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Lenskart Solutions witnessed strong buying interest on Monday after the company posted strong Q2 results, triggering a rally in its share price. The stock surged more than 5%, backed by coverage from global brokerage Jefferies, which assigned a ‘Buy’ rating for the stock with a target price of Rs. 500.
This indicates an upside of nearly 23% from its current price. In a more bullish scenario, brokerage sees the stock touching Rs. 560, indicating a 38% rise.
Lenskart recorded a strong performance during the July-September quarter. The company reported a 19.7% YoY jump in net profit, reaching Rs. 102.2 crore, compared with Rs. 85.4 crore a year earlier.
Sequentially, profit grew by 70.3%, outpacing Q1 FY26 numbers. Notably, Lenskart reported zero exceptional losses in the latest quarter, unlike the previous quarter’s Rs. 10.4 crore.
Revenue growth remained robust as well. The company posted Rs. 2,096 crore in revenue, up 20.8% YoY and 10.6% QoQ. Both online and offline segments contributed to higher demand, validating Lenskart’s hybrid operating model.
Jefferies highlighted, Lenskart is the largest technology-based eyewear seller in India, yet it only makes 5% of the total $9 billion Indian eyewear industry.
The brokerage believes that Lenskart's limited presence in this market provides a significant opportunity, especially as organised retail continues to grow its share in the segment.
The firm emphasised that Lenskart has a vertically integrated business model that includes manufacturing through to online & offline retailing. This model allows for complete control over cost, improved delivery timelines and the standardisation of customer experience.
The majority of Lenskart's EBITDA, more than 85 % comes from India. Jefferies expects the domestic market to remain the primary growth driver, while Lenskart expands internationally across Europe and Asia, the international growth will be a significant contributor to long-term growth.
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For Lenskart, Jefferies estimates that between FY25 and FY28, revenues will grow at a 24% CAGR due to both an increase in repurchase rates as well as greater market penetration.
Adjusted EBITDA is expected to grow at over 50% CAGR, primarily due to improved operating efficiency and margin expansion. Earnings per share are expected to rise at a 44% CAGR, with the company maintaining a net-cash balance sheet.
On Monday, the stock climbed to an intraday high of Rs. 432.50 on the NSE, up over 5%. Since its listing on November 10 at Rs. 395, the stock is now more than 7% above its issue price, reflecting investor confidence.
Lenskart’s strong fundamentals, expanding footprint, and supportive analyst outlook appear to be reinforcing its position as a key growth player in India’s rapidly evolving eyewear market.
