Lenskart Solutions544600Quarterly results

Q2 FY27 letter: revenue up 32.5% YoY to ₹2,845 Cr, PAT up 2.1x to ₹232 Cr, 165 net new stores

Revenue ₹2,845 Cr, up 32.5% YoY.

By ScoutQuest · Wed 4 Nov 2026, 4:00 PM IST · 2 min read

Revenue: ₹2,845 Cr, up 32.5% YoY
PAT: ₹232 Cr, up 2.1x YoY
EBITDA: ₹624 Cr, 21.9% margin

What this update is

The company has shared its Shareholders' Letter and Results dated November 4, 2026, covering the quarter and half year. The letter opens with a note from the founders and then sets out the financial and operating numbers.

Q2 FY27 financials

Revenue ₹2,845 Cr, up 32.5% year on year
EBITDA ₹624 Cr, a 21.9% margin; EBITDA pre-IndAS 116 was ₹392 Cr, up 65.0%
Profit after tax ₹232 Cr, up 2.1x year on year, with PAT margin at 8.2%
India revenue ₹1,668 Cr, up 35.3%; International grew 29.5%
Product margin held at 70.0% (69.2% a year earlier)

First half (H1 FY27)

Revenue ₹5,559 Cr, up 33.0%
EBITDA ₹1,213 Cr, a 21.8% margin
PAT ₹461 Cr, up 138.0%, which the update says is already 87% of full-year FY26
Operating cash flow ₹388 Cr
ROCE 22.5% in H1 FY27 versus 14.6% for FY26

Operating numbers for the quarter

0.8 Cr eye tests, up 40.4% year on year
1.1 Cr eyewear units sold, up 27.1%
165 net new stores added, taking total active stores to 3,624; 94 of the India additions were in Tier 2+ towns and 61 new cities were entered
India same-store sales growth (SSSG) of 20.8% and SPSG of 27.1%
Lenskart Gold crossed 1 Cr active members, at 103 Lakh, up 38.6%; subscription fees of ₹73 Cr were received in the quarter, up 54.6%
India average selling price (ASP) ₹1,950, up 6.9%

The section on the 25% margin

A large part of the letter explains the "seven pools of profit" — owning the brand, frame making, lens making, edging and fitting, the sales channel, R&D, and the operating model. The founders write that a 25% EBITDA (pre-IndAS 116) margin is why the business is built this way, but that it is not a near-term target and they will not put a timeframe on it. They list currency movement, fixed costs at the Hyderabad plant, international store openings and marketing for smaller towns as things that could slow progress. They add that profits are running ahead of plan, with EBITDA (pre-IndAS 116) margin at 13.8% versus 11.1%, India at 16.0% versus 13.4% and International at 10.6% versus 7.3%.

Manufacturing commentary

The letter describes the plan to make more of the value chain in-house: frames manufactured in-house rose 71.7% year on year and lenses 52.2%. A plant in Hyderabad, described as built for 50 million pairs a year, is said to be around twelve months away.

What a retail investor can take from this

The numbers in this letter are stated to be on a proforma basis, adjusting for recent acquisitions, so they compare like for like.
Growth is described as coming from more eye tests, more units sold, more stores and higher average selling prices, along with a subscription base.
The stated long-term margin ambition is presented as a direction rather than a dated target, so the pace of margin expansion is described as something to read over years rather than quarters.

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