Why LENSKART Is It Now Worth ₹1.15 Lakh Crore?

IPO attracted plenty of criticism, with its valuation of around ₹70,000 crore, 230x P/E and 10.5x sales being seen as extremely expensive. Less than a year later, the market has delivered a very different verdict: Lenskart shares are up around 50% in 2026 and its market capitalisation has reached nearly ₹1.15 lakh crore. So, What Changed? The reason investors are increasingly willing to pay a premium is the company's full-stack eyewear model. Lenskart is not just expanding stores; it combines retail, manufacturing, technology, eye testing and private-label products. The company is also seeing around 20% same-store sales growth, while revenue from Tier-I and Tier-II markets is nearly equal, suggesting that growth is not limited to India's biggest cities. Premiumisation Is Another Growth Driver Lenskart's high-end Rodenstock and Tokai lenses, including progressive lenses priced up to ₹30,000, generated around ₹250 crore in annual sales, while premium Owndays lenses generated more than ₹1,500 crore. Its international business also grew 38%, with EBITDA margin before Ind AS 116 crossing 10%. The company is also targeting a much larger eye-care ecosystem, with nearly 23.7 million eye tests conducted in FY26 and a long-term ambition of 100 million eye tests. Its technology-enabled testing, backward integration and next-day delivery across 78 cities are strengthening the overall business model. My View The Lenskart story has shifted from “Is this IPO too expensive?” to “Can this business compound fast enough to justify the valuation?” The key positives are strong same-store growth, premiumisation, international expansion and operating leverage. But after a 50% rise this year and a ₹1.15 lakh crore market cap, expectations are already high.