Lenskart Solutions

SELL
INITIATING COVERAGE LKART IN EQUITY November 07, 2025

Growth in focus, price/RoCE a blur Consumer Discretionary

We expect Lenskart to deliver ~20% revenue CAGR over FY25–28 led by Recommendation
India expansion and rising global scale. GM gains and operating Mcap (bn): ₹697
leverage should drive ~630bps Pre-IND AS 116 EBITDAM expansion 6M ADV (mn): NA
(450bps vs proforma). However, as eyewear is a made-to-order category,
CMP: ₹402
scaling requires capacity investments (~65% utilization vs ~80% for other
TP (12 Mths): ₹337
categories), which along with goodwill keep the balance sheet heavy.
With capex of ~₹20bn over FY25–28E, FCF will turn positive only in FY28E. Upside/Downside (%): 16%
While its higher growth profile justifies premium vs retail universe, the
implied ~55× FY28E Pre-IND AS EV/EBITDA for India, 20-30% above Trent Flags
& Nykaa BPC, is unwarranted given lower RoCE/RoIC of ~9%/~13% vs Accounting: AMBER
peers’ 35-40% with similar revenue growth. CMP of ₹402 embeds 18% 2- Predictability: AMBER
decade revenue CAGR, implying ~60% of EssilorLuxottica’s (scale, multi-
Earnings Momentum: AMBER
banners, brands, R&D) current MS in retail. TP of ₹337 implies 45×/22×
EV/EBITDA for India/international. Risks: Higher India SSG and better
international profitability. Catalysts

Competitive position: STRONG Changes to this position: NEUTRAL ▪ Lower revenue CAGR of 21% over
FY25-27 vs 33% CAGR over FY23-25
Store expansion followed by rising global presence will drive growth ▪ Negative FCF of ₹7.3bn over FY25-
We see a store potential of ~5K stores for Lenskart in India. Ability to gain share 27 vs positive FCF of ₹2.2bn in FY25
from unorganized will drive productivity improvement. So we build in 17% store
count CAGR, which along with 4% CAGR in footfall-led productivity, will drive 20%
CAGR in India over FY25-28. We expect 18% CAGR in international business led
by Meller acquisition and Lenskart/Owndays store expansion.
Margin expansion driven by operating leverage on high cost base
While domestic store-level EBITDAM for matured stores is over 30%, international
operations and corporate (incl. employee costs) drag company-level EBITDAM to
~5.7%. Operating leverage (led by employee cost) and improving store vintage
globally will drive margin improvement of 450/465bps in India/international
operations over FY25-28E vs 7.5% proforma.
In-house mfg + acquisitions = asset-heavy B/S = lower RoCE vs peers
Unlike asset-light retailers outsourcing inventory, Lenskart’s vertically integrated
model and lower utilisation trigger (65% vs 75-80% for peers) constrain
improvement in capital efficiency. Inorganic expansion adds to this — goodwill
accounted for ~60%/70% of the Owndays/Stellio acquisition. So RoCE/RoIC will
remain structurally lower at 10%/15% till FY28E and can peak at 25-30%.
Premium valuations ignore lower RoCE, build stretched growth estimates Research Analysts
A 20% revenue CAGR over FY25-28E places Lenskart among the fastest-growing Videesha Sheth
retailers, comparable to Nykaa/Trent (23%/20%). Coupled with margin +91 22 66233264
expansion, it warrants a premium vs retail universe. But 55x India multiple (48x [Link]@[Link]
overall) FY28E Pre-IND AS 116 EV/EBITDA vs ~46×/~40× for Nykaa’s BPC/Trent Aryan Garodia
(11%/14% EBITDAM, FY28) with better RoCE suggests valuations are steep. +91 22 66233271
[Link]@[Link]
Key Financials Ronak Soni
Year to March (₹ mn) FY24 FY25 FY26E FY27E FY28E +91 22 6623 3009
Revenue 54,277 66,525 81,239 97,938 114,799 [Link]@[Link]
Gross margin 67.3% 67.9% 68.8% 69.1% 69.4% Sanket Gharat
EBITDA (Pre-IND AS 116) 1,960 3,821 7,540 10,489 13,824
+91 22 66233012
[Link]@[Link]
EBITDAM (Pre-IND AS 116) 3.6% 5.7% 9.3% 10.7% 12.0%
RoCE (Pre tax; Pre-IND AS 116) 0.0% 0.4% 5.1% 6.6% 8.7%
Source: Company, Ambit Capital research

Ambit Capital and/or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, investors should be aware that Ambit Capital
may have a conflict of interest that could affect the objectivity of this report. All Investors including US Investors should not consider this report as the only factor in making their investment decision.
Please refer to the Disclaimers and Disclosures at the end of this Report.
 Lenskart Solutions

Narrative in charts
Exhibit 1: Based on per-store throughput of a mature Lenskart store and assuming an addressable TAM of 20%, Lenskart’s
current store potential would be 5-5.5K
Particulars Unit No. Comments
Revenue per matured store ₹ mn 25 Based on checks
ASP ₹ 2000 Based on checks
No. of pairs # 12500
Per household usage % 50% Assuming 2 people per household have glasses
Replacement factor % 50% Assuming 1 pair bought every 2 years
No. of households each store caters to # 12500
No. of households in India mn 330
% relevant households 20%
No. of relevant households mn 66
Store potential 5280
Source: Ambit Capital research; Red are assumptions

Exhibit 2: While unit economics of an efficient eyewear retailer are higher vs other fashion-centric categories due to the
requirement of lower inventory at store level…
Particulars (matured store) Jewellery Apparel Footwear Eyewear
Store size (sq ft) 4,000 8,000 1,500 900
Gross margin 18-20% 45-55% 55% 55%
Rent as % of rev 1.5% 12.0% 10.0% 8.0%
Employee as % of rev 0.8% 8.0% 10.0% 8.0%
Other overheads as % of rev 1.0% 15.0% 10.0% 8.0%
EBITDAM 15-17% 14-18% 20-25% 28-30%
EBITM 14-16% 10-15% 18-23% 25-28%
Inventory Turns 2.5-4x 3-6x 4-5x 8-10x
Total investment (₹ mn) 350-450 40-45 9-10 6-8
RoCE (pre tax) 30-40% 25-40% 50-60% 80-90%
Source: Ambit Capital research

Exhibit 3: …given Lenskart’s asset-heavy balance sheet due to in-house manufacturing and goodwill, company level RoCE is
lower vs other retailers
Lenskart Trent Nykaa Firstcry Zomato Swiggy
As a % of total assets
FY25 FY28 FY25 FY28 FY25 FY28 FY25 FY28 FY25 FY28 FY25 FY28
Tangible 19% 19% 24% 19% 22% 15% 12% 16% 3% 8% 8% 3%
Intangible 40% 29% 1% 1% 0% 0% 32% 26% 9% 8% 7% 7%
Working Capital* 7% 7% 14% 14% 44% 50% 24% 43% 2% 12% 5% 8%
Cash & Bank Balance 12% 24% 4% 21% 9% 12% 28% 11% 11% 10% 24% 6%
Others 22% 20% 57% 45% 25% 23% 4% 3% 76% 62% 56% 75%
EBITDAM (Pre IND-AS
6% 12% 13% 14% 4% 8% 0% 5% 3% 3% -18% 2%
116, %)
Asset T/o 1.0 1.0 2.1 2.1 3.4 4.7 1.3 1.9 0.6 3.2 1.1 2.9
RoCE (Pre-tax, Pre IND-
0% 9% 44% 41% 16% 40% -6% 4% -1% 6% -34% -10%
AS 116, %)
Source: Company, Ambit Capital research. *Working Capital = Inventories + Debtors – Creditors

November 07, 2025 Ambit Capital Pvt. Ltd. Page 2

 Lenskart Solutions

Exhibit 4: Capacity expansion for integrated eyewear players are triggered at lower
utilization vs other manufacturing categories

Typical Utilisation Before Capex Trigger

Median ROCE profile in high utlisation phase (RHS)
Median margin profile (pre IND AS 116) (RHS)
80% 50%

40%
70%
30%
60%
20%
50%
10%

40% 0%
Eyewear FMCG/Paints Chemicals Pipes Electronics/ Cement
durables

Source: Company, Ambit Capital research

Exhibit 5: Our near-term assumptions over FY25-28 build in 20%/35% revenue/EBITDA growth
CAGR over
CAGR over
FY25
Estimates FY25 FY25-28E/
FY25 FY26E FY27E FY28E (Proforma)- Comments
(₹mn unless specified) (Proforma) avg
28E/ avg
expansion
expansion
P&L
Revenue 66,525 68,030 81,239 97,938 114,798 20% 19% Revenue is expected to grow at
India 40,605 38,853 48,317 59,853 71,755 21% 23% a 20% CAGR from FY25 to
FY28, driven by 21%/18%
International 26,387 29,178 32,922 38,085 43,044 18% 14%
growth in India/International.
Stores 2,723 2,723 3,228 3,684 4,141 15% 15% India/International revenue
India 2,067 2,067 2,517 2,917 3,317 17% 17% growth of 21%/18% is driven by
International 656 656 711 767 824 8% 8% store expansion, which is
expected to grow at 17%/8%
CAGR coupled with 4%/9%
Gross profit 45,181 46,857 55,911 67,709 79,723 21% 19% improvement in store
productivity.
GM % 68% 69% 69% 69% 69% 51bps 19bps
EBITDA Pre-IND-AS 116 3,821 5,123 7,540 10,489 13,824 54% 39% EBITDAM expansion of 211bps
India 4,095 4,095 6,059 8,224 10,792 38% 38% will be driven by GM expansion
International 631 1,028 1,482 2,266 3,033 69% 43% of 51bps coupled with operating
leverage. EBITDAM on Pre-IND
EBITDAM Pre-IND-AS 116 5.7% 7.5% 9% 11% 12% 210bps 150bps AS basis is expected to see
India 10.5% 10.5% 13% 14% 15% 150bps 150bps expansion of 210bps over FY25-
International 2.4% 3.5% 5% 6% 7% 155bps 117bps 28E.
PAT 3,018 3,812 3,480 5,303 7,583 36% 26%
Balance Sheet
Net debt (excl lease
-15,068 -2,767 -26,972 -28,937 -33,411 NA NA
liabilities)
Cash conversion days on
26 25 26 26 26 0% 1% Margin improvement, coupled
sales
ROE 5% 6% 5% 6% 8% 97bps 50bps with steady working capital but
₹20bn capex over FY25-28
RoCE (pre-tax) 2% 3% 4% 5% 7% 96bps 115bps would lead to restricted
RoCE (pre-tax, Pre-IND AS
0% 2% 5% 7% 9% 167bps 225bps expansion in RoCE.
116)
RoCE (pre-tax, Pre-IND-AS
1% 3% 7% 9% 11% 212bps 272bps
116, excl. GW)
Cash flow parameters
CFO 12,306 NA 11,352 15,139 19,212 16% NA Cash flow improvement would
CFO Pre-IND AS 116 6,373 NA 3,846 6,236 8,947 12% NA be led by profitability
FCF 8,142 NA 894 8,197 12,223 15% NA improvement. FCF to be
FCF Pre-IND AS 116 2,208 NA -6,612 -706 1,958 NA NA negative till FY27 due to capex.

Source: Company, Ambit Capital research

November 07, 2025 Ambit Capital Pvt. Ltd. Page 3

 Lenskart Solutions

Exhibit 6: Reverse DCF implies 18% revenue CAGR over FY25-45 and market share of 5%....
CAGR
Market share size FY20 FY25 FY28 FY35 FY45
FY25-28E FY28E-35E FY35E-45E FY25-45E
India market size (₹bn) 429 788 1,137 2,393 4,847 13% 10% 7% 11.0%
Lenskart India revenue 9 39 72 206 809 22.7% 16.3% 14.6% 16.4%
India market share 2.1% 4.9% 6.3% 8.6% 16.7%
Global market size (₹bn) 13,622 15,207 17,604 23,633 31,187 5% 4% 3% 4.0%
Lenskart total revenue 9 65 115 314 1,253 20.7% 15.5% 14.8% 15.9%
Lenskart's global market
0.1% 0.4% 0.7% 1.3% 4.0%
share
Lenskart total revenue as
9 65 122 388 1,785 22.8% 18.0% 16.0% 18.0%
per RDCF
Lenskart's global market
0.1% 0.4% 0.7% 1.6% 5.7%
share as per RDCF
Source: Company, Ambit Capital research; Note: Red are assumption

Exhibit 7: …which is ~60% of EssilorLuxottica, the global giant’s, D2C (retail) business,
which currently runs ~18K stores under +10 banners globally
Global companies Current implied market share of global peers
EssilorLuxottica SA 15.8%
of which retail business 9.3%
Fielmann Group AG 1.3%
National Vision Holdings Inc 1.0%
Warby Parker Inc 0.4%
JINS Holdings Inc 0.4%
Source: Company, Ambit Capital research; Note: Direct to Consumer of EssilorLuxottica represents the retail business
of the Group, i.e., the supply of the Group’s products and services directly to the end consumer either through the
network of physical stores operated by the Group (brick and mortar) or the online channel (e-commerce)

Exhibit 8: At 6x, current valuation suggests Lenskart’s consol. Exhibit 9: Current valuation suggests Lenskart’s domestic
business trades at 10/35% premium to Trent /Nykaa, i.e. at (consol.) business trades at 55x (48x) FY28 pre IND AS 116
on FY28 EV/sales… EV/EBITDA, i.e., a premium of 20%/30% vs Nykaa BPC/Trent

100% 100%
FY25-28E EBITDA (Pre IND
FY25-28E Revenue CAGR

90%
Zomato 69
80% 80%
Zomato 1 70% Lenskart
AS CAGR)

60% Swiggy 1 60% 48

Nykaa 61
50% Titan 37
40% Nykaa 5 40%
Trent 6 Lenskart
30% Nykaa BPC India 55
20% 20% 46
Firstcry 2 Titan 4 Lenskart 6 10% Trent 41
0% 0%
0 2 4 6 30 40 50 60 70 80

FY28 EV/Sales FY28 EV/EBITDA (Pre IND AS)

Source: Company, Ambit Capital research. Size of the bubble represents FY25 Source: Company, Ambit Capital research. Note: size of the bubble represents
revenue FY25 EBITDA (Pre-IND-AS 116)

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 Lenskart Solutions

Exhibit 10: …despite having a similar revenue growth over FY25-28, margin profile and
lower RoCE as Trent and similar revenue growth profile and lower ROCE vs Nykaa

50% Trent 41
FY28 RoCE (Pre-tax, Pre IND

40% Nykaa 61
Nykaa BPC 46
30%
AS 116)

20% Titan 38

Lenskart 48
10% Lenskart India 55
Zomato 69
0%
30 40 50 60 70 80

FY28 EV/EBITDA (Pre IND AS)

Source: Company, Ambit Capital research. Note: size of the bubble represents FY25 EBITDA (Pre-IND-AS 116)

November 07, 2025 Ambit Capital Pvt. Ltd. Page 5

 Lenskart Solutions

Evolving eyewear from utility to lifestyle

Eyewear, with a ₹0.6–0.8tn market and 20–25% organized share, remains
smaller than footwear/jewellery/apparel sized at ₹1.2tn/₹6tn/₹7tn and an
organized share of 35%-40%. Lenskart has redefined India’s eyewear market by
combining affordability, fashion, and speed through a vertically integrated
model that incorporates in-house manufacturing and over 100% own brands.
The brand also reframed eyewear from a medical necessity into a lifestyle choice
through design-led collections, quirky campaigns, and digital-first innovations,
such as 3D try-ons. This has driven repeat rates of ~98%, which, along with the
lack of competition, has implied a domestic market share increase from 2% to
5% (₹0.8tn market size) over FY20-25. Lenskart’s India revenue reached at ₹39bn
(FY25) is ~1.5-2x the combined sales of peers, with per-store productivity of
₹20mn vs Titan’s ₹14mn (tertiary level), the only outlier being Sunglass Hut due
to assortment centered on branded sunglasses. The inorganic foray through
Owndays in 2022 and the international launch of Lenskart in 2019 have set the
stage for another leg of growth for the company.

