Lenskart’s profit grew 125% as revenue rose 36% in India and abroad. The international business, long a drag on earnings, did much of the heavy lifting.
Lenskart Solutions reported consolidated net profit of ₹232.45 crore for the September quarter on Wednesday, up 124.7% from ₹103.45 crore a year earlier. Revenue from operations rose 35.7% to ₹2,845.03 crore from ₹2,096.14 crore.
Profit before tax rose 105.7% to ₹304.48 crore. Expenses grew 31.1%, more slowly than revenue, which is why profit grew so much faster than sales.
On a proforma basis, which adjusts for one-time items in the base period, net profit grew 106.1% from ₹112.79 crore. That is still a doubling.
For the first half, profit was ₹460.88 crore, equal to about 87% of Lenskart’s profit for the whole of FY26, with six months still to go. Revenue over the past 12 months has passed ₹10,000 crore.
The results beat expectations. Motilal Oswal had estimated adjusted net profit of about ₹205 crore and revenue of about ₹2,784 crore.
The two engines behind the profit
Lenskart’s India business did well. India revenue rose 35.5% to ₹1,667.92 crore, and India pre-tax profit rose to ₹208.42 crore from ₹126.07 crore, an increase of about 65%.
The international business was the bigger change. International revenue rose 36.5% to ₹1,201.14 crore, and pre-tax profit more than tripled to ₹97.22 crore from ₹31.09 crore.
Taken together, that means about ₹66 crore of the increase in segment pre-tax profit came from abroad and about ₹82 crore from India. A business that contributed little for years is now responsible for almost half the growth.
Lenskart’s international operations, including its business in Southeast Asia and the Middle East after acquiring Owndays, were expensive to build. If they now generate profit growing faster than India’s, the company’s growth becomes much less dependent on a single market.
International margins are still lower than India’s: about 8% on a pre-tax basis, compared with about 12.5% in India. But the gap is narrowing quickly, and there is plenty of room for improvement.
For the markets, its valuation
The results came close to the end of Wednesday’s session, so the main share price reaction will come on Thursday.
The key issue for investors is valuation. Before the results, Lenskart’s shares traded at about 178 times earnings, according to market estimates, among the highest valuations of any large listed Indian company. At that level, the market expects very strong growth for many years.
These results support that expectation. Profit is growing three times faster than revenue, both main markets are growing quickly, and the international business is becoming profitable. Half-year profit already close to the whole of last year’s suggests full-year FY27 profit could approach double FY26’s.
Even so, a valuation this high leaves little room for disappointment. If growth slows, as it eventually does for most fast-growing retailers, the stock could fall sharply even if the business remains healthy. Investors buying at these levels are paying for growth that will take several years to deliver.
The company is also simplifying its corporate structure through mergers awaiting approval from the National Company Law Tribunal, an issue analysts are watching. For now, Lenskart has shown it can grow quickly and become more profitable at the same time, with both its markets contributing, the combination that justifies a high valuation for as long as it lasts.
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