Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Yash Optics & Lens Ltd. (YASHOPTICS)
SME CapConsumer stocks · SME cap · NSE
Yash Optics & Lens Ltd. manufactures, trades, distributes, and supplies spectacle/optical lenses across India, offering single-vision to advanced progressive lenses with multiple coating solutions. It markets products under own brands like "Lustraa" and is an exclusive distributor for Pentax and Optovision lenses. The company is backward integrating with a lens casting facility in Vapi.
₹122.5
-3.50 · -2.78%
Market cap ₹329 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result11 May, 04:02 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
50NeutralSMA20 +6.2% / mo · MACD − · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 60
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
YASHOPTICSD candles · FIT view+6.5%Latest close ₹122.50 on 2026-10-19
Bar
-2.0%
RSI
46
MACD hist
-0.99
52W pos
56%
2026-10-19O ₹125.00H ₹125.00L ₹122.50C ₹122.50Vol 2,400 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
YASHOPTICSNifty Consumer DurablesNifty 500
- YASHOPTICS
- +6.6%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +12.1 pp
Chart stats
19 Oct 2026- From 52W high
- -13.7%
- 52W range position
- 56%
- ATR (14)
- 3.7%
- Volume vs 20D
- 0.15x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹120 - ₹142
₹142
₹97.5 - ₹142
₹4.6
Latest completed session
20-session average
42.5% 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 is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST34
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +36.5% · PAT +25.4% YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model-0.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
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 31 Mar 2026
Excellent · 85/100Rev +36% YoY · PAT +25% YoY · margin expansion · +31% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹30.6 Cr | +36.5% | +30.9% |
| EBITDA | ₹9.6 Cr | NDF | +88.1% |
| Operating margin | 31.4% | NDF | +953 bps |
| PAT | ₹5.9 Cr | +25.4% | +90.1% |
| PAT margin | 19.4% | NDF | +603 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 36.40
- P/B
- 3.31
- EV/EBITDA
- 19.22
- Market Cap
- 329.00Cr
Profitability
- ROE
- 9.53%
- ROCE
- 12.80%
- ROA
- 7.84%
- Dividend Y
- 0.38%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 54.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 4.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 14.59×
- Altman Z
- 8.11
- Book Value
- 40.20
Cash Flow
- FCF Yield
- 0.98%
- FCF Positive Y
- 2/5
- OCF
- 10.26 Cr
- EPS TTM
- 3.65
Shareholding
- Promoter Hold
- 73.19%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 30.6+30.9% vs prev
Net Profit
₹ CrLatest: 5.9+90.1% 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
Bullish setupTrend is constructive — long-term uptrend intact. RSI 46.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~5.8% over last month) — short-term momentum positive.
- RSI(14) at 46 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 14% off 52W high · 26% 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
63
RS percentile
Stage 3 Topping
1M return
-8.5%
3M return
+4.4%
6M return
+1.2%
1Y return
-2.8%
RS 1D
-1
RS 20D
+6
Sector rank
#9
Industry rank
#59
Stage evidence
- 10.7% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+2.0% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
253 observations
19 Oct 2026Value 94.2-1.77%
RS vs Nifty 50094
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth19/25
Quality0/20
Balance Sheet11/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
-3
Raw sum
34
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
34/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Fair-value margin of safety is negative at -0.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
36.4
PB
3.3
EV/EBITDA
19.2
ROE
9.5%
ROCE
12.8%
FCF Yield
1.0%
Debt/Equity
0.1
MoS
-0.8%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
34
Previous: 34
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-0.8%
Previous: -0.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
34
34
34
34
36
36
34
34
34
34
34
34
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
₹57.46
-113.2% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹121.54
-0.8% MoS
PEG
1.07
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
FOCUS
Small
Focus Lighting and Fixtures Limited
Consumer Durables
match 55
34
64.0
3.6%
-87%
WATCHLIST
GREENCHEF
SME
Greenchef Appliances Ltd.
Consumer Durables
match 54
4
206.0
1.4%
-4664%
OVERVALUED
AARON
Small
Aaron Industries Limited
Consumer Durables
match 53
44
31.1
15.0%
+7%
WATCHLIST
NIPPOBATRY
Small
Indo-National Limited
Consumer Durables
match 53
25
—
-7.1%
—
OVERVALUED
MILTON
SME
MILTON INDUSTRIES LTD.
Consumer Durables
match 52
14
34.0
3.7%
-650%
OVERVALUED
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 2026-10-06T07:19:42.876Z
Management commentary snapshot
Yash Optics reports strong H2 FY26 performance with revenue up 29.1% YoY and PAT up 17.6% YoY. Full-year FY26 revenue grew 25.0% YoY to INR 539.9 Mn, but PAT declined 5.6% YoY to INR 90.5 Mn, with margin compression.
