY26: 24.2%; Full-year FY26: 20.8%.
India Same Pincode Sales Growth (SPSG)
Q4 FY26: 31.1%; Full-year FY26: 27.3%.
Management forward view
Sustaining Growth through AI Transformation
Single biggest priority for FY27 is sustaining growth, driven by transforming Lenskart from a consumer-tech company into a consumer-AI company.
Unlocking Non-Linear Customer Acquisition
Ambition is to reach 100 million, and eventually a billion eye tests, by stepping up R&D and removing friction for new customer acquisition.
Integrated System with AI
Will wire AI into the connections between every layer of the value chain, from raw material to manufacturing, distribution, and final mile.
Evolving Stores into Multi-Role Community Hubs
Stores will be neighborhood hubs for every eyewear need, serving as clinics, service centers, warehouses, and last-mile nodes.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Annual Volume Growth | 24.7% (FY26) | Sustaining 25% as the 'cleanest yardstick of underlying market expansion'. |
| EBITDA (pre-IndAS 116) Margin | 19.9% (FY26) | Progress towards the long-term steady-state expectation of ~25%. |
| Net New Store Additions | 603 (FY26) | FY27 additions expected to be 'at or around FY26 levels'. |
| Hyderabad Facility Commissioning | On track | Commissioning in ~18 months and ramp-up of prescription eyeglasses manufacturing capacity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlookdeliveredquantified
Lenskart expects a large operating leverage runway towards the industry steady state of 25% pre-Ind AS EBITDA margin.
Timeframe: long-term steady stateDirection: increaseConfidence: medium
"runway towards the industry steady state of 25% pre-Ind AS"
Outcome check: OPM moved from 20.0% to average 21.0% (+1.0 pp).
market share expansionnot yet verifiablequantified
The company has identified about 2,800 unserved pin codes in existing cities and 2,000 new towns for future geographic expansion.
Timeframe: long-termDirection: increaseConfidence: high
"identified about 2,800 unserved pin codes"
project executionnot yet verifiablequantified
For the full year FY '26, Lenskart is targeting more than 450 net store additions in India.
Timeframe: FY '26Direction: increaseConfidence: high
"targeting more than 450 net store additions in India"
market share expansionnot yet verifiable
Lenskart expects to continue adding stores in existing markets with minimal cannibalization.
Timeframe: futureDirection: increaseConfidence: high
"continue adding stores in existing markets with minimal cannibalization"
project executionnot yet verifiable
The new smart glasses, B, will enable hands-free calling, taking photos, videos, real-time translation, AI assistance, food logging, and UPI payments.
Timeframe: futureDirection: positiveConfidence: high
"B will enable hands-free calling, taking photos"
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 63rd percentile of the scored universe and 67th percentile within Consumer. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
25 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Consumer: 67th pctile, median 66 · Mid: 35th pctile, median 76
Evidence depth
Financial-only
25 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
1/5 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
79
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding is only 17.5%.
- ▸ROE is low at 6.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Lenskart Solutions Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Sep - Lenskart Solutions Limited has informed about the Schedule of meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 13 Sep - Lenskart acquired 1.80% more in Ajna for INR 79.97 million, raising holding to 9.01%.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Updates on Acquisition 17 Aug - Lenskart incorporated step-down subsidiary Wenzhou Framekart Trade Co., Ltd in China on August 14, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 12 Aug - Lenskart Solutions Limited has informed about the grant of stock options pursuant to approval of Nomination and Remuneration Committee
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Restructuring 2 Jul - Board approved amalgamation of two subsidiaries and joint venture with Mingfeng Glassesworld for metal frame manufacturing.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Joint Venture 2 Jul - Board approved amalgamation of two subsidiaries into Lenskart Solutions and JV with Mingfeng Glassesworld to manufacture metal frames.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Restructuring 2 Jul - Board approved amalgamation of 2 subsidiaries and JV with MGL to manufacture metal spectacle frames in India.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Lenskart Solutions Limited has informed about the Copy of Newspaper Publication on Financial Results for the quarter ended on June 30, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 May
Source: Bse
Concall transcript
Announcement under Regulation 30 (LODR)-Earnings Call Transcript 21 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.