Domestic eyewear retail market is smaller but more

nuanced vs other lifestyle categories
Eyewear, with a ₹0.6–0.8tn market and 20–25% organized share, is smaller than
footwear/jewellery/apparel sized at ₹1.2tn/₹6tn/₹7tn and an organized share of 35%-
40%. Over time, it has evolved from a purely utilitarian category to a pseudo-fashion
segment that requires a more extensive assortment compared to a decade ago. Its unique
blend of health and style demands incremental levers of service, quality, innovation (lens),
and turnaround compared to other lifestyle retail categories. We believe, when executed
well, store-level unit economics of retailers in this category can outperform peers owing
to the requirement of lower inventory at the store level, enabling faster inventory turns of
8–10x versus 2.5–3.5x for jewellery (national jewellers, regional could be higher) and 3–
6x for apparel, driving superior efficiency and profitability.
Exhibit 11: Important drivers of retail business

Source: Ambit Capital research; Note: There is some overlap in location between demand, supply and choices

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 Lenskart Solutions

Exhibit 12: Eyewear has higher utilitarian element vs other categories requiring higher
service and technical innovation/quality
Jewellery Apparel Footwear Eyewear
Market size (₹ tn) 5.8-6.2 6.8-7.2 1-1.2 0.6-0.8
Organised (%) 35-40% 35-40% 40-45% 20-25%
Assortment Assortment
Assortment Assortment
Service Service
Core success lever Freshness Service
Trust Quality/innovation
Pricing Quality
Brand storytelling Turnaround Time
Source: Ambit Capital research

Lenskart has evolved from online-first to offline-first;

from domestic to global
Lenskart, incorporated as Valyoo Technologies Pvt. Ltd. in May 2008, began its online
operations in 2010 and became an omnichannel brand with its first store in Delhi in 2013.
By FY25, Lenskart operated 2,067 stores in India, growing at a 49% CAGR over FY20–25
to ₹66bn, driven by deeper store penetration in India and international expansion
(starting with its first store in Singapore in 2019), with ~24% and 3% of orders generated
online. A key step in global expansion was the acquisition of Owndays Inc. (via MLO KK)
in August’22. In FY25, India contributed 61% of the revenue, compared to 90% in FY22,
while international markets contributed 39%. Lenskart’s key success factor lies in its
vertically integrated and centralized supply chain, supported by a technology-first
approach that drives cost control, delivery, and operational efficiency.

Exhibit 13: Reported revenue grew multi-fold from ₹9bn in FY20 to ₹66bn in FY25 at a CAGR of 49% due to India operation
growing at 35% CAGR and Owndays acquisition

India International Revenue YoY Growth (in %, RHS)

100 300 400 500 600 700 1,100 1,959 2,389 2,723

Started with its first store in Singapore in 2019 Acquired Dealskart in Dec'25, a master
80 franchisee operation of 1,606 stores 160%

70 140%

60 120%
Revenue in Rs bn

40%
50 100%
42%
40 80%

30 38% 60%
Acquired MLO KK in Aug'22, holding Co. of Owndays Inc.
20 61% 40%
10% 59%
10 63% 20%
90%
0 0%
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Source: Company, Ambit Capital research. Note: Box represents total store counts; Stores count prior to FY23 are based on media articles

November 07, 2025 Ambit Capital Pvt. Ltd. Page 7

 Lenskart Solutions

Exhibit 14: Lenskart India AUTC* growth over FY23-25 stood at 26% vs 26%/14%/5% for
Nykaa (BPC)/Firstcry (India)/Zomato (Food ordering)

AUTC
FY23 FY24 FY25 FY23-25 CARG (RHS)
70 39% 45%
60 32% 40%
27% 35%
50 26% 26% 30%
40 25%
30 14% 13% 20%
20 15%
5% 10%
10 5%
0 0%
Zomato (Food

Myntra

Lenskart (Consol)
Nykaa (BPC)

Lenskart (India)

Nykaa (Fashion)

(International)

(International)
Firstcry (India)
ordering)

Lenskart

Firstcry
Source: Company, Ambit Capital research. * Annual Unique Transacting Customer

Rapid scale attributable to multiple factors

Turning a utilitarian category into a lifestyle category
Lenskart has transformed eyewear from a utilitarian necessity into a fashion-driven
lifestyle category. By introducing frequent design refreshes (launched 105 new collections
in FY25, i.e. two collections every week. For context, Trent has new drops weekly, Metro
Brands fortnightly) led by their 105-member design and merchandising team, offering 22
curated sub-brands, Lenskart encourages consumers to own multiple pairs for various
occasions and styles. Its strategy also includes collaborations with popular brands and
celebrities, as well as localised collections for festive occasions, and technology such as
virtual try-ons and AI-enabled frame recommendations. This approach fosters a
perception of eyewear as a fashion accessory, similar to apparel and footwear, and drives
purchase frequency beyond the industry average. Furthermore, their Gold membership
program provides benefits such as "buy one get one free" offers and discounts, and had
6.77 million members in India as of FY25. This has driven their two-year purchase
frequency among new customer accounts acquired to be twice that of the industry (FY23)
- 3.62 eyeglasses vs. the India average of 1.8 pairs, as per Redseer.
Exhibit 15: Repeat rate (2-year order repeat rate from new Exhibit 16: Lenskart Gold members have increased at 41%
customers) from new customers is stable at ~98% CAGR over FY23-25 to 6.8mn

Repeat Rate (%) Lenskart Gold Members

8.0
98.9% 7.1
98.2% 6.8
100% 93.3% 6.3
5.8
6.0
75%

4.0 3.4
50%

25% 2.0

0% 0.0
FY21 FY22 FY23 FY23 FY24 FY25 1QFY25 1QFY26

Source: Lenskart RHP, Ambit Capital research. Note: Repeat rate pertains to the Source: Lenskart RHP, Ambit Capital research
2-year order repeat rate from new customers

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 Lenskart Solutions

Exhibit 17: Overall pairs sold per customer increased at 3% Exhibit 18: …led by 3%/4% increase in the
CAGR over FY23-25 to 2.19 for Lenskart… India/International channel to 2.3/1.7

No of pairs per customer No of pairs per customer

India YoY Growth (in %, RHS) International YoY Growth (in %, RHS)

2.50 6%
1.75 5%
2.00 5%
1.70
4%
1.50
1.65
3% 4%
1.00 1.60
2%
0.50 1% 1.55

- 0% 1.50 3%
FY23 FY24 FY25 1QFY26 FY23 FY24 FY25 1QFY26

Source: Lenskart RHP, Ambit Capital research Source: Lenskart RHP, Ambit Capital research

Focusing on brand building rather than just marketing

Lenskart’s early bet on digital-first storytelling, quirky yet relatable campaigns and
innovations like 3D try-ons made the brand stand out in a category that was traditionally
dull and functional. The company also enhanced accessibility by offering complementary
eye tests across its 2,723 global stores and by extending convenience through home eye
test and frame try-on services in 25 Indian cities, supported by 323 agents. Brand building
has been holistic through culture, product quality, and pricing transparency (staying true
to its accessible price point proposition). Lenskart also gave consumers a clear “why”:
affordable pricing explained through its direct supply chain (cutting middlemen), making
consumers proud of both value and style.
Exhibit 19: Lenskart ad spends are lowest among new-age Exhibit 20: Adv. spends as a % of sales have hovered at 6-8%
companies, but physical store presence of 2K store helps since FY23

Adverisement Spend (in Rs bn) As a % of sale (RHS)

Advertisement Spend (in Rs bn) as a % of sale (RHS)

6 Proforma 18%
25 40%
35% 16%
20 30% 5
14%
15 25%
4 12%
20%
10 15% 10%
3
5 10% 8%
5% 2 6%
0 0%
4%
Page
Nykaa

Metro Brands
Myntra

Firstcry

Lenskart (SA)
(Consol.)

Trent

1
Lenskart

2%
- 0%
FY19

FY20

FY21

FY22

FY23

FY24

FY25

FY24

FY25

Source: Company, Ambit Capital research. Source: Company, Ambit Capital research

November 07, 2025 Ambit Capital Pvt. Ltd. Page 9

 Lenskart Solutions

Exhibit 21: The company has stayed true to its value proposition, with ASPs range-bound

India ASP (Rs) International ASP

7,000 6,353 6,327 6,517 120%

6,151
6,000 100%
5,000
80%
4,000
60%
3,000
1,748 1,733 1,696 1,740 40%
2,000
1,000 20%

0 0%
FY23 FY24 FY25 1QFY26

Source: Company, Ambit Capital research

In-house manufacturing has led to faster turnaround time

Lenskart’s vertically integrated, in-house manufacturing and centralized supply chain
have enabled industry-leading speed, quality, and cost efficiency. Its Bhiwadi facility – one
of India’s top two centralized eyewear plants – produces customized prescription
eyeglasses just-in-time, allowing next-day delivery in 40 Indian cities and 3-day delivery
in 69 cities. A China JV with Baofeng Framekart supports frame production, reducing
import dependency. In FY25, Lenskart manufactured 6.44 mn frames and 4.06 mn lenses
in-house, lowering average product costs by 35–40% versus the industry. Overall,
13.16mn prescription eyeglasses were produced internally, representing nearly 70% of
global sales. This integrated model gives Lenskart unmatched control over design, quality,
cost, and delivery timelines, making it the only large, organised eyewear retailer in India
and globally capable of offering rapid, large-scale, customised prescription eyewear
fulfilment.
Exhibit 22: Lenskart has been expanded capacities, overall utilization hovered at 45-50%, inching up to 55% in 1QFY26
Annual Installed Capacity Actual Production Capacity Utilization
Manufacturing Facility (mn units) (in mn units) (%)
FY23 FY24 FY25 1QFY26 FY23 FY24 FY25 1QFY26 FY23 FY24 FY25 1QFY26

Gurugram 13 13 13 3 7 6 5 1 52% 44% 41% 39%

Bhiwadi 2 9 14 4 0 4 8 3 20% 48% 54% 68%
Singapore 0 0 0 0 0 0 0 0 28% 43% 54% 62%
Dubai 0 0 0 0 0 0 0 0 0% 0% 22% 41%
Total 15 22 27 7 7 10 13 4 47% 46% 48% 55%
In-house manufacturing
Frames 4 5 6 2
Lenses 2 5* 4 1
Source: Lenskart RHP, Ambit Capital research. * Balancing figure

Store growth backed by tech and ownership shift

Lenskart is deepening its presence across metropolitan, Tier I and below Tier II cities in
India. It utilizes a machine learning platform to identify potential store locations by
analyzing historical data, demographics, and other relevant factors. Store count grew at
an 18% CAGR over FY23–25 to 2,723 stores, with India and international operations
growing at 21% and 10% CAGR, respectively, to 2,067 and 656 stores as of FY25.
Lenskart operates COCO, FOCO, and COFO formats. In Dec’24, it acquired Dealskart
Online Services Pvt. Ltd., a master franchisee operating 1,606 stores in India. This
acquisition increased the share of COCO stores, enabling greater control over operations,
customer experience, and cost structure.

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 Lenskart Solutions

Exhibit 23: India store count increased by 21% CAGR over Exhibit 24: International store count saw 10% CAGR over
FY23-25, with network increasing to 2,137 stores in 1QFY26 FY23-25 with network increasing to 669 stores in 1QFY26

COCO Franchisee COCO Franchisee

2,500 800
700
2,000 15%
15% 600 27%
28%
21% 500 28%
1,500 29%
27% 400
1,000 300
85% 85%
79% 72% 72% 73%
200 71%
500 73%
100
0 0
FY23 FY24 FY25 1QFY26 FY23 FY24 FY25 1QFY26

Source: Lenskart RHP, Ambit Capital research Source: Lenskart RHP, Ambit Capital research

Exhibit 25: Units booked grew at 29% CAGR over FY23-25 led Exhibit 26: International units booked grew at 38% CAGR
by 31%/25% growth in offline/online channels in India over FY23-25 led by 38%/25% offline/online channel growth

Offline Online Offline Online

5
Eyewear Units Booked

25 22.91mn
Eyewear Units Booked

4
20 17.65mn 24% 4.29mn
(in mn)

3 3.58mn
(in mn)

15 13.69mn 25%
26% 2 97%
10 2.26mn 97%
76% 6.72mn
75% 20% 1 97% 1.13mn
5 74%
80% 97%
0 0
FY23 FY24 FY25 1QFY26 FY23 FY24 FY25 1QFY26

Source: Lenskart RHP, Ambit Capital research Source: Lenskart RHP, Ambit Capital research

Global foray aids scale, but drags RoCE

Lenskart began international operations in 2019 with its first store in Singapore and has
since expanded across Southeast Asia, Japan, and the Middle East. A key step was the
acquisition of Owndays in Aug’22 for ₹30bn (60% goodwill), which enabled entry into
multiple new countries and strengthened presence in Asia. Owndays products were also
introduced in Lenskart’s India stores in 2024. The company uses its centralized supply
chain in India to support international markets for both raw material procurement and
product supply, leading to international margin expansion from 70.4% in FY23 to 74.4%
in FY25. As of FY25, Lenskart operated 656 international stores across 14 countries,
including Singapore, Taiwan, Japan, Thailand, the UAE, and KSA. It recently (Aug’2025)
acquired an 84% stake in Stellio Ventures S.L. for ~₹4bn (70% goodwill), which operates
a D2C brand: Meller in Spain, marking a step toward entering the European eyewear
market.

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 Lenskart Solutions

Exhibit 27: Owndays has been a sizable acquisition making up for 85%/35% of international/company’s FY25 topline
Stake Acquisition/Inve Valuation
Name
Nature of business as on stment amount Multiple vs Rationale for acquisition
(FY of acquisition)
(in %) (₹ mn) sales
Expand the company's network and
MLO K.K/Owndays MLO K.K. acquires, holds, and disposes of establish a strong presence in more
100% 29,279 2.5-3x
(FY23). securities and other assets. countries, especially in Asian
markets.
Dealskart Online Services buys, sells, and trades
Dealskart Online Expand the company's network using
in apparel, accessories, and eyewear online. It
Services Pvt. Ltd. 100% 20 NA Dealskart's manpower and retail
also develops technology and software to
(FY25) network.
facilitate the sale of these goods.
Accelerate retail expansion and
Le Petit Lunetier
Le Petit Lunetier Paris sells optical products and solidify the brand's presence in
Paris SAS 29% 163
eyewear online and through wholesale. Europe, and introduce the brand to
(FY24)
the company's customers.
TISIPL designs, develops, and maintains
Tango IT Solutions software. It also imports, exports, sells, and
Use visual AI to improve store and
India Pvt. Ltd. distributes software and solutions. Additionally, it 100% 142
product experience.
(FY24) manufactures, sells, exports, and imports
electrical and electronic components.
Baofeng Framekart Baofeng Framekart Technology produces and
Develop and enhance eyewear
Technology Limited sells spectacle lenses, frames, and accessories. It 51% 28
manufacturing.
(FY21) also imports and exports goods and technology.
Visionsure Services provides vision benefits, NA
including product design, distribution, customer Engage in a joint venture to meet the
Visionsure Services
service, and benefits management. It also builds 50% 5 demand for vision insurance and
Pvt. Ltd. (FY25)
networks of eyewear providers and attract new customers.
ophthalmologists.
Develop a customer platform for
QuantDuo
real-time market intelligence to find
Technologies Pvt. QuantDuo Technologies develops analytics
17% 150 new store locations. This will support
Ltd. solutions for industries with large data sets.
data-driven expansion and optimize
(FY23)
store decisions.
Dimension NXG Dimension NXG manufactures, distributes, and
Enhance digital marketing and online
Pvt. Ltd. sells augmented and mixed reality solutions and 5% 215
engagement.
(FY26) products.
Stellio is in the import and sale of fashion To introduce a new sub-brand within
Stellio Ventures S.L.
accessories, under the brand name Meller and its 84% 4,125 1.8x portfolio, focused on Gen Z and
(FY26)
main activities are the retail trade of articles. Millennial customers
Quantduo Technologies main object is to To develop a customer platform to
develop analytics solutions for industries that enable real-time micro market
Quantduo deal with a large amount of data and carry on all intelligence, helping identify high-
Technologies Pvt. or any business of marketing and distributing the 96% 109 1.6x potential new store locations. This
Ltd.(FY26) software solutions developed by the Company deep integration supports data-
and provide consulting services directly to driven expansion and optimizes
consumers or enterprises. decision-making across stores.
Source: Lenskart RHP, Ambit Capital research, Note: Lenskart has 96% stake in Owndays – 92% through MLO KK and 4% through Lenskart Solutions Pte. Ltd.