The company demonstrates robust revenue growth, particularly in H2 FY26, driven by manufacturing transformation and distribution expansion. While full-year PAT declined due to margin compression, the strategic backward integration in Vapi and strong H2 operational momentum suggest the core thesis of becoming a dominant optical solutions provider remains on track.
Current business mix
Revenue by Demography (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Domestic92.0%
Export8.0%
Growth engines
Backward Integration
Vapi facility enables import substitution, captive supply (~20%), B2B sales, and scalable capacity up to 20,000 pairs/day, improving cost efficiency and supply-chain control.
Pan-India Distribution Network
Operates a pan-India offline distribution network across distributors, opticians, optical showrooms, and institutional customers under B2B and B2C models.
Exclusive Global Partnerships
Exclusive India manufacturing & distribution rights for Pentax (HOYA) and Optovision (Rodenstock Group) provide high entry barriers and brand credibility.
OEM & Organized Retail Supply
Strategy to scale partnerships with large optical chains, online players, and multi-showroom networks to drive stable volume growth.
Capacity and execution
Vapi Lens Casting Facility
Started manufacturing facility in Vapi and commenced production in 2026. Current capacity of ~10,000 lens pairs per day, expandable to 20,000 pairs per day.
Production Capacity
Mumbai facility has a production capacity of 2400+ pairs per day with 70% utilization.
Tailwinds
Massive Under-Served Vision Correction Market
By 2030, ~4.7B people will require vision correction; only ~50% of the need is met globally, leaving over ~2B underserved. India's eyewear market is projected to grow to ~₹1,483 billion by FY30.
Import Substitution Opportunity
~95% of spectacle lenses are imported, largely from China. Backward integration aligns with Aatmanirbhar Bharat & China+1 strategy, reducing import dependence.
Organized Retail Expansion
Growing optical chains are driving consistent demand for locally manufactured lenses, with only 24-36% of eyewear demand currently through organized channels.
Risk radar
Competition
The disclaimer notes risks including 'competition' in the industry.
Technological Changes
The disclaimer mentions risks related to 'technological implementation, changes and advancements'.
Reliance on Exclusive Partnerships
Exclusive distribution rights for Pentax and Optovision are key pillars; changes in these partnerships could impact business.
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
Both YoY and QoQ comparisons are crucial. YoY captures annual growth trends and the impact of strategic shifts like backward integration. QoQ highlights sequential momentum, especially in H2 FY26, which shows significant operational improvement after full-year margin pressure.
Sector KPIs management disclosed
Revenue Growth (FY26)
Revenue from Operations increased 25.0% YoY to INR 5,399.0 Lacs in FY26.
Gross Profit Margin (FY26)
Gross Profit Margin was 66.9% in FY26, compared to 65.8% in FY25.
EBITDA Margin (FY26)
EBITDA Margin was 27.3% in FY26, down from 29.1% in FY25.
PAT Margin (FY26)
PAT Margin was 16.8% in FY26, down from 22.2% in FY25.
Management forward view
Expand Backward Integration
Management aims to expand backward integration capacities and gain bigger market share YoY.
Strengthen Self Brands
Focus on strengthening proprietary brands to improve margins and enhance retail presence.
E-Commerce Integration
Support growing online eyewear demand through fast turnaround manufacturing.
Hospital & Institutional Presence
Expand in-store hospital counters to capture prescription-driven demand.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Vapi Facility Utilization | Current capacity ~10,000 lens pairs/day, expandable to 20,000. | Ramp-up of utilization and contribution to overall revenue and margins from the Vapi facility. |
| PAT Margin Trend | FY26 PAT Margin at 16.8%, down from 22.2% in FY25. | Improvement in PAT margins, especially as backward integration benefits materialize and raw material costs are managed. |
| Debt/Equity Ratio | 0.05 in FY26, down from 0.16 in FY25. | Maintenance of a healthy debt/equity ratio, especially with ongoing capacity expansions. |
| Domestic Market Share (Lens Casting) | Estimated ~2% domestic share from Vapi facility. | Growth in domestic market share for lens casting, indicating successful import substitution and B2B sales. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited 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: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 63rd percentile within Consumer. Main check: results consistency is weak at 38/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Consumer: 63rd pctile, median 66 · SME: 77th pctile, median 64
Evidence depth
Financial-only
2 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · 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
90
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
38
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 73.2%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 1.6%.
- ▸FCF yield is positive at 1.1%.
Trust risks
- ▸ROCE trend is -8.1%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 15.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Yash Optics & Lens Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Mar 2026 · Shareholders meeting 8 Sep - Annual Report FY 2025-26 corrigendum adds omitted Annexure-B and auditors’ reference.
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationDec 2024
Dec 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.