Lenskart Ltd. – Q2 FY25 Performance Review, Robust Q2 Earnings; Double-Digit Growth in Revenue & Profitability

Executive Summary Lenskart Ltd. has delivered a strong set of numbers for the quarter ended September 2025 (Q2 FY25), characterized by accelerating revenue growth and significant margin expansion. The company’s vertically integrated omni-channel model continues to yield operational leverage, evidenced by a 44.5% YoY surge in EBITDA. Following these results and its recent listing, brokerage firm Jefferies has initiated coverage with a bullish outlook. 1. Key Financial Highlights (Standalone/Consolidated) Net Profit (PAT): ₹102.2 Crore (+19.7% YoY | +70.3% QoQ) Profitability saw a sharp sequential recovery, rising from ₹60 crore in Q1 FY25 to ₹102.2 crore this quarter. Revenue from Operations: ₹2,096 Crore (+20.8% YoY | +10.6% QoQ) Consistent top-line growth driven by volume expansion and market penetration. Operational Efficiency (EBITDA): EBITDA: ₹414.2 Crore (+44.5% YoY vs ₹287 Cr). EBITDA Margin: Expanded to 19.8%, up from 18.0% in Q1 FY25. The expansion in margins highlights improved cost efficiencies and economies of scale. Exceptional Items: The company reported Nil exceptional losses for the quarter, compared to a ₹10.4 crore loss in the previous quarter. 2. Strategic Developments & Analyst Coverage Jefferies Initiates Coverage: Global brokerage firm Jefferies has initiated coverage on Lenskart with a "BUY" rating and a target price of ₹500. Investment Rationale: Growth Headroom: With currently only a ~5% market share, Lenskart is positioned to capture a significant portion of India’s unorganized eyewear market. Business Model: The analyst note highlights Lenskart's vertically integrated omni-channel structure as a key competitive advantage, ensuring rapid delivery, cost efficiency, and superior customer experience compared to peers. 3. Stock Market Context Listing Profile: Lenskart made its market debut on November 10, 2025.