You need new glasses. The old way meant a trip to a local optician, a limited rack of frames, and a bill you couldn't really compare anywhere. Lenskart rebuilt that whole experience try frames on an app, get an eye test at home or in-store, and pick from thousands of designs at fixed prices. That shift made it India's biggest eyewear brand.

Started in 2008 by Peyush Bansal, the company designs, makes and sells eyewear prescription glasses, sunglasses and contact lenses. It controls the full chain, from its own factories in Rajasthan and Gurugram to more than 2,000 stores plus its app and website.

Lenskart isn't only India. It owns Owndays in Japan and sells across Southeast Asia and the Middle East, operating in 14 countries. It earns on every frame and lens sold, across its own brands like Lenskart, John Jacobs and Aqualens. The pitch is simple own the eyewear stack end to end. Track its live price and listing data on the IPO GMP Live homepage.

Financial Snapshot

The business has turned a real corner. Revenue grew from ₹3,928 crore in FY23 to ₹5,610 crore in FY24, ₹7,009 crore in FY25, and ₹8,988 crore in FY26 steady mid-20s growth every year.

More importantly, it stopped losing money. Lenskart ran small losses of ₹64 crore in FY23 and ₹10 crore in FY24, then turned profitable with ₹297 crore in FY25 and ₹505 crore in FY26. A retailer this size actually making money is the foundation of the whole investment case.

So what's my concern? The price. At a market cap near ₹88,000 crore against ₹505 crore of profit, the stock trades at roughly 180 times earnings. That's an enormous multiple for a company that sells spectacles, however well it sells them.

And here's a detail worth watching. In Q4 FY26, revenue jumped 46% but net profit actually fell about 8% to ₹200 crore. The reason is heavy spending on opening new stores, which lifts costs faster than profit. Margins can wobble even when sales boom. You're paying a steep price today for growth that still has to prove it can be profitable growth, not just bigger growth.

Strengths

• It's the clear leader in Indian eyewear. Lenskart sells the highest volume of prescription glasses in India and runs a brand most shoppers know, helped by founder Peyush Bansal's public profile. Leadership in a fragmented, mostly unorganised market is a real advantage.
• It owns the whole chain. From in-house factories in Bhiwadi and Gurugram to more than 2,000 stores and its app, Lenskart designs, makes and sells its own products. That control over cost and quality is rare for a retailer this size.
• It's profitable and still growing fast. Revenue reached ₹8,988 crore in FY26, up about 28%, and net profit climbed to ₹505 crore from losses just two years earlier. Few new-age consumer companies show both scale and rising profit at once.
• It's a genuinely international business. Operations across 14 countries, including Owndays in Japan, mean Lenskart isn't dependent on India alone. After a weak listing, the stock has also recovered to roughly 30% above its issue price.

Risks

• The valuation is extreme. At around 180 times earnings, the stock is priced for many years of fast, flawless growth. Any stumble in sales or margins, and a multiple that high can correct hard and fast.
• Margins can wobble. Q4 FY26 showed it clearly revenue rose 46% but net profit fell about 8%, because new-store costs grew faster than profit. Rapid expansion doesn't automatically mean rising earnings.
• The IPO was mostly an exit. Of the ₹7,278 crore raised, ₹5,128 crore was promoters and private-equity backers like SoftBank selling shares, and only ₹2,150 crore was fresh money for the business. A lot of early investors used the IPO to cash out.
• Growth depends on opening stores. Lenskart's expansion runs on company-owned company-operated (CoCo) stores, which carry high fixed costs and real-estate and execution risk. If new stores underperform, those costs still have to be paid.

Should You Buy, Hold, or Sell?

The IPO is done and after a weak debut, it's been a good trade. This is now a call on the stock around ₹520, well above the ₹402 issue price.

Conservative investors — admire it, don't buy it here. The brand and profitability are real, but at roughly 180x earnings the price gives you no cushion if growth slips even slightly.

Moderate investors — hold if you own it; for new money, wait for dips or for profit to catch up with the valuation. Buying quality at any price is how people lose money on quality.

Aggressive investors — this is a momentum and growth play. If Lenskart keeps compounding revenue and the margins hold, the premium can sustain but accept the valuation makes it a volatile ride.

Honest take: excellent business, demanding price a great company you're being asked to pay a great deal for.

IPO Objects of the Issue

The fresh issue raised ₹2,150.38 crore. The ₹5,127.64 crore offer-for-sale went to promoters and existing investors, so the company received nothing from that part.

Contact Details

Lenskart Solutions Ltd. Plot No. 151, Okhla Industrial Estate, Phase III, New Delhi – 110020 🌐 www.lenskart.com

IPO Registrar — MUFG Intime India Pvt. Ltd. (formerly Link Intime India Pvt. Ltd.) 📞 +91-22-4918 6270 📧 lenskart.ipo@in.mpms.mufg.com 🌐 www.in.mpms.mufg.com

For live GMP, subscription status and listing-day updates on every mainboard and SME issue, visit the IPO GMP Live homepage.

This page is not investment advice. GMP is indicative only. Please consult a SEBI-registered financial advisor before investing.