LENSKART

Delivers Margin-Led Growth, Reinforcing Valuation Strength

has emerged as a margin leader in the consumer tech space, outperforming Nykaa on gross and EBITDA margins. With strong operating leverage and consistent revenue growth, Lenskart’s financials reflect a scalable model with superior cost efficiency, particularly in its global segment. - Consistent Revenue Growth Across Quarters Lenskart posted ₹2,626 crore in Q2FY26 revenue, up 23.9% YoY, following 26.9% growth in Q1. This reflects sustained demand and effective channel expansion, positioning the company as a high-growth player in the eyewear segment. - Superior Gross Margins Drive Profitability Blended gross margin stood at 69.2% in Q2FY26, with India operations at 63% and global business at 76%. These margins significantly outpace Nykaa’s, highlighting Lenskart’s efficient sourcing, pricing power, and category economics. - EBITDA Growth Outpaces Revenue EBITDA rose to ₹19.8 crore in Q2FY26, with EBITDA margin improving to 19.8% from 18.0% in Q1. The faster-than-sales EBITDA growth underscores operating leverage, as fixed costs are absorbed over a growing revenue base. - Global Segment Adds Margin Depth Lenskart’s international business contributes meaningfully to margin expansion, with gross margins of 76%. This segment benefits from premium pricing and leaner cost structures, enhancing overall profitability. - Valuation Supported by Margin Profile Lenskart’s margin-led growth offers a compelling valuation narrative compared to peers like Nykaa, which operate in lower-margin categories. The company’s ability to scale profitably across geographies strengthens its positioning in the consumer tech space.