Exhibit 28: International revenue grew at 159% CAGR over Exhibit 29: GM expansion of 400bps over FY23-25 plus
FY22-25 to ₹26bn, increasing its contribution to 39% in FY25 operating leverage led to EBITDAM expansion of ~750bps

Revenue Revenue YoY Growth (in %, RHS) GM (%) EBITDA (in %, RHS)
75% 20%
30 70%
60% 74% 18%
25
50%
in Rs bn

20 73% 16%
40%
15
30% 72% 14%
10
20%
71% 12%
5 10%
0 0% 70% 10%
FY22 FY23 FY24 FY25 FY23 FY24 FY25

Source: Lenskart RHP, Ambit Capital research Source: Lenskart RHP, Ambit Capital research

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 Lenskart Solutions

Exhibit 30: Lenskart International ASP stood at ₹6,151, which is above India/China but
below Japan, the Middle East and the USA

ASP of Prescription Eyeglass (in ₹)

19,350
14,677
12,315
Global Average 4,300-6,450
6,151
2,370 2,580 2,858
India
(International.

Japan
China

Southeast Asia

United States
Middle East
Lenskart

FY25)

Source: Lenskart RHP, Ambit Capital research

No scaled player in comparison to Lenskart

Lenskart leads in-store productivity
Lenskart’s FY25 India revenue of ₹38.9bn is more than the combined revenues of several
peers. This success stems from its focus on accessible pricing, fashion, quality, multi-
channel reach and faster turnaround time, which disrupted a fragmented market. On
productivity, Lenskart delivered ₹20mn per store across 2,067 outlets, the highest among
multi-store (chain) peers, despite operating smaller stores. In comparison, Titan Eyewear
generated ₹8bn (we believe ₹13bn at revenue with ₹14-15mn per store. The only
exception is Sunglass Hut (₹31mn/store), driven by its premium sunglasses mix.

Exhibit 31: Lenskart, led by its accessible price points, focus on fashion and quick delivery due to in-house manufacturing, has
seen India revenue CAGR of ~40% over FY19-25; below peers combined makeup for ~60% of Lenskart India’s scale
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Company Name
Revenue (₹ bn) Revenue YoY Growth (%)
Lenskart (Consol) 4.7 9.0 9.1 15.0 37.9 54.3 66.5 62% 90% 1% 66% 152% 43% 23%
Lenskart (SA) 4.7 8.9 8.8 14.4 23.7 31.9 40.4 62% 88% -2% 63% 65% 34% 27%
Lenskart (India,
22.4 30.6 38.9 36% 27%
Proforma)
Titan Eyewear 5.1 5.4 3.8 5.2 6.9 7.2 8.0 23% 6% -31% 38% 33% 5% 10%
Titan Eyewear - UCP 8.2 8.7 6.0 8.3 11.0 11.6 12.7 23% 6% -31% 38% 33% 5% 10%
Eye Gear Optics India 1.8 1.8 1.4 2.0 2.7 2.9 22% 5% -26% 48% 33% 7%
Sunglass Hut 1.4 1.5 0.9 1.7 2.7 2.7 26% 12% -42% 89% 62% 2%
Specsmakers 0.5 0.8 0.5 0.7 1.0 0.9 48% 46% -31% 31% 41% -4%
Reliance Vision Express 1.2 1.1 0.6 0.8 0.9 0.8 19% -4% -43% 20% 12% -11%
Gangar 1.2 1.1 0.6 0.8 1.0 0.9 -1% -9% -46% 36% 22% -7%
Dayal Opticals 0.5 0.5 0.4 0.5 0.8 0.8 18% -10% -25% 54% 40% 10%
Lawrence and Mayo 0.7 0.5 0.4 0.6 0.8 0.7 1% -26% -9% 43% 17% -10%
Vision World -
0.5 0.5 0.3 0.5 0.6 0.6 13% 5% -28% 36% 23% 7%
Himalaya Opticals
Himalaya Opticals 0.3 0.3 0.2 0.3 0.3 0.4 8% 7% -25% 30% 27% 8%
ClearDekho Eyewear 0.0 0.0 0.0 0.1 0.1 0.1 0% -9% 64% 70% 6% 59%
Source: Company, Ambit Capital research. Note: for unlisted companies financials are from MCA fillings; Titan UCP assuming is ~50% higher vs reported as
implied in 2024 analyst meet

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 Lenskart Solutions

Exhibit 32: Barring Sunglass Hut at ₹31mn (branded sunglasses), Lenskart has the highest
revenue/store within the peer set of ₹20mn

Revenue/Store
35 31
30
25 20
20 17
14
15
10 7 7
5 4
5 1
-
Gangar

Titan Eyewear

Reliance Vision

Specsmakers

Cleardekho
Lenskart India

Eye Gear Optics

Lawrence and
Sunglass Hut

India (Ben
Express

Frankin)
Mayo
Source: Company, Ambit Capital research. Note: In case of unlisted players like Reliance Vision Express, Specsmaker,
Sunglass Hut, Gangar, Eyegear Optics India, we have assumed store count (from store locator) as at 10 th August’25 is
similar that of 31st March 2024; Titan is on UCP basis assuming is ~50% higher vs reported as implied in 2024 analyst
meet

Gross margin led EBITDAM expansion for Lenskart

Lenskart operates on lower gross margins than its peers due to its focus on achieving
volume-led market share gains through accessible price positioning. Yet has improved
from 49% in FY19 to 62% in FY25, aided by scaling in-house manufacturing. By contrast,
Specsmakers (75% GM) and Eye Gear Optics (74% GM) operate at higher gross margins
but weaker EBITDAM, reflecting limited operating efficiencies.
Exhibit 33: Lenskart standalone saw ~1,400bps GM expansion driven by centralized supply chain and vertically integrated
manufacturing…
Company Name FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Gross Profit (in ₹ bn) Gross profit YoY Growth (%)
Lenskart (Consol) 2.3 5.4 5.7 9.0 24.2 36.5 45.2 171% 133% 5% 59% 168% 51% 24%
Lenskart (SA) 2.3 5.4 5.5 8.6 13.9 19.8 25.2 172% 133% 3% 56% 62% 42% 27%
Lenskart (India, Proforma) 13.3 19.1 25.1 44% 31%
Eye Gear Optics India 1.2 1.3 1.0 1.5 1.9 2.1 24% 7% -28% 53% 34% 8%
Sunglass Hut 0.7 0.8 0.4 0.8 1.2 1.3 24% 17% -42% 73% 56% 12%
Specsmakers 0.4 0.6 0.4 0.5 0.7 0.7 46% 45% -30% 26% 44% -2%
Reliance Vision Express 0.7 0.7 0.4 0.5 0.6 0.5 11% 0% -43% 23% 11% -12%
Gangar 0.7 0.7 0.4 0.5 0.6 0.6 3% -9% -45% 38% 21% -8%
Dayal Opticals 0.2 0.2 0.1 0.2 0.3 0.3 16% 9% -26% 61% 30% 9%
Lawrence and Mayo 0.3 0.2 0.2 0.2 0.3 0.3 -3% -26% -13% 13% 34% 2%
Vision World - Himalaya
0.2 0.2 0.2 0.2 0.3 0.3 14% 7% -24% 35% 28% -6%
Opticals
Himalaya Opticals 0.1 0.1 0.1 0.1 0.2 0.2 6% 2% -23% 27% 28% 5%
ClearDekho Eyewear 0.0 0.0 0.0 0.0 0.0 0.0 0% 11% 49% 24% 3% 74%
Gross Margin (%) Gross Margin Expansion/Contraction (in bps)
Lenskart (Consol) 49% 60% 63% 60% 64% 67% 68% 289 -249 380 339 64
Lenskart (SA) 49% 60% 63% 60% 59% 62% 62% 252 -288 -126 356 33
Lenskart (India, Proforma) 59% 63% 64% 332 199
Eye Gear Optics India 70% 72% 70% 72% 73% 74% 91 144 -165 237 54 95
Sunglass Hut 48% 50% 50% 46% 44% 49% -81 214 -23 -405 -184 453
Specsmakers 75% 75% 75% 72% 73% 75% -66 -7 21 -279 126 167
Reliance Vision Express 64% 66% 67% 69% 68% 67% -439 269 49 179 -74 -93
Gangar 62% 62% 63% 64% 63% 62% 243 8 87 60 -68 -112
Dayal Opticals 32% 39% 38% 40% 37% 37% -63 696 -45 186 -274 -29
Lawrence and Mayo 45% 45% 43% 34% 39% 44% -189 -19 -199 -921 489 497
Vision World - Himalaya
49% 50% 53% 52% 54% 48% 15 116 304 -62 190 -668
Opticals
Himalaya Opticals 53% 51% 52% 51% 51% 50% -97 -243 120 -99 41 -132
ClearDekho Eyewear 45% 56% 50% 37% 36% 39% -511 -1,362 -110 329
Source: Company, Ambit Capital research. Note: Titan in their segmental don’t give segmental GM and for unlisted players, financial are taken from MCA fillings

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 Lenskart Solutions

Exhibit 34: …coupled with operating leverage led to EBITDAM expansion of ~1700bps over FY19-25
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Company Name
EBITDA (in ₹ bn) EBITDA YoY Growth (%)
Lenskart (Consol) -0.3 -0.3 -0.5 -1.1 2.6 6.7 9.8 NA NA NA NA NA 155% 45%
Lenskart (SA) -0.3 -0.3 -0.4 -0.2 1.0 3.0 4.5 NA NA NA NA NA 185% 53%
Lenskart (India,
1.6 4.2 6.6 160% 57%
Proforma)
Titan Eyewear 0.1 0.3 0.7 0.9 1.5 1.5 1.6 -8% 124% 120% 29% 60% 1%
Eye Gear Optics India 0.1 0.1 0.0 0.1 0.1 0.0 NA 85% -85% 395% 33% -90%
Sunglass Hut 0.1 0.0 0.0 0.2 0.3 0.3 21% -82% NA NA 0% 0%
Specsmakers -0.1 -0.1 -0.1 -0.1 -0.1 0.0 NA NA NA NA NA NA
Reliance Vision Express -0.1 0.1 0.0 0.1 0.1 0.0 NA NA -87% 530% 10% -49%
Gangar 0.1 0.1 0.0 0.1 0.1 0.0 133% -19% -34% 126% -11% NA
Dayal Opticals 0.0 0.1 0.0 0.0 0.1 0.1 0.1 5% -46% 57% 78% 7% -10%
Lawrence and Mayo 0.0 -0.1 0.0 0.0 0.0 0.0 NA NA NA NA NA NA
Vision World -
0.0 0.0 0.0 0.0 0.1 0.1 0.0 68% 15% -33% 174% 37% -79%
Himalaya Opticals
Himalaya Opticals 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -29% -63% -107% -3962% 12% -49%
ClearDekho Eyewear 0.0 0.0 0.0 -0.1 -0.1 -0.1 0% NA NA NA NA NA
EBITDAM (in %) EBITDAM Expansion/Contraction (in bps)
Lenskart (Consol) -6% -4% -5% -8% 7% 12% 15% 3,859 248 -160 -244 1,459 544 226
Lenskart (SA) -6% -3% -5% -2% 4% 9% 11% 3,849 252 -137 280 612 493 192
Lenskart (India,
7% 13% 16% 310 109
Proforma)
Titan Eyewear 3% 6% 19% 18% 22% 21% 20% -98 317 1,318 -121 364 -77 -126
Eye Gear Optics India 3% 5% 1% 4% 4% 0% 400 227 -415 253 2 -330
Sunglass Hut 4% 1% -3% 14% 11% 9% -15 -310 -367 1,696 -284 -172
Specsmakers -27% -18% -17% -9% -5% 1% 380 855 81 813 398 659
Reliance Vision Express -5% 8% 2% 10% 10% 6% 424 1,360 -649 837 -17 -436
Gangar 7% 7% 8% 13% 10% 0% 419 -75 142 527 -353 -983
Dayal Opticals 10% 6% 12% 14% 11% 9% -121 -387 647 195 -333 -201
Lawrence and Mayo -3% -11% -5% -5% 1% -3% -18 -779 600 2 547 -411
Vision World -
6% 7% 6% 13% 14% 3% 205 62 -48 650 147 -1,162
Himalaya Opticals
Himalaya Opticals 6% 2% 0% 6% 5% 2% -297 -384 -224 613 -73 -276
ClearDekho Eyewear -27% -106% -78% -85% -86% -57% -7,884 2,825 -743 -95 2,909
Source: Company, Ambit Capital research. Note: for unlisted players, financials are taken from MCA fillings

Cash conversion cycle higher due to in-house manufacturing vs other companies

Lenskart’s consolidated working capital cycle reduced to 26 days in FY25, mainly due to
higher inventory from in-house manufacturing. This contrasts with Reliance Vision Express
and Sunglass Hut, both of which run consistently negative cycles due to extended creditor
days and negligible receivables. Specsmakers and Eye Gear Optics maintain short cycles,
while Gangar’s has been rising steadily.
Exhibit 35: Lenskart's longer cycle is driven by inventory, whereas peers leverage payable
efficiency
Particulars (FY24 unless Inventory Debtor Creditor Cash Conversion
specified) Days Days Days Cycle
Lenskart (Consol,FY25) 59 7 41 26
Lenskart (Consol) 46 23 35 35
Lenskart SA (FY25) 97 24 49 72
Lenskart SA 50 33 36 47
Eye Gear Optics India 58 7 51 14
Sunglass Hut 107 2 182 -74
Specsmakers 39 3 35 6
Reliance Vision Express 43 2 88 -43
Gangar 86 0 39 47
Dayal Opticals 59 1 90 -30
Lawrence and Mayo 82 63 53 92
Vision World - Himalaya Opticals 101 10 87 24
Himalaya Opticals 148 5 69 85
ClearDekho Eyewear 33 34 46 21
Source: Company, Ambit Capital research. Note: for unlisted players, financial are taken from MCA fillings

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 Lenskart Solutions

Store expansion led growth

When dissected through multiple lenses, Lenskart has a ~2x store potential in
India, i.e., to scale to ~5,000 stores versus ~2,100 in FY25. The top-down market
sizing highlights an existing, organised industry potential of 12-13K stores. Even
if we discount the industry size by 30% assuming it to be inflated, the existing
opportunity size would be 8-9K stores. Anchoring a mature Lenskart store’s
throughput of ₹25mn, each mature outlet serves ~12,500 households. Applied to
a 20% relevant household base, this translates to 5–6k store opportunities. A
competitor proxy, i.e. by benchmarking city footprints of Bata, ABLBL and
Raymond, indicates an additional 1–2k outlets. A city-tier density analysis of
Lenskart provides a rollout blueprint, with metros nearing saturation and the
bulk of growth skewed towards Tier I–III cities. Hence, growth would be driven
by store addition. Over FY25-28E, we build in 19% revenue (pro forma) growth
driven by 23%/14% growth in India/international segments, 17%/8% store
growth and 4%/9% productivity growth. Productivity growth for international
operations is higher due to the Stellio (Meller brand) acquisition, which operates
under a distribution/online model, not having EBOs.

Overall market can have ~12K stores…

…Lenskart can retain 50% store share and have 5K+ stores
We attempt to get at the organised industry store opportunity by dividing the projected
organised eyewear market by the expected revenue per store. As per Redseer, the
eyewear market is valued at Rs788bn with organised share increasing from 24% to 31%.
Assuming store productivity of Rs15mn (Lenskart at ~Rs20mn, Titan Eye + at Rs14mn,
others sub-Rs10mn), the output suggests the organised store potential can stand at 12-
13k. Assuming store productivity rises at 10% CAGR to Rs24mn (scale to beget scale), the
potential can increase to ~19K, with large peers today representing less than half that
capacity. Even if we discount the industry size by 30%, the existing opportunity size comes
to 8-9K stores.
Exhibit 36: Organised store potential is 12-13K stores at current levels
Particulars Unit FY25 FY30E CAGR Comments
Eyewear market (A) ₹ mn 788,000 1,483,000 13% Redseer
Organised share (B) % 24% 31% Redseer
Organised share (A*B=C) ₹ mn 189,120 459,730 19%
Assuming average revenue per store of
Revenue per store for the industry (D) ₹ mn 15 24 10% ₹15mn (Lenskart at ₹20mn, Titan Eyeplus at
₹14mn, others sub-₹10mn)
Store potential for the organised (C/D) # 12,608 19,030 9%
Cumulative stores of current peer set (E) # 4,158 8,363 15% Assuming store count grows by 15% CAGR
Lenskart 2,067 4,117 15%
Titan Eye+ 897
Ben Franklin 600
Specsmakers 252
Reliance Vision Express 104
Lawrence and Mayo 90
Cleardekho 95
Gangar 53
Cumulative stores of current peer set as a %
% 33% 44%
of organised industry store potential (E/D)
Source: Redseer, Ambit Capital research

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 Lenskart Solutions

Exhibit 37: Barring Sunglass Hut (different product profile), Lenskart’s productivity is the
highest in the industry

Revenue/Store
35 31
30
25 20
20 17
15
9 7 7
10 5 4
5 1
-

Reliance Vision

Cleardekho
Gangar

Titan Eyewear

Eye Gear Optics

Specsmakers
Lenskart India

Lawrence and
Sunglass Hut

Express

Mayo

India
Source: Company, Ambit Capital research; Note: Sunglass Hut would be on the higher side as it caters to branded
sunglasses which are at higher ASP

Household catchment approach implies scope for 5-5.5K stores

Here, the calculation begins with the economics of a mature Lenskart store. An average
mature Lenskart store generates a revenue of ₹25mn. Assuming an ASP of ₹2,000, a
store would be selling ~12,500 pairs of glasses annually. Assuming two eyewear users
per household and one pair bought every two years, each store must serve ~12,500
households. Assuming a 20% household TAM (our checks suggest even households
generating ₹0.8mn purchase from Lenskart) points to ~5,300 stores as the natural market
capacity.
Exhibit 38: Based on per-store throughput of a mature Lenskart store and assuming an addressable TAM of 20%, Lenskart’s
current store potential would be 5-5.5K
Particulars Unit No. Comments
Revenue per matured store ₹ mn 25 Based on checks
ASP ₹ 2000 Based on checks
No. of pairs # 12500
Per household usage % 50% Assuming 2 people per household have glasses
Replacement factor % 50% Assuming 1 pair bought every 2 years
No. of households each store caters to # 12500
No. of households in India mn 330
% relevant households 20%
No. of relevant households mn 66
Store potential 5280
Source: Ambit Capital research

Density can increase in smaller town classes too

When we dissect Lenskart’s India store count into metros, Tier I, II, and III cities there is a
material variance between the store density (variance would be there across retailers, but
is higher for Lenskart – Zudio has 36% stores in top 8 cities, Bata at 31% and Reliance
Trends at 16%). Assuming a top 8, tier 1, tier 2, and tier 3 aspirational density benchmark
of 125/25/10/5 stores per city, compared to the current 116/14/3/2, we calculate an
incremental store size of ~2,000 stores. This analysis compares the current store density
per city to the aspirational density benchmark. While metros are nearing saturation, Tier
I and II cities can deepen significantly, and Tier III towns can absorb small formats. The
math suggests a runway from ~2,300 to ~4,300 stores, with ~2,000 incremental
openings concentrated outside the top 8 metros.

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 Lenskart Solutions

Exhibit 39: Lenskart, followed by Zudio, has the highest share of stores in the top 8 cities
at 36% followed by Bata (31%), ABLBL (29%) and Reliance Trends (16%)

No of store % of total store (RHS)

1,000 41% 45%
900 36% 40%
800 32% 35%
29%
700
30%
600
25%
500
16% 20%
400
15%
300
200 10%

100 5%
947 935 591 301 271
0 0%
ABLBL Lenskart Bata Reliance Trends Zudio

Source: Company, Ambit Capital research. Note: ABLBL includes entire portfolio

Exhibit 40: Chennai, followed by Bangalore and MMR, have the highest store presence of
Lenskart

No. of stores % Contribution to overall store count (RHS)

250 10%

200 8%

150 6%

100 4%

50 2%

0 0%
Chennai

MMR

Hyderabad
Bengaluru

New Delhi

Pune

Kolkata

Ahmedabad

Source: Ambit Capital research

Exhibit 41: Lenskart can increase store presence. Store growth lies in Tier 1 and below cities, with limited headroom in the
top 8 cities
Total Store in % No. of Current store Store density Total store Incremental
Lenskart
Count Contribution cities density potential potential stores
Top 8 Cities 935 41% 8 117 125 1,000 65
Tier I 609 27% 60 10 25 1,500 891
Tier II 358 16% 105 3 10 1,050 692
Tier III 385 17% 252 2 5 1,260 875
Total 2,287 100% 4,810 2523
Source: Store locator, Ambit Capital research; Note: Top 8: Hyderabad, Bengaluru, Pune, Mumbai, Ahmedabad, Chennai, New Delhi, Kolkata, Tier 1: Other state
capitals or cities with 1-5mn population, Tier 2: 0.3-1mn population, Tier 3: <0.3mn population.

Productivity led market share growth

Over FY19-25 the revenue per store has seen 11% CAGR. Our checks across mature
stores in the metro cities of Delhi, Kolkata, and Mumbai suggest that they are growing by
6-7%, driven by footfall-led growth. However, if the store expansion is more aggressive
than expected (we build 420 stores p.a. over FY25-28) or in the same cities, there would
be downside risk to the revenue per store growth.

November 07, 2025 Ambit Capital Pvt. Ltd. Page 18

 Lenskart Solutions

Exhibit 42: Store productivity for India/International increased by ~6% YoY in FY25 to
₹20mn/₹42mn

Revenue/Store (India) (Rs mn) Revenue/Store (International) (Rs mn)

India YoY Growth (%, RHS) International YoY Growth (%, RHS)

50 7%
6%
40
5%
30 4%

20 39 42 3%
2%
10 19 19 20
1%
0 0%
FY23 FY24 FY25

Source: Company, Ambit Capital research

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 Lenskart Solutions

Margin expansion offset by capex intensity

will weigh on RoCE
Lenskart’s consolidated Pre-IND AS EBITDA margin improved to 6% in FY25 from
-6% in FY19, driven by GM expansion from vertical integration, a centralized
supply chain, and operating leverage. The Jan’25 acquisition of Dealskart (1,606
stores) lifted pro forma consolidated Pre-IND AS 116 EBITDAM to 7.5%, reducing
franchise commissions and incentives. We forecast ~630bps Pre-IND AS margin
improvement over FY25–28E, led by the Dealskart acquisition (+180bps), gross
margin gains (+60bps), and opex leverage across employee (+110bps),
marketing (+50bps), rental (+50bps), and other costs (+180bps). As a store
format, eyewear retail stores are compact in size. Low opex and high inventory
turns (8–10x) due to the requirement of only display inventory drive superior
margins and RoCE at the store level. However, due to made-to-order dynamics,
incremental capacity addition for manufacturers is triggered at ~65% vs 75-80%
for other manufacturing industries, necessitating periodic capacity expansions
for scale. Capex of ~₹20bn toward the Hyderabad plant and store additions will
keep FCF (Pre-IND AS-116) negative until FY27. Consequently, pre-tax RoCE/RoIC
should rise from flat to ~10%/~14% by FY28E.

High store-level profitability dragged by

manufacturing/corporate-level costs
Operating leverage benefits yet to kick in
In FY25, Lenskart’s consol. GM stood at 69%, expanding by ~1,900bps over FY19–25.
This was driven by scaling up its centralized supply chain and vertically integrated
manufacturing, enabling control over the entire value chain from design to delivery, which
resulted in reduced costs. Foray into international geographies (high GM due to high
spending power but high opex) further accentuated the GM expansion. However, the GM
expansion of ~1,900bps over FY19-25 did not completely translate to EBITDAM
expansion, as employee spends (scale-up of in-house manufacturing and foray into high-
opex international geographies) and rental spends (rising mix of COCO model) increased,
along with operating leverage, leading to ~1,200bps increase in consolidated Pre-IND
AS EBITDAM.
Exhibit 43: Standalone/consolidated EBITDAM improved Exhibit 44: …due to GM expansion and operating leverage
from negative to positive (7%/8%) in FY25…

GM (in %) GM (in %)
EBITDAM (in %, RHS) EBITDAM (in %, RHS)
80% 15% 70% 20%
EBITDAM (Pre IND AS, in %, RHS) EBITDAM (Pre IND AS, in %, RHS)

10% 15%
60%
10%
65%
5%
5%
40%
0% 0%
60%
20% -5%
-5%
-10%
0% -10% 55% -15%
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Source: Company, Ambit Capital research Source: Company, Ambit Capital research

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 Lenskart Solutions

Master franchisee acquisition to drive further EBITDAM expansion

Initially, Lenskart had a master franchise agreement with Dealskart since November 2018
for FoFo stores, which expanded to include an online platform and logistics support by
October 2019. From October 2020, Lenskart sub-leased or directly leased retail locations
to Dealskart, which managed operations. Lenskart acquired 100% of Dealskart on
December 31, 2024. Post-acquisition, Dealskart became a wholly owned subsidiary,
providing operations and maintenance services for Lenskart's CoCo stores in India under
a new agreement effective from January 2025, consolidating Lenskart's control over retail
and fulfilment. Hence, on a pro forma basis, employee costs and other operating
expenses, such as rental and marketing, would increase; however, this would be offset by
lower commission and incentive costs that Lenskart used to pay to Dealskart. This will
yield an inherent benefit of ~200bps.
Exhibit 45: EBITDAM improved from negative to positive due to GM expansion and operating leverage; FY25 proforma is
180bps higher vs reported on offsetting impacted from commission & incentives
Standalone Consolidated Proforma
Particulars
FY19 FY20 FY22 FY23 FY24 FY25 FY19 FY20 FY22 FY23 FY24 FY25 FY24 FY25
Revenue 4.7 8.9 14.4 23.7 31.9 40.4 4.7 9.0 15.0 37.9 54.3 66.5 55.3 68.0
Gross Margin % 49% 60% 60% 59% 62% 62% 49% 60% 60% 64% 67% 68% 68% 69%
Employee Costs 18% 19% 13% 10% 11% 10% 18% 20% 16% 19% 20% 21% 24% 24%
Marketing and promotion expenses 14% 12% 13% 7% 6% 6% 14% 12% 16% 8% 6% 7% 8% 8%
Commission & incentive expense 12% 22% 21% 25% 24% 18% 12% 22% 20% 15% 14% 11% 3% 2%
Information technology support expenses 0% 0% 3% 3% 3% 2% 0% 0% 0% 2% 2% 2% 2% 2%
Professional fees 1% 2% 1% 1% 1% 1% 0% 0% 0% 2% 1% 1% 2% 2%
Postage and courier expenses 1% 2% 2% 2% 2% 3% 0% 0% 0% 2% 1% 2% 4% 4%
Contractual labour 0% 0% 2% 2% 2% 2% 0% 0% 2% 1% 1% 1% 0% 0%
Rent (Pre-IND AS 116) 1% 1% 2% 3% 4% 5% 1% 1% 3% 10% 11% 11% 12% 12%
Miscellaneous Expense 5% 4% 0% 0% 0% 0% 9% 8% 11% 0% 0% 0% 0% 0%
Other Expenses (b/f) 2% 2% 6% 4% 4% 8% 1% 1% 2% 6% 7% 6% 8% 7%
EBITDA Margin (Pre-IND AS, in %) -6% -4% -4% 1% 5% 7% -6% -4% -10% -1% 4% 6% 5% 8%
EBITDA Margin (Post IND AS, in %) -6% -3% -2% 4% 9% 11% -6% -4% -8% 7% 12% 15% 15% 17%
Source: Company, Ambit Capital research

Exhibit 46: Employee spends are higher due to international operations, in-house
manufacturing and tech team costs
Employee Expense Reconciliation (FY25) Revenue Employee as a % of sale
Lenskart (SA) 40,392 3,963 10%
Subsidiary:
Owndays Co., Ltd 12,136 3,157 26%
Dealskart Online 16,304 3,266 20%
Owndays Singapore Pte. Ltd. 6,708 1,477 22%
Lenskart Solutions Pte. Ltd. 1,898 1,081 57%
Owndays Hong Kong Limited 1,329 473 36%
Lenskart Optical Trading LLC 835 346 41%
Lenskart Arabia Ltd 338 243 72%
Owndays Downunder Pty Ltd 220 88 40%
Others 2,409
Lenskart (Proforma - Consol) 68,030 16,500 24%
Source: Company, Ambit Capital research

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 Lenskart Solutions

Exhibit 47: Domestic profitability is better due to high opex in international; however, Dealskart acquisitions bumps up FY25
EBITDAM by ~180bps (FY25)
Reported (₹ bn unless specified) FY23 FY24 FY25 FY23-25 CAGR Proforma FY25 Variances
Revenue 38 54 67 33% 68 2%
India 24 32 41 30% 41 0%
International 14 23 26 36% 27 4%
EBITDA (Pre-IND AS 116) (0) 2 4 5 34%
India 0 2 4 4 0%
International (1) (0) 1 1 28%
EBITDM (Pre-IND AS, in %) -1% 3.6% 5.7% 336 bps. p.a 7.5% 179bps
India 0.9% 7.6% 10.5% 483 bps p.a. 10.5% 0bps
International -5.9% -0.4% 2.4% 413 bps p.a. 3.5% 113bps
Source: Company, Ambit Capital research

RoCE expansion will lag given in-house manufacturing

Eyewear retailers benefit from lower inventory per store…
Eyewear store formats are generally sized at 750-1000 sq ft, compared to larger stores
for other categories – a function of the smaller size of the product and the lower
assortment required. Eyewear's mature-store economics generally generate 50-70% gross
margins (which would be higher for companies with in-house manufacturing and a higher
mix of own brands). Opex is contained to 22-25% due to lower costs, such as visual
merchandising and insurance (for jewellery, etc.). Furthermore, due to the made-to-order
nature of the category, a lower quantity of inventory is required at the store, and hence
store-level inventory turns exceed 8-10x, compared to 2.5–3.5x for jewellery (national
jewellers, regional could be higher) and apparel, which ranges from 3-6x. This structure
yields an EBITM/RoCE higher than that of its peers in other categories.
Exhibit 48: Unit economics of an efficient eyewear retailer are higher vs other fashion-centric categories due to the
requirement of lower inventory at store level
Particulars (matured store) Jewellery Apparel Footwear Eyewear
Store size (sq ft) 4,000 8,000 1,500 900
Gross margin 18-20% 45-55% 55% 55%
Rent as % of rev 1.5% 12.0% 10.0% 8.0%
Employee as % of rev 0.8% 8.0% 10.0% 8.0%
Other overheads as % of rev 1.0% 15.0% 10.0% 8.0%
EBITDAM 15-17% 14-18% 20-25% 28-30%
EBITM 14-16% 10-15% 18-23% 25-28%
Inventory Turns 2.5-4x 3-6x 4-5x 8-10x
Total investment (₹ mn) 350-450 40-45 9-10 6-8
RoCE (pre tax) 30-40% 25-40% 50-60% 80-90%
Source: Ambit Capital research

….but Lenskart’s centralized in-house mfg and capacity expansion will keep
RoCE lower vs peers
As eyewear is a curated, made-to-order product, utilization levels are lower than in sectors
where products are shelved, where production is driven by trade demand. Since capacities
must accommodate peak orders, integrated eyewear retailers like Lenskart typically
initiate capacity expansion once utilization reaches around 65%. Capex of ~₹20bn over
FY25-28 for the Hyderabad plant and store expansion will keep FCF in negative terrain
till FY27E. Hence, pre-tax RoCE/RoIC should improve from flat to ~10%/~14% by FY28E.

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 Lenskart Solutions

Exhibit 49: Lenskart has an asset-heavy balance sheet due to in-house manufacturing and goodwill, thus company level RoCE
is lower vs other retailers
Lenskart Trent Nykaa Firstcry Zomato Swiggy
As a % of total assets
FY25 FY28 FY25 FY28 FY25 FY28 FY25 FY28 FY25 FY28 FY25 FY28
Tangible 19% 19% 24% 19% 22% 15% 12% 16% 3% 8% 8% 3%
Intangible 40% 29% 1% 1% 0% 0% 32% 26% 9% 8% 7% 7%
Working Capital* 7% 7% 14% 14% 44% 50% 24% 43% 2% 12% 5% 8%
Cash & Bank Balance 12% 24% 4% 21% 9% 12% 28% 11% 11% 10% 24% 6%
Others 22% 20% 57% 45% 25% 23% 4% 3% 76% 62% 56% 75%
EBITDAM (Pre IND-AS
6% 12% 13% 14% 4% 8% 0% 5% 3% 3% -18% 2%
116, %)
Asset T/o 1.0 1.0 2.1 2.1 3.4 4.7 1.3 1.9 0.6 3.2 1.1 2.9
RoCE (Pre-tax, Pre IND-
0% 9% 44% 41% 16% 40% -6% 4% -1% 6% -34% -10%
AS 116, %)
Source: Company, Ambit Capital research. *Working Capital = Inventories + Debtors – Creditors

Exhibit 50: Capacity expansion for integrated eyewear players like Lenskart, will be
triggered at lower utilization than other manufacturing categories

Typical Utilisation Before Capex Trigger

Median ROCE profile in high utlisation phase (RHS)
Median margin profile (pre IND AS 116) (RHS)
80% 50%

40%
70%
30%
60%
20%
50%
10%

40% 0%
Eyewear FMCG/Paints Chemicals Pipes Electronics/ Cement
durables

Source: Company, Ambit Capital research

Improved profitability and working capital efficiency led to RoCE expansion

Lenskart’s improvement in operating profitability was driven by GM expansion and
operating leverage. On a consolidated basis, this led to an RoCE (Pre-IND AS 116)
incl./excl. GW expansion of 475/490bps over FY20–25 to 0.4%.0.5% in FY25. But this still
seems low due to asset-heavy balance sheet given in-house manufacturing capacities.
Exhibit 51: Cash conversion days increased from 16 (FY19) to Exhibit 52: Cash conversion days reduced from 79 (FY20) to
72 (FY25) due to higher inventory days, partially offset by 26 (FY25) due to faster collections and better working capital
longer creditor days cycle
Days on sales (SA) FY19 FY20 FY21 FY22 FY23 FY24 FY25 Days on sales (Consol) FY19 FY20 FY21 FY22 FY23 FY24 FY25
Inventory days 10 12 24 24 45 50 97 Inventory days 67 43 87 56 59 46 59
Debtor days 14 22 4 12 24 33 24 Debtor days 95 73 13 21 27 23 7
Creditor days 8 10 14 18 42 36 49 Creditor days 53 37 51 43 56 35 41
Cash conversion days 16 23 15 18 27 47 72 Cash conversion days 109 79 49 34 30 35 26
Source: Company, Ambit Capital research Source: Company, Ambit Capital research

Fundraising aided growth; but FCF to remain negative till FY27E

Lenskart cumulatively raised ₹64bn over FY09-25, of which ~90% was raised over FY20-
25. This has been utilized for funding acquisition, capex and CFO. Lenskart has not
generated cash flow from operations (Pre-IND AS) until FY23; however, since FY24, it has
started showing positive trends, led by profit generation and working capital efficiency. In
FY25, Consol. CFO (Pre-IND AS, post-tax) stood at ₹2bn. Over FY19–25, cash conversion

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 Lenskart Solutions

days improved from 109 to 26 days, supported by a reduction in debtor days (from 95 to
7), along with better inventory and creditor management.
Exhibit 53: Lenskart has multiple fundraises, cumulatively Exhibit 54: Post IPO ~53%/16% of shareholding to be held by
raising ₹64bn over FY09-25 private equity or venture capital firms/promoters respectively

Preference Share Equity Share Promoter PE/VC Other

30
100%
25 18%
80% 31%
20
in Rs bn

15 60%
62%
10 ~Rs8bn raised over FY09-19 40% 53%

5
20%
0 19% 16%
0%
FY09
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Pre IPO Post IPO

Source: Lenskart RHP, Ambit Capital research Source: Lenskart RHP, Ambit Capital research

Exhibit 55: ~88% of the funds were sourced externally Exhibit 56: …which were utilized for funding acquisition,
through equity/preference … capex and CFO

Source of Funds: FY19-25 Application of funds: FY19-25

Net Redeemption of FD/MF, Finance CFO (Pre IND

Borrowings 11% Cost AS,Post-tax)
, 1% 2% 1%

Capex
Investment/A
38%
cquisition
59%
Proceeds
from issue
of shares,
88%

Source: Company, Ambit Capital research Source: Company, Ambit Capital research

Exhibit 57: Standalone/consolidated CFO was negative, but Exhibit 58: …driven by improved inventory turns and higher
turned positive in FY24… operating profitability

CFO (Pre IND AS, Pre tax, in Rs mn) CFO (Pre IND AS, Pre tax, in Rs mn)
EBITDA (Pre IND AS, in Rs mn) EBITDA (Pre IND AS, in Rs mn)
3,000 8,000

2,000 6,000
4,000
1,000
2,000
0
0
-1,000 -2,000

-2,000 -4,000
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Source: Company, Ambit Capital research Source: Company, Ambit Capital research

November 07, 2025 Ambit Capital Pvt. Ltd. Page 24

 Lenskart Solutions

Exhibit 59: Standalone FCF remained negative, while Exhibit 60: …driven by improved inventory turns and higher
consolidated FCF turned positive in FY25… profitability

FCF (Pre IND AS) PAT FCF (Pre IND AS) PAT
3,000 4,000
2,000
2,000
1,000
-
-
(1,000) (2,000)
(2,000)
(4,000)
(3,000)
(6,000)
(4,000)
(5,000) (8,000)
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Source: Company, Ambit Capital research Source: Company, Ambit Capital research

Exhibit 61: Standalone RoCE/RoE expanded by ~640/160bps Exhibit 62: Consolidated RoCE/RoE expanded by
over FY20-25 to 1%/3% driven by profitability ~770/450bps over FY20-25 to 3%/5% driven by profitability

ROCE* (Pre tax, Pre IND AS, in %) ROE (in %) RoCE* (Pre-tax, Pre IND AS 116, in %) ROE (in %)

5% 10%

0% 5%

-5% 0%

-10% -5%

-15% -10%

-20% -15%
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Source: Company, Ambit Capital research. *Ex-Goodwill Source: Company, Ambit Capital research. *Ex-Goodwill

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 Lenskart Solutions

Valuations bound to moderate

We expect Lenskart to deliver ~20% revenue CAGR over FY25–28E, driven by
continued India and global expansion. GM increase and operating leverage
should support ~630bps Pre-IND AS 116 EBITDAM expansion (~50% EBITDA
CAGR). However, as eyewear is a made-to-order category, scaling necessitates
capacity investments (~65% vs ~80% utilization for other manufacturing
categories), keeping the balance sheet heavy. Capex of ₹~20bn over FY25-28
will keep FCF in negative terrain till FY27 and pre-tax RoCE/RoIC expansion
capped to ~10%/~14% by FY28E, i.e. below Trent (~35%/~40%) and Nykaa
(~35%/~45%), despite similar revenue growth (20–23%). While revenue growth
and margin expansion profile justify a premium vs retail universe (35x FY28),
~48× FY28E Pre-IND AS 116 EV/EBITDA for India business vs ~46×/~40× for
Nykaa BPC/Trent (FY28E EBITDAM 11%/14%) with superior RoCE, indicate steep
valuations. CMP of ₹402 builds for 18% 2-decade revenue CAGR, implying global
market share of 6% by FY45 – more than 60% of Essilor Luxottica’s current share
in retail, which runs 18K stores. We initiate with SELL with 16% downside; our TP
of ₹337 implies 45x/22x FY28E EV/EBITDA for India/international business. Prefer
Titan, Metro Brands, Nykaa (BUYs) within our coverage. Within SELLs, prefer
Trent>VMM>Lenskart>DMart>JUBI

Rating on category-specific pecking order

From a category standpoint, eyewear stands out for its necessity-driven demand
and faster growth within organized retail, but we prefer jewellery and BPC
We assess discretionary categories based on growth potential and efficiency, taking into
account competitive intensity. Jewellery ranks highest due to cultural resilience and
benefiting from formalisation. Value retail and BPC follow, supported by high purchase
frequency and rising online penetration. Eyewear scores well on incremental growth for
organized players like Lenskart, although it is limited by scope for branded
premiumization and lower frequency. Footwear and QSR face lower entry barriers; hence,
investors will have to remain selective. Premium fashion and childcare trail given cyclical
demand and weaker moats.
Exhibit 63: Category pecking order within organised discretionary – eyewear is one of the better-placed categories within
retail owing to its essential nature and incremental growth potential, albeit purchase frequency is lower
Value retail Premium/As
Parameters Weights Jewellery BPC (incl Eyewear Footwear QSR pirational Childcare
grocery) fashion
Impact of subdued macros on the sector 10 4 3 4 4 2 2 3 3
Revenue
Category purchase frequency 15 3 4 4 2 3 3 3 4
Scope to increase mix of organised/online
15 4 3 4 3 4 3 3 2
channel
Incremental growth potential of listed cos. vs
15 3 3 3 4 2 2 2 2
overall consumption sector
Efficiency
Scope of premiumisation/branded
13 3 4 2 2 3 4 3 2
penetration increase
Operating leverage 13 2 2 2 3 3 3 2 2
Competition
Entry barriers for the sector 10 4 2 2 3 2 3 2 1
Competition within organised retail 10 2 3 1 2 3 2 2 3
Overall lucrativeness of the sector 100 3.1 3.1 2.9 2.9 2.8 2.8 2.5 2.4
Source: Ambit Capital research

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 Lenskart Solutions

Lenskart fares high on our ‘GRACE’ framework

Scoring category leaders on depth, width and reach
Not all retail leaders win in the same way - some focus on depth, some on width, and
some on expanding reach, with rare winners mastering all three. Titan balances depth,
width, and reach, owning jewellery across price points, expanding internationally, and
scaling lifestyle adjacencies. Trent blends depth in formats (Westside, Zudio) with width
across price points and adjacencies, although geographic expansion remains modest
(having just entered the GCC in FY25). DMart employs a depth-first strategy, establishing
dominance in the value grocery market through unmatched sourcing and pricing
discipline, albeit with limited breadth (GM&A) and reach (digital). VMM scores high on
depth and fares better than DMart on breadth due to its widespread category mix. MBL
leverages category depth and width, spanning multiple footwear use cases and price
bands. Nykaa has depth in beauty, width through a broad spectrum of price points, and
extension into fashion, but is currently restricted to a domestic reach (GCC foray through
Nykaa/UK foray through Kay are nascent; fashion is difficult to crack). FirstCry has depth
and width across childcare categories, with an online reach and price points, and
gradually increasing presence in GCC. Lenskart blends depth in eyewear with a pricing
ladder, except for luxury and international/3rd party brands and lower share in progressive
lens, making it India’s rare global retail story.
Exhibit 64: Lenskart’s retail journey - category depth meets global reach

Scope to play across multiple spectrums Titan Trent DMart Metro Nykaa Firstcry Lenskart
Highest score
Depth 4 4 4 4 4 4 4 4

Pricing Ladder (From value to premium) 4 3 2 4 4 3 3 3

Use Case Horizon (multi-occasion) 4 2 3 3 4 4 3 2

Multi-Geography Exposure (World as a Market)/multi category 4 2 1 1 2 2 4 1

Lowest score

Source: Ambit Capital research

Retailer scorecard on ‘GRACE’ framework

In our recent thematic, we built our proprietary ‘GRACE’ framework to assess value
creation in retail based on scalability, pricing discipline, operating leverage, capital
allocation, and competitive defensibility. Using sub-metrics scored on a 1–3 scale, they
are averaged per pillar and aggregated into a final score. We extend that framework to
leaders in multiple other categories, including BPC, eyewear and childcare. The outcome
is:
Outcome:
▪ Titan (5.30) ranks highest, underpinned by a strong growth runway, high pricing
power, and capital discipline, though partly offset by lower margin expansion
potential.
▪ Metro Brands (5.30) follows, benefiting from efficiency gains and strong competitive
moats in the branded footwear sector.
▪ Nykaa (5.20) and Lenskart (5.20) score higher, driven by scalability, wherein Lenskart
ranks ahead on market opportunity due to the world as a market, but Nykaa fares
better on capital efficiency.
▪ Trent (5.10) scores well on scalability but lags in pricing power, with premium fashion
brands lacking stickiness.
▪ Vishal Megamart (4.4) fares better than DMart (4.2) owing to an asset-light model
and lower risk from QC.
▪ FirstCry (3.9) ranks lowest given its narrower category runway and lower pricing
power.

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 Lenskart Solutions

Exhibit 65: Our GRACE framework to rank retailers suggest: Titan>MBL>Nykaa=Lenskart>Trent>VMM>DMart>Firstcry

Metro
Parameters Weights Lenskart Titan Trent DMart VMM Nykaa Firstcry
Brands
Growth/scalability/market opportunity 30% 6.0 6.0 5.0 4.0 4.0 6.0 5.0 3.0
Scope for core/existing formats to grow/category
3.0 3.0 3.0 3.0 3.0 3.0 3.0 2.0
size
Adjacencies/DNA to build multiple
3.0 3.0 2.0 1.0 1.0 3.0 2.0 1.0
formats/brands/model/geographies
Real pricing power 10% 2.0 3.0 2.0 2.0 2.0 3.0 3.0 1.0
Ability/need for margin expansion 20% 6.0 5.0 6.0 5.0 4.0 4.0 6.0 5.0
Oplev 3.0 1.0 1.0 1.0 1.0 1.0 2.0 2.0
Efficiencies 2.0 2.0 3.0 2.0 2.0 2.0 2.0 1.0
Favourable low base 1.0 2.0 2.0 2.0 1.0 1.0 2.0 2.0
Capital efficiency 20% 4.0 6.0 6.0 5.0 6.0 6.0 6.0 6.0
Working capital efficiency 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0
Asset-light model 1.0 3.0 3.0 2.0 3.0 3.0 3.0 3.0
Edge in competitive landscape 20% 6.0 5.0 5.0 4.0 5.0 6.0 5.0 4.0
Disruption risk - channel/product 3.0 3.0 3.0 2.0 3.0 3.0 3.0 2.0
Within the sector 3.0 2.0 2.0 2.0 2.0 3.0 2.0 2.0
Total 5.2 5.3 5.1 4.2 4.4 5.3 5.2 3.9
Source: Ambit Capital research

Global vs. domestic peers

As highlighted in our recent thematic, EssilorLuxottica represents a fully integrated global
eyewear leader with in-house lens and frame manufacturing, premium brands (Ray-Ban,
Oakley), third-party production (Prada, Chanel), and over 18,000 stores worldwide,
generating 80% of its revenue from North America and Europe. Lenskart localized the
model for India’s value-driven market, leveraging in-house manufacturing for
affordability, quick turnaround time, and design agility. Customer trust was built through
free eye tests, repairs, and BOGO offers, while frequent fashion drops made eyewear
aspirational. This model, supported by Brandex (~6.5% of India’s ad spend) and store
expansion, created exceptional stickiness (98% repeat rates) and market share gains,
increasing from 2% to 4.9% (FY20–25). EssilorLuxottica's retail business generates
blended revenue of ₹65mn per store, compared to ₹25mn for Lenskart, underscoring the
former’s brand superiority, not just in international countries with higher spending power.
Titan Eye+, though credible and expanding, remains smaller with ₹8bn revenue in FY25,
operating 900 stores via a hybrid model (55-60% own brands) and focusing on
premiumization and eyecare trust. Lenskart’s faster execution and deeper customer
engagement underpin its outperformance.

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 Lenskart Solutions

Exhibit 66: Lenskart has high GM but higher opex due to 100% B2C revenue model; EssilorLuxottica is a century-old brand +
retail business, which allows it to make higher margins, but RoCE is still depressed due to capex and goodwill-heavy B/S
EssilorLuxottica in Euro mn Lenskart (proforma) in ₹ mn Titan Eye + in ₹ mn
CY23 CY24 CY23 CY24 CY23 CY24
Stores 17,589 17,638 2,389 2,723 902 897
Revenue 25,395 26,508 53,234 65,240 7,240 7,960
Revenue YoY Growth (%) 4% 4% 45% 23% 5% 10%
Revenue (UCP)* 11,559 12,708
Revenue (UCP) YoY Growth (%) 5% 10%
Gross margin (%) 63% 64% 67% 69%
Employee spends as a % of sale 32% 31% 25% 25%
Advertisement and marketing as a % of sale 7% 6% 8% 8%
Other expenses as a % of sale 0% 2% 20% 19%
Operating margin (%) 24% 25% 14% 17% 21% 20%
EBITDAM (Pre-INDAS 116) 20% 21% 4% 7%
EBIT 3,176 3,447 70 2,589 850 850
EBIT as a % of sale 13% 13% 0% 4% 12% 11%
ROE (%) 5% 6% 0% 6%
RoCE (%) 6% 6% 0% 3% 33% 33%
RoCE excl G/w (%) 13% 14% 6% 11%
Source: Company, Ambit Capital research; Note: The above is on reported post IND AS/IFRS basis; *Titan uniform consumer price (UCP) assuming is ~50% higher
vs reported as implied in 2024 analyst meet; ** Luxottica India is primarily operating through brand/wholesale model

Exhibit 67: EssilorLuxottica generates equal revenue from its B2B and D2C model
in Euro mn % of sales
EssilorLuxottica revenue
CY22 CY23 CY24 CY22 CY23 CY24
North America 11,492 11,637 11,978 47% 46% 45%
of which Professional Solutions 5,243 5,337 5,454 21% 21% 21%
of which Direct to Consumer 6,249 6,300 6,524 26% 25% 25%
EMEA 8,749 9,184 9,759 36% 36% 37%
of which Professional Solutions 3,802 3,949 4,142 16% 16% 16%
of which Direct to Consumer 4,947 5,235 5,617 20% 21% 21%
Asia Pacific 2,842 3,036 3,247 12% 12% 12%
of which Professional Solutions 1,943 2,088 2,164 8% 8% 8%
of which Direct to Consumer 899 948 1,083 4% 4% 4%
Latin America 1,410 1,537 1,523 6% 6% 6%
of which Professional Solutions 781 825 787 3% 3% 3%
of which Direct to Consumer 629 712 736 3% 3% 3%
Total 24,493 25,394 26,507
Source: Company, Ambit Capital research; Note: Professional Solutions represents the wholesale business of the
company including 300,000 third-party eyecare professionals and Direct to Consumer represents the retail business

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 Lenskart Solutions

Initiate with SELL; 16% downside from CMP

We expect 20%/16% revenue CAGR over FY25-28/FY25-45 driven by 21%16% growth in
India and 18%/15% growth in international business. However, growth in
India/International businesses will be driven by store expansion and improved store
productivity. We expect a EBITDAM expansion of 211bps led by 51bps GM improvement
over the same period (led by a backward integration/sourcing efficiency), coupled with
operating leverage. Margin improvement, coupled with steady working capital, but ₹20bn
capex over FY25-28 would lead to restricted expansion in RoCE.
Exhibit 68: Our near-term assumptions over FY25-28E build in 20%/35% revenue/EBITDA growth
CAGR over
CAGR over
FY25
Estimates FY25 FY25-28E/
FY25 FY26E FY27E FY28E (Proforma)- Comments
(₹mn unless specified) (Proforma) avg
28E/ avg
expansion
expansion
P&L
Revenue 66,525 68,030 81,239 97,938 114,798 20% 19% Revenue is expected to grow at a
20% CAGR from FY25 to FY28,
India 40,605 38,853 48,317 59,853 71,755 21% 23%
driven by 21%/18% growth in
International 26,387 29,178 32,922 38,085 43,044 18% 14% India/International during the same.
India/International revenue growth
Stores 2,723 2,723 3,228 3,684 4,141 15% 15%
of 21%/18% is driven by store
India 2,067 2,067 2,517 2,917 3,317 17% 17% expansion, which is expected to grow
at 17%/8% CAGR coupled with
International 656 656 711 767 824 8% 8%
4%/9% improvement in store
Gross profit 45,181 46,857 55,911 67,709 79,723 21% 19% productivity.
GM % 68% 69% 69% 69% 69% 51bps 19bps
EBITDA Pre-IND-AS 116 3,821 5,123 7,540 10,489 13,824 54% 39%
India 4,095 4,095 6,059 8,224 10,792 38% 38% EBITDAM expansion of 211bps will
be driven by GM expansion of 51bps
International 631 1,028 1,482 2,266 3,033 69% 43% coupled with operating leverage.
EBITDAM Pre-IND-AS 116 5.7% 7.5% 9% 11% 12% 210bps 150bps EBITDAM on Pre-IND AS basis is
expected to see expansion of 210bps
India 10.5% 10.5% 13% 14% 15% 150bps 150bps over FY25-28E.
International 2.4% 3.5% 5% 6% 7% 155bps 117bps
PAT 3,018 3,812 3,480 5,303 7,583 36% 26%
Balance Sheet
Net debt (excl lease
-15,068 -2,767 -26,972 -28,937 -33,411 NA NA
liabilities)
Cash conversion days on
26 25 26 26 26 0% 1%
sales
Margin improvement, coupled with
ROE 5% 6% 5% 6% 8% 97bps 50bps steady working capital, but ₹20bn
RoCE (pre-tax) 2% 3% 4% 5% 7% 96bps 115bps capex over FY25-28 would lead to
restricted expansion in RoCE.
RoCE (pre-tax, Pre-IND AS
0% 2% 5% 7% 9% 167bps 225bps
116)
RoCE (pre-tax, Pre-IND-AS
1% 3% 7% 9% 11% 212bps 272bps
116, excl. GW)
Cash flow parameters
CFO 12,306 NA 11,352 15,139 19,212 16% NA
CFO Pre-IND AS 116 6,373 NA 3,846 6,236 8,947 12% NA Cash flow improvement shall be led
by profitability improvement. FCF to
FCF 8,142 NA 894 8,197 12,223 15% NA be negative till FY27 due to capex.
FCF Pre-IND AS 116 2,208 NA -6,612 -706 1,958 NA NA
Source: Company, Ambit Capital research

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 Lenskart Solutions

Exhibit 69: Long-term assumption builds in 16%/24% CAGR over FY25-45E in revenue/EBITDA (Pre IND AS), with Pre-IND AS
116 EBITDAM/RoCE (pre-tax) increasing to 23%/34% respectively
CAGR
Estimates (₹ mn unless specified) FY25 FY28E FY35E FY45E
FY25-28E FY28E-35E FY35E-45E FY25-45E
Revenue (₹mn) 66,525 114,798 313,926 1,253,221 20% 15% 15% 16%
India 40,605 71,755 206,390 808,530 21% 16% 15% 16%
International 26,387 43,044 107,536 444,692 18% 14% 15% 15%
GM % 24% 18% 15% 15% -200bps -40bps -4bps -46bps
EBITDA (Pre-IND-AS 116) 3,821 13,824 54,425 284,327 54% 22% 18% 24%
EBITDAM (Pre-IND-AS 116, %) 6% 12% 17% 23% 210bps 76bps 54bps 85bps
ROE 5% 8% 19% 32% 97bps 157bps 130bps 134bps
RoCE (Pre-tax, Pre-IND-AS 116) 0% 9% 18% 34% 278bps 139bps 153bps 167bps
RoCE (Pre-tax, Pre-IND-AS 116; excl. G/w) 1% 11% 20% 35% 354bps 132bps 144bps 171bps
FCF (Pre-IND-AS 116) 2,208 1,958 23,966 156,622 -4% 43% 21% 24%
Source: Company, Ambit Capital research

Our DCF-based TP of ₹337 implies 16% downside

Our TP of ₹337 factors 16% revenue CAGR over FY25-45E along with EBITDAM expansion
of ~75bps p.a. operating leverage offset by GM contraction, also resulting in ~35% RoCE
(pre-tax, pre–IND AS 116) by FY45E. Our TP of ₹337 is based on 13% WACC and terminal
growth of 7%.
Exhibit 70: TP of ₹337 implies FY27E/FY28E EV/Sales of 6x/5x and EV/EBITDA (Pre-IND AS
116) of 55x/42x
Particulars ₹ mn
PV of FCF 194,408
Terminal Growth rate % 7%
Terminal Value 3,176,915
PV of Terminal Value 362,456
Total value of Firm 556,864
Less: Net Debt (cash) (33,411)
Less: Minorities 1,160
Total Equity Value 589,115
Number of shares o/s (m) 1,734
Value Per Share 337
CMP 4032
% Upside/(Downside) -16%
Source: Ambit Capital research

Reverse DCF suggests 18% revenue CAGR, 20% exit EBITM

Reverse DCF implies 18% revenue CAGR and 20% exit EBIT margin, translating into
Lenskart achieving ~6% global market share by FY45. This appears aggressive when
compared with EssilorLuxottica’s 9% implied share in CY24 within retail, as that business
is supported by its vast retail network of ~18,000 stores across +10 banners
(LensCrafters, Pearle Vision, Vision Express, Apollo, Générale d’Optique, GrandVision,
OPSM, and Sunglass Hut) across the global landscape. Further, EssilorLuxottica’s retail
business generates ~₹65mn revenue per store vs ₹25mn for Lenskart, reflecting its
superior brand equity beyond merely higher international spending power - Ray-Ban and
Oakley commanding 25% global premium share.

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 Lenskart Solutions

Exhibit 71: Reverse DCF implies 18% revenue CAGR over FY25-45 and market share of 5%....
CAGR
Market share size FY20 FY25 FY28 FY35 FY45
FY25-28E FY28E-35E FY35E-45E FY25-45E
India market size (₹bn) 429 788 1,137 2,393 4,847 429 788 1,137 2,393
Lenskart India revenue 9 39 72 206 809 9 39 72 206
India market share 2.1% 4.9% 6.3% 8.6% 16.7% 2.1% 4.9% 6.3% 8.6%
Global market size (₹bn) 13,622 15,207 17,604 23,633 31,187 13,622 15,207 17,604 23,633
Lenskart total revenue 9 65 115 314 1,253 9 65 115 314
Lenskart's global market share 0.1% 0.4% 0.7% 1.3% 4.0% 0.1% 0.4% 0.7% 1.3%
Lenskart total revenue as per RDCF 9 65 122 388 1,785 9 65 122 388
Lenskart's global market share as per RDCF 0.1% 0.4% 0.7% 1.6% 5.7% 0.1% 0.4% 0.7% 1.6%
Source: Company, Ambit Capital research; Note: Red are assumptions

Exhibit 72: …half of EssilorLuxottica’s, the global giant’s retail business, which runs 18K
stores under ~10 banners in the affordable premium segment
Global companies Current implied market share of global peers
EssilorLuxottica SA 15.8%
of which direct to consumer business 9.3%
Fielmann Group AG 1.3%
National Vision Holdings Inc 1.0%
Warby Parker Inc 0.4%
JINS Holdings Inc 0.4%
Source: Company, Ambit Capital research; Note: Direct to Consumer of EssilorLuxottica represents the retail business
of the Group, i.e., the supply of the Group’s products and services directly to the end consumer either through the
network of physical stores operated by the Group (brick and mortar) or the online channel (e-commerce)

Comparison with other lifestyle retailers

Corporate overheads dragging the profitability of Lenskart
We dissect the profit model of new-age retailers to understand key drivers. Nykaa and
FirstCry are online-first, with 90%/77% of revenue from online channels. Lenskart, shaped
by category needs, is offline-heavy with ~75% mix. Lenskart enjoys high GM vs peer
categories due to a ~100% own-brand and in-house manufacturing. Its cost base is
driven by employee spend (corporate/international), franchisee payouts (which should
reduce due to the Dealskart acquisition), rentals and marketing, yielding ~8% Pre-IND
AS EBITDAM (10% pro forma). For Nykaa/FirstCry, employee, marketing and fulfilment
dominate, delivering 4%/flat EBITDAM vs 44%/37% GM. Further, India business EBITDAM
for Lenskart is ~10% vs 12% for Nykaa BPC and 3% for Firstcry India segments. Despite
superior margins, Lenskart’s RoCE lags Nykaa due to an asset-heavy balance sheet;
working capital cycles are similar (~45 days).

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 Lenskart Solutions

Exhibit 73: Trent and Nykaa score better on RoCE due to a better margin profile and asset-
light model
FY25; ₹ mn unless specified; Apparel BPC Childcare Eyewear (Lenskart)
Pre-IND AS 116 (Trent) (Nykaa) (Firstcry) Proforma Reported
Own Brand Mix (in %) 100% 14% 55% 95% 95%
GM (%) 44% 44% 37% 69% 68%
Employee (%) 7% 9% 10% 25% 21%
Branding/marketing (%) 1% 13% 8% 8% 7%
Fulfilment (%) 3% 9% 9% 4% 3%
Rent Pre-IND AS 13% 2% 4% 10% 9%
Commission to franchisees (%) - - - 0% 11%
EBITDAM (Pre-IND AS) (%) 13% 4% 0% 7% 6%
Core business EBITDAM** 10% 2% 11% 11%
EBITM Pre-IND AS (%) 11% 3% -3% 1% 0%
Inventory turns (x) 8.2 6.1 2.6 6.0 6.2
Asset turn (x) 2.4 2.4 1.2 0.8/1.1* 0.8/1.1*
Pre-IND AS 116 RoCE 44% 16% -6% 1% 0%
Pre-IND AS 116 RoCE (ex goodwill) 44% 16% -7% 2% 1%
Source: Company, Ambit Capital research; Note: The above numbers are at the consolidated level; we have added
Trent for comparison with other offline retailers; *Asset turn (excl. Goodwill); **Core business includes India business
for Lenskart, B2C BPC for Nykaa and multi-channel India business for Firstcry

Exhibit 74: Current valuation suggests FY28 pre IND AS EV/EBITDAM multiple of 55x/30x/48x for Lenskart’s
India/international/consol. segments; India multiples are at a premium of 20-30% of Nykaa & Trent and international at
~50% premium of global peers which trade at 10-22x
Trent Lenskart Nykaa
Business segments
Fashion Domestic Global BPC Fashion
Mkt Size (₹tn) 7.0 0.8 1.5 1.5 0.7
Org mkt growth (₹tn) 12% 14% 4% 12% 15%
Company comps
Revenue growth profile (FY25-28) 20% 23% 17% 23% 20%
EBITDA pre IND AS 116 growth profile (FY25-28) 23% 35% 65% 23% 20%
Margin profile (FY28) 14% 15% 7% 11% 5%
RoCE profile (FY28) 40% 11% 3% 35-40% 10%
Pre IND AS116 EV/EBITDA (FY28) 41 55 25 48 NA
Source: Company, Ambit Capital research

Exhibit 75: Expect revenue CAGR of 16% for FY25-45E in Exhibit 76: …with EBIT CAGR in FY25-45E at 42%, one of the
Lenskart… highest among discretionary/new age peers, on low base

Revenue CAGR FY25-45 EBIT CAGR FY25-45

45% 41%1 42%
25% 23%1
40%
33%2
35%
20% 27%
15% 16% 16%1 16% 16% 30% 26%3
15% 14% 25%
18%
20% 16%
10% 15%
5% 10%
5%
0% 0%
Titan

Titan
Swiggy

Nykaa

Swiggy

Nykaa
Zomato

Firstcry

Zomato

Firstcry
Trent

Trent
Lenskart

Lenskart

Source: Company, Ambit Capital research. 1FY25-40E Source: Company, Ambit Capital research 1FY27-40E 2FY29-40E 3FY28-40E

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 Lenskart Solutions

Exhibit 77: At 6x, current valuation suggests Lenskart’s Exhibit 78: Current valuation suggests Lenskart’s domestic
consol. business trades at 10/35% premium to Trent /Nykaa, (consol.) business trades at 55x (48x) FY28 pre IND AS 116
i.e. at on FY28 EV/sales… EV/EBITDA, i.e., a premium of 20%/30% vs Nykaa BPC/Trent

100% 100%

FY25-28E EBITDA (Pre IND

FY25-28E Revenue CAGR

90%
Zomato 69
80% 80%
Zomato 1 70% Lenskart

AS CAGR)
60% Swiggy 1 60% 48
Nykaa 61
50% Titan 37
40% Nykaa 5 40%
Trent 6 Lenskart
30% Nykaa BPC India 55
20% 20% 46
Firstcry 2 Titan 4 Lenskart 6 10% Trent 41
0% 0%
0 2 4 6 30 40 50 60 70 80

FY28 EV/Sales FY28 EV/EBITDA (Pre IND AS)

Source: Company, Ambit Capital research. Size of the bubble represents FY25 Source: Company, Ambit Capital research. Note: size of the bubble represents
revenue FY25 EBITDA (Pre-IND-AS 116)

Exhibit 79: …despite having a similar revenue growth over FY25-28, margin profile and
lower RoCE as Trent and similar revenue growth profile and lower ROCE vs Nykaa

50% Trent 41
FY28 RoCE (Pre-tax, Pre IND

40% Nykaa 61
Nykaa BPC 46
30%
AS 116)

20% Titan 38

Lenskart 48
10% Lenskart India 55
Zomato 69
0%
30 40 50 60 70 80

FY28 EV/EBITDA (Pre IND AS)

Source: Company, Ambit Capital research. Note: size of the bubble represents FY25 EBITDA (Pre-IND-AS 116)

Catalysts & risks

Catalysts
▪ Moderation of growth momentum: Revenue growth momentum of 20% over FY25-
28E to be lower vs overall/organic 55%/45% CAGR over FY19-25.
▪ Productivity normalization: Revenue per store is projected to grow at ~4.5% CAGR
vs 11% over FY19–25, as Lenskart already leads the industry in throughput and may
face cannibalization in mature markets.
▪ FCF to be negative over FY25-27 and inherent lower RoCE vs peers: FCF to
remain negative till FY27 due to new capacity set up in Hyderabad and network
expansion. Despite ~450bps EBITDAM expansion, pre-tax RoCE/RoIC will stay modest
at ~9% vs ~40% for peers like Trent, Titan, and Nykaa.

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 Lenskart Solutions

Risks
▪ International business profitability: Currently, we are assuming international
business will expand Pre-IND AS 116 EBITDAM by 465bps to 7% by FY28, lower vs
India business’ EBITDAM of 15%. If the company is able to bring in more efficiencies
in the International business, margin expansion could be higher than expected.
▪ Incubation of newer banners: There would be upside risk to growth estimates if
the company launches/acquires new formats.

Exhibit 80: Explanation of flags on the first page

Field Score Comments
Lenskart scores average on accounting checks as it has been generating positive Pre-IND AS 116 CFO/FCF only for
Accounting AMBER
the last 2/1 years. Further, we expect FCF to remain in negative terrain for the next 2 years.
Predictability AMBER Earnings are predictable, but are subject to sustenance of pace of store addition and productivity improvement.
There are no consensus numbers for the company, but revenue momentum is expected to decelerate on a high
Earnings Momentum AMBER
base from 33% over FY23-25 to ~20% over FY25-28.
Source: Ambit Capital research

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 Lenskart Solutions

Exhibit 81: Lenskart trades at 10%/30% premium to Trent/Nykaa on FY28 EV/Sales; 48x FY28E EV/EBITDA (Pre-IND AS) vs 41x for Trent with similar revenue growth and FY28
EBITDAM of 12% vs 13% respectively; Lenskart’s international business seems to be trading at a 50% premium to global peers
Current EV/EBITDA
Mcap Mcap EV/Sales P/E FY25-28 growth RoE
BBG Code Company CMP TP (₹) Rating (Pre IND AS)
(₹ bn) ($mn)
FY26E FY27E FY28E FY26E FY27E FY28E FY26E FY27E FY28E Revenue EBITDA PAT FY26E FY27E FY28E
LKART IN EQUITY Lenskart Solutions Ltd 697 7,890 402 337 SELL 9 7 6 89 64 48 202 132 92 20% 35% 36% 5% 6% 8%
Jewellery
TTAN IN EQUITY Titan Co Ltd 3,386 38,164 3,814 4,091 BUY 6 5 4 54 46 38 77 61 51 16% 18% 26% 24% 26% 27%
KALYANKJ IN EQUITY Kalyan Jewellers India Ltd 540 6,083 523 NA NR 2 1 1 20 17 13 47 38 31 24% 26% 35% 21% 22% 22%
SENCO IN EQUITY Senco Gold Ltd 55 617 334 594 BUY 1 1 1 12 10 8 21 18 14 19% 22% 20% 12% 13% 14%
Apparel & Value Retail
DMART IN EQUITY Avenue Supermarts Ltd 2,722 30,680 4,182 3,693 SELL 4 3 3 54 45 38 87 72 61 17% 17% 15% 13% 14% 14%
TRENT IN EQUITY Trent Ltd 1,657 18,676 4,661 4,696 SELL 8 7 6 62 50 41 95 72 58 21% 24% 21% 26% 28% 28%
VMM IN Equity Vishal Mega Mart Ltd 670 7,555 143 130 SELL 5 5 4 54 46 39 84 70 58 17% 19% 22% 12% 13% 14%
PAG IN EQUITY Page Industries Ltd 448 5,046 40,135 36,662 SELL 9 8 7 39 35 31 60 53 46 10% 10% 10% 48% 45% 43%
Aditya Birla Lifestyle
ABLBL IN EQUITY 167 1,886 137 142 SELL 3 2 2 25 20 17 80 51 36 9% 12% 98% 15% 20% 23%
Brands Ltd
Aditya Birla Fashion and
ABFRL IN EQUITY 103 1,157 84 79 SELL 2 1 1 NA NA NA NA NA NA 13% 27% NA NA NA NA
Retail Ltd
MANYAVAR IN
Vedant Fashions Ltd 157 1,766 645 NA NR 11 10 9 20 18 138 40 35 31 9% 8% 7% 21% 21% 21%
EQUITY
VREL IN Equity V2 Retail Ltd 89 1,008 2,452 NA NR 3 2 NA 24 NA NA 64 35 NA NA NA NA 28% 34% NA
VMart IN Equity V-Mart Retail Ltd 66 745 832 NA NR 2 2 1 14 12 473 69 49 34 17% 23% 60% 11% 14% 15%
STYLEBAA IN Equity Baazar Style Retail Ltd 25 280 333 NA NR 2 2 1 NA NA NA 108 64 37 24% 28% 65% 6% 10% 13%
SHOP IN Equity Shoppers Stop Ltd 53 601 484 NA NR 2 2 1 14 13 NA 190 85 67 12% 8% 125% 4% 13% 14%
GOCOLORS IN
Go Fashion India Ltd 35 392 645 NA NR 4 3 3 13 11 NA 37 30 25 13% 13% 15% 13% 13% 14%
EQUITY
VMart IN Equity V-Mart Retail Ltd 59 667 739 NA NR 2 2 1 18 14 11 128 55 39 16% 23% 64% 6% 12% 15%
Footwear
METROBRA IN EQUITY Metro Brands Ltd 308 3,470 1,130 1,356 BUY 11 9 8 50 42 34 75 62 50 17% 18% 20% 23% 27% 31%
BATA IN EQUITY Bata India Ltd 137 1,545 1,066 1,004 SELL 4 4 3 30 27 23 57 51 42 6% 9% -1% 15% 16% 18%
RLXF IN EQUITY Relaxo Footwears Ltd 108 1,216 433 415 SELL 4 3 3 27 24 21 52 44 37 8% 14% 20% 10% 11% 12%
CAMPUS IN EQUITY Campus Activewear Ltd 84 950 276 253 SELL 5 4 4 36 30 25 63 49 40 11% 17% 20% 17% 19% 20%
New Age
NYKAA IN FSN E-Commerce
718 8,091 251 262 BUY 7 6 5 130 84 61 371 170 105 24% 45% 110% 14% 25% 30%
EQUITY Ventures Ltd
FIRSTCRY IN EQUITY Brainbees Solutions Ltd 182 2,053 349 395 SELL 2 2 2 NA NA 100 -971 58 29 16% 62% NA NA 0% 4%
HONASA IN EQUITY Honasa Consumer Ltd 91 1,030 281 397 BUY 4 3 3 67 49 36 58 42 30 15% 62% 52% 11% 13% 16%

November 07, 2025 Ambit Capital Pvt. Ltd. Page 36

 Lenskart Solutions

Current EV/EBITDA
Mcap Mcap EV/Sales P/E FY25-28 growth RoE
BBG Code Company CMP TP (₹) Rating (at CMP)
(₹ bn) ($mn)
FY25 FY26E FY27E FY25 FY26E FY27E FY25 FY26E FY27E Revenue EBITDA PAT FY25 FY26E FY27E
QSR
JUBI IN EQUITY Jubilant Foodworks Ltd 392 4,414 593 588 SELL 6 5 5 46 37 31 138 88 68 16% 19% 44% 12% 16% 19%
DEVYANI IN NA NA NA
Devyani International Ltd 196 2,213 159 139 SELL 4 3 3 36 28 22 247 113 68 15% 123% NA
EQUITY
SAPPHIRE IN
Sapphire Foods India Ltd 92 1,032 285 353 BUY 3 3 2 36 25 19 560 105 69 13% 19% 100% 2% 7% 9%
EQUITY
Eyewear (Global Peers)
EL FP EQUITY EssilorLuxottica SA 14,933 168,330 32,242 NA NR 6 5 5 26 25 22 45 40 35 11% 13% 26% 7% 8% 9%
FIE GR EQUITY Fielmann Group AG 399 4,501 4,754 NA NR 2 2 2 10 9 9 19 17 15 11% 16% 24% 21% 21% 21%
3046 JP EQUITY JINS Holdings Inc 105 1,183 4,378 NA NR 2 2 1 10 9 9 20 18 16 9% 11% 10% 26% 24% 22%
National Vision Holdings
EYE US EQUITY 180 2,027 2,271 NA NR 1 1 1 37 31 26 37 31 26 8% 9% NA 7% 7% 8%
Inc
WRBY US EQUITY Warby Parker Inc 213 2,396 1,743 NA NR 3 2 2 27 21 16 74 44 36 17% 52% NA 11% 12% 14%
Source: Bloomberg, Ambit Capital research. Note: Updated as of 5 Nov 2025
th

November 07, 2025 Ambit Capital Pvt. Ltd. Page 37

Accounting & Governance Checks
Well-known auditor and reasonable audit fees
Lenskart's auditor is S.R. Batliboi and Co. LLP, an EY affiliate, since FY20. Before that, BSR
& Associates, a KPMG affiliate, conducted the audit. Audit fees have increased over the
years due to acquisitions. In FY25, the auditor's remuneration was ₹ 12mn and stood at
0.02% of revenue over FY23-25. The signing partner for Lenskart's books also serves as
the signing partner for Info Edge (India), TV Today Network, Delhivery, and Easy Trip
Planners.
Exhibit 82: Auditor remuneration remains stable at 0.02% of revenue over FY23-25
Auditor fees
FY19 FY20 FY21 FY22 FY23 FY24 FY25
(₹ mn, unless specified)
Statutory audit 3 3 4 5 7 8 11
Other service - 2 - - 0 0 0
Out of pocket expenses - - - - 0 1 1
Total audit fees 3 5 4 5 8 9 12
as a % of revenue 0.07% 0.06% 0.04% 0.03% 0.02% 0.02% 0.02%
Source: Company, Ambit Capital research

No significant related-party transactions

As of FY25, Lenskart and its subsidiaries operate with three joint ventures and three
associates. Related-party income, which comprises management, advisory and dividend
income from these ventures and associates, was ₹19mn in FY25, representing 0.03% of
total revenue. Related party expenditures (RPE) account for 2-3% of total expenses. Of the
total RPE, ₹976mn (91%) pertained to the purchase of raw materials from associates and
JVs, while the remaining ₹97mn (9%) pertained to KMP remuneration. During FY25, total
compensation (incl. provision of incentives) paid to KMP are Peyush Banasal (₹58.11mn),
Neha Bansal (₹23.49mn), Abhishek Gupta (₹17.96mn) and Preeti Gupta (₹2.87mn).
Exhibit 83: Related-party income was sub-1% over FY23-24 Exhibit 84: Related-party expense was sub-5% over FY23-25
Related party Income (RPI) Related party expense (RPE)
FY23 FY24 FY25 FY23 FY24 FY25
(₹ mn, unless specified) (₹ mn, unless specified)
Advisory Services/Management Income - 9 19 KMP Remuneration 1
83 86 97
Dividend - 30 - Professional Services 0 0 0
Total Related Party Income - 39 19 Purchase of raw material 959 972 976
RPI YoY Growth (%) -50% Royalty expense 1 0 1
RPI as a % of Income 0.00% 0.07% 0.03% Royalty Income 0 0 0
Source: Company, Ambit Capital research Share-based Payment 0 3 0
Software Expenses 1 1 1
Total Related Party Expense 1,043 1,062 1,076
RPE YoY Growth (%) 49% 2% 1%
As a % of total expense2 3% 2% 2%
Source: Company, Ambit Capital research. 1It includes salaries and non-cash
benefits and excl. provision for gratuity and compensated absences 2Total
expenses = COGS + Employee benefit expense + Other expense

As of FY25, Lenskart has transactions with 12 subsidiaries and five joint

ventures/associates. Related party income accounts for 2–3% of total standalone revenue
over FY23–FY25 and includes the sale of goods, interest income on loans to related
parties, service income, and lease income. In FY25, of the total related party income of
₹694mn, ~90% was from the sale of goods and interest income. Related-party expenses
represented 5–8% of total standalone expenses over FY23–FY25. In FY25, related-party
expenses were ₹2.7bn, of which ₹1.2bn related to maintenance expenses (Dealskart),
36% to purchase of raw materials, and the remainder to rental expenses, management
fees, professional fees, and KMP remuneration.

November 07, 2025 Ambit Capital Pvt. Ltd. Page 38

Exhibit 85: Related-party income accounted for 2% of the Exhibit 86: Related party expenses accounted for 5-8% of the
total standalone revenue over FY23-25 total standalone expense over FY23-25
₹ mn, unless specified FY23 FY24 FY25 ₹ mn, unless specified FY23 FY24 FY25
Sale of good 398 418 438 Maintenance expense 0 0 1,238
Interest income loan 136 171 198 Purchase of goods 941 972 974
Sale of PPE 11 41 30 Management Fees 105 140 131
Service income 0 9 19 Rental expense 0 0 152
Lease income 0 0 8 Professional fees 0 70 126
Dividend Receivable 0 30 0 KMP Remuneration1 83 86 97
Total RPI 545 669 694 Training expense 171 28 28
RPI YoY Growth (%) 13% 23% 4% CSR contribution 7 10 13
RPI as a % of total income 2% 2% 2% Reimbursement of expenses 174 34 -21
Source: Company, Ambit Capital research Provision for Impairment 0 62 0
Total RPE 1,483 1,411 2,743
RPE YoY Growth (%) 54% -5% 94%
RPE as a % total expenses 2
7% 5% 8%
Source: Company, Ambit Capital research. 1It includes salaries and non-cash
benefits and excl. provision for gratuity and compensated absences 2Total
expenses = COGS + Employee benefit expense + Other expense

Litigations against Lenskart are non-material

There are no pending criminal proceedings against Lenskart. Certain cases are pending
pertaining to direct and indirect taxes, but the cumulative amount against the company
amounts to ₹1bn (~2% of the net worth).
Exhibit 87: Tax proceedings against the company Exhibit 88: Tax proceedings against the subsidiaries
Nature of Case Number of cases Amount involved (in ₹ mn) Nature of Case Number of cases Amount involved (in ₹ mn)
Direct Tax 4 180 Direct Tax 4 0
Indirect Tax 16 842 Indirect Tax 10 384
Total 20 1,022 Total 14 384
Source: Lenskart RHP, Ambit Capital research Source: Lenskart RHP, Ambit Capital research

Media articles suggest franchisees have alleged unfair competition (new company stores
nearby), opaque accounting, manipulated settlements, and forced renovations, with FI₹
filed in Karnataka and Indore citing financial fraud. Based on other media articles,
franchisees have complained to SEBI, alleging Lenskart has under-reported the scale of
an FIR involving 13 stores, accusing it of financial manipulation and disclosure lapses in
its RHP. We believe that the financial materiality is limited – 13 outlets versus a ~2.1K
store network, but the concern is more about governance and accountability, and SEBI is
likely to seek clarifications. Store-level checks show reported numbers corroborate
footfalls and sales. Even FirstCry followed a similar path, initially scaling through
franchisees to keep the balance sheet light before COCO stores became dominant

November 07, 2025 Ambit Capital Pvt. Ltd. Page 39

HAWK Analysis
Lenskart's scores average on accounting checks. The company has been generating
positive Pre-IND AS operating for the last two years and free cash flow from FY25
onwards. The depreciation rate has been volatile. However, the company generates stable
cash yields, has minimal contingent liabilities, and a low risk on receivables. Additionally,
miscellaneous expenses are low, accounting for less than 1% of revenue. However,
Lenskart is audited by S.R. Batliboi & Associates LLP. The correlation between auditor
remuneration and revenue remained <0.5 during FY22–FY24 but increased to 1.9 in
FY25 due to a higher growth in auditor fees relative to revenue. The rise in auditor fees
was primarily attributable to an increase in statutory audit fees. Additionally, 5% of total
revenue in FY25 was not audited by the main auditor.
Exhibit 89: Details of accounting checks
Particulars FY20 FY21 FY22 FY23 FY24 FY25 Comments
P&L Mis-Statement Checks
Consol. EBITDA (Pre-IND AS) and CFO (Pre-tax, Pre-IND AS) were
CFO (Pre Tax)/EBITDA (Pre-
NA NA NA NA 35%
195% negative. From FY24 onwards, both started showing positive
IND AS)
trends, driven by profit generation and an increase in depreciation.
Volatility In Depreciation Rate Depreciation rate has been volatile due to changing asset mix and
- -65bps 439bps -940bps 242bps 222bps
(bps) timing of new asset additions.
Provision For Doubtful
The rise in provisions for doubtful debt, coupled with no history of
Debtors As % of Debtors O/s 0% 0% 16% 53% 95% 100%
write-offs, indicates low risk on receivables.
> 6 Months
Balance Sheet Mis-Statement Checks
Cash yield is primarily generated from fixed deposits and
Cash Yield (%) 1% 6% 6% 4% 5% 4%
commercial paper.
Contingent Liabilities As % Of Contingent liability relates to income tax and GST/Customs
0% 0% 1% 0% 1% 1%
Net Worth matters, but the amount is not significant.
Specific Cash Outflows Checks
Miscellaneous Expenses As %
DNA DNA DNA 0% 0% 0% Negligible amount is reported under miscellaneous expense
Of Total Revenues
CWIP relates to ongoing capital projects and physical infrastructure
CWIP/Gross Block* 0% 3% 52% 5% 2% 3% investments. An increase in the gross block, resulting from
acquisitions, led to a fall in the ratio.
Consolidated FCF Pre-IND AS 116 was negative until FY24.
FCF (Pre-IND AS)/Revenue NA NA NA NA NA 3% However, it improved in FY25 due to better profitability and
improvement in working capital.
Audit Quality Checks
Non-audit fees have remained at 11% for the past 3 years. These
Non-Audit Fees as Proportion
40% 0% 0% 11% 11% 11% fees include out-of-pocket expenses and other services (nature
of Total Fees
unknown).
% Assets Not Audited By Main
1% 2% 5% 15% 16% 19% In FY25, 19% of assets and 5% of revenue were not audited by the
Auditor
company's auditors, a consequence of an increase in subsidiaries
% Revenues Not Audited By
2% 4% 7% 1% 1% 5% from acquisitions.
Main Auditor
The ratio remained <0.5 during FY22–FY24. In FY25, it increased
Growth In Revenue/Growth to 1.9 due to a higher growth in auditor fees compared to revenue.
DNA DNA 0.3 0.4 0.2 1.9
In Auditor Remn. The increase in auditor fees was primarily driven by a rise in
statutory audit fees.
S.R. Batliboi & Co. LLP has been the auditor for Lenskart since
Association (No. Of Years)
1 2 3 4 5 6 FY20, taking over from BSR & Associates, which audited the
With Current Auditor
company's books before FY20.
Qualification Or Emphasis Of
Matter (Eom) In Audit Report No No No No No No
(Yes/No) There has been no qualification and voluntary resignation
Number Of Voluntary
NA NA NA NA NA NA
Resignations
Source: Company, Ambit Capital research. *Gross Block excludes Gross Block pertaining to Land and Goodwill

November 07, 2025 Ambit Capital Pvt. Ltd. Page 40

KMP & senior management
The key managerial personnel include Peyush Bansal (MD & CEO), Neha Bansal, and
Amit Chaudhary, who have been with the company since its inception. The remaining
members possess relevant experience, and most have been with the company for over
three years.
Exhibit 90: Key managerial & senior managerial personnel profiles
With
Name Designation Company Background
since
KMP

▪ Education: [Link] (Hons. Electrical), McGill University, Canada.

▪ Experience: Previously associated with Microsoft Corporation, USA.
Chairman, MD & ▪ Directorship: Lenskart Eyetech Pvt. Ltd., Lenskart Foundation, Wehear Innovations Pvt. Ltd.,
Peyush Bansal 19-May-08
CEO Visionsure Services Pvt. Ltd., Dimension NXG Pvt. Ltd., Lenskart Solutions Pte. Ltd., Lenskart
Solutions Company Ltd., Lenskart Solutions Sdn. Bhd., Lenskart Optical Trading LLC, Pt Lenskart
Solutions, Neso Brands Pte. Ltd., Owndays Inc., MLO K.K., Lenskart Solutions (Thailand) Company
Ltd., Thai Eyewear Company Ltd. and Baofeng Framekart Technology Ltd.
▪ Education: [Link] (Hons.), Gargi College, University of Delhi; Member, Institute of Chartered
Executive Director, Accountants of India.
Neha Bansal Global Head of 19-May-08 ▪ Experience: Independent Director, Vishal Mega Mart Ltd.
Merchandising ▪ Directorship: Lenskart Eyetech Pvt. Ltd., Lenskart Foundation, Vishal Mega Mart Ltd., Visionsure
Services Pvt. Ltd., Owndays Inc.
▪ Education: [Link], Birla Institute of Technology, Mesra.
▪ Directorships: Voicetree Technologies Pvt. Ltd., Tango IT Solutions India Pvt. Ltd., Quantduo
Executive Director,
Amit Technologies India Pvt. Ltd., Lenskart Solutions Pte. Ltd, Lenskart Solutions Company Ltd., Lenskart
Global Head of 08-Jul-09
Chaudhary Solutions Sdn. Bhd., Lenskart Optical Trading LLC, Pt Lenskart Solutions, Lenskart Solutions
Expansion
Company Ltd., Vietnam, Lenskart Optical Lenses Cutting L.L.C, Lenskart Arabia Ltd. and Owndays
Inc.
▪ Education: [Link], Panjab University; PG Program in Management, Indian School of Business;
Abhishek
CFO 26-Aug-24 Associate, Institute of Chartered Accountants of India; Programs at Harvard University.
Gupta
▪ Experience: OYO WorkSpaces; Oravel Stays Ltd. (Group CFO); General Electric; Philips India Ltd.
▪ Education: Member, The Institute of Company Secretaries of India (ICSI).
Preeti Gupta CS 20-Oct-14
▪ Experience: Over 10 years with the Company.
Senior Management
Ramneek Global Head of ▪ Education: M.S. Industrial Engineering, Georgia Institute of Technology.
14-May-12
Khurana Technology ▪ Experience: Michelin India Tyres Pvt. Ltd.
▪ Education: [Link] Chemical Engineering, IIT Kanpur; Online Certification, Digital
Ashwani Global Head of
12-Jul-21 Transformation, MIT Sloan.
Agarwal Operations
▪ Experience: Hindustan Unilever Ltd.
Global Head of
Sumeet Sourcing, Co- ▪ Education: [Link] (Hons.), University of Delhi
29-Sep-11
Kapahi founder and ▪ Experience: Ray-Ban Sun Optics India Ltd.
Promoter
Head of Southeast
Takeshi ▪ Education: Certificate of Graduation, Ritsumeikan University, Japan
Asia and Japan 10-Aug-22
Umiyama ▪ Experience: Owndays Co, Ltd (since Oct 2013); Owndays Singapore Pte. Ltd (since Apr 2016).
Division
▪ Education: [Link], Sambalpur University.
Natraj Head of
16-Jan-25 ▪ Experience: NEC India, Walmart Global Technology, Wipro, ANI Technologies, Zolve
Choudhury Engineering
Innovations.
Lavanya ▪ Education: Bachelor’s in Law, Bangalore University.
General Counsel 21-Feb-22
Chandan ▪ Experience: OLX India Pvt. Ltd.; Trilegal
Source: Lenskart RHP, Ambit Capital research

November 07, 2025 Ambit Capital Pvt. Ltd. Page 41

Board complies with regulatory requirements
The BOD of Lenskart consists of 8 members, of which 3 are executive directors, 1 is a non-
executive director, and 4 are Independent directors. Lenskart has a qualified and
reasonably diversified board from various areas of expertise, including consumer, BFSI, IT
& fintech. There are two women directors (one executive director and another
independent director) on the board.
Exhibit 91: Composition of the board of directors complies with the regulatory requirement
With
Age
Name Company Background
(Yrs)
since
Executive Director
▪ Education: [Link] (Hons. Electrical), McGill University, Canada.
▪ Experience: Previously associated with Microsoft Corporation, USA.
▪ Directorship: Lenskart Eyetech Pvt. Ltd., Lenskart Foundation, Wehear Innovations Pvt. Ltd.,
Peyush Bansal 41 19-May-08 Visionsure Services Pvt. Ltd., Dimension NXG Pvt. Ltd., Lenskart Solutions Pte. Ltd., Lenskart Solutions
Company Ltd., Lenskart Solutions Sdn. Bhd., Lenskart Optical Trading LLC, Pt Lenskart Solutions,
Neso Brands Pte. Ltd., Owndays Inc., MLO K.K., Lenskart Solutions (Thailand) Company Ltd., Thai
Eyewear Company Ltd. and Baofeng Framekart Technology Ltd.
▪ Education: [Link] (Hons.), Gargi College, University of Delhi; Member, Institute of Chartered
Accountants of India.
Neha Bansal 43 19-May-08 ▪ Experience: Independent Director, Vishal Mega Mart Ltd.
▪ Directorship: Lenskart Eyetech Pvt. Ltd., Lenskart Foundation, Vishal Mega Mart Ltd., Visionsure
Services Pvt. Ltd., Owndays Inc.
▪ Education: [Link], Birla Institute of Technology, Mesra.
▪ Directorship: Voicetree Technologies Pvt. Ltd., Tango IT Solutions India Pvt. Ltd., Quantduo
Amit Chaudhary 39 08-Jul-09 Technologies India Pvt. Ltd., Lenskart Solutions Pte. Ltd, Lenskart Solutions Company Ltd., Lenskart
Solutions Sdn. Bhd., Lenskart Optical Trading LLC, Pt Lenskart Solutions, Lenskart Solutions Company
Ltd., Vietnam, Lenskart Optical Lenses Cutting L.L.C, Lenskart Arabia Ltd. and Owndays Inc.
Independent Director
▪ Education: B.A. (Hons.) Economics, University of Delhi; [Link], McGill University, Canada;
Diploma, International Program for Practicing Management, INSEAD.