Lenskart Shares Rally Over 5% On Strong Q2 Results; Jefferies Sets Rs 500 Target

Lenskart Share Price: Shares of Lenskart Solutions surged over 5% in intraday trade on Monday, December 1, after the company reported a strong set of Q2 earnings. This marked the first quarterly earnings announcement

by the newly listed company since its stock market debut in November. During the session, the stock climbed as much as 5.1% to hit an intraday high of ₹432.35.

Lenskart Q2 FY26 Financial Performance

Lenskart reported a strong operational and financial performance for the July–September quarter, reinforcing investor confidence. Net profit rose 19.7% year-on-year to ₹102.2 crore, compared with ₹85.4 crore in the same period last year. On a sequential basis, profit surged 70.3% from ₹60 crore reported in Q1 FY26. The company also reported no exceptional losses in the quarter, compared with ₹10.4 crore in Q1.

Revenue grew 20.8% year-on-year to ₹2,096 crore, up from ₹1,735.6 crore in Q2 FY25. Sequentially, revenue increased by 10.6% from ₹1,894.4 crore in Q1 FY26. The company attributed the rise in revenue to healthy demand across both its online and offline channels.

Jefferies on Lenskart

Global brokerage Jefferies initiated coverage on Lenskart with a ‘Buy’ rating and set a price target of ₹500, indicating a potential upside of about 23% from current levels. The brokerage said Lenskart’s unique structure, multi-channel operating model and measured expansion strategy provide strong visibility for sustained earnings growth.

Jefferies highlighted that Lenskart’s hybrid model—spanning online sales, physical retail outlets and in-house manufacturing—plays a key role in improving margins and enhancing customer experience. This integrated setup allows the company to control costs, reduce delivery timelines and maintain consistency in customer engagement across markets.

The brokerage also noted that more than 85% of Lenskart’s operating profit currently comes from India, underlining the domestic market as the company’s strongest growth engine. With eyewear penetration steadily rising in urban and semi-urban regions, analysts believe Lenskart stands to benefit from both lifestyle adoption and rising discretionary spending.

International Expansion Strategy

Lenskart’s international presence now spans more than 10 countries, driven by a mix of organic expansion and strategic acquisitions including Owndays in Asia and Stellio/Meller in Europe. While global eyewear markets typically grow at a modest pace of 3–7%, Jefferies believes Lenskart can capture higher market share due to its efficient supply chain and differentiated cost structure.

Addressing investor concerns about overseas expansion, the brokerage said that although international forays by Indian companies often face scepticism, it sees a clear strategic rationale in Lenskart’s global push. It also expects international margins to improve as operational integration deepens across geographies.

Jefferies On Growth Outlook

On the financial front, Jefferies expects Lenskart’s revenue to grow at a compound annual growth rate of around 24% between FY25 and FY28, supported by higher transaction volumes and repeat purchases. Adjusted EBITDA is projected to expand at a CAGR of over 50% during the same period, driven by operating leverage and improving gross margins.

The brokerage added that earnings per share (EPS) are expected to grow at nearly 44% annually, while the company is likely to maintain a net-cash balance sheet across the forecast period. It noted that attractive unit economics and fast payback periods should support long-term profitability.

Lenskart made its stock market debut on November 10, 2025, at ₹395 per share, listing at a 3% discount to its issue price of ₹403. Following Monday’s rally, the stock is now trading a little over 7% above its issue price.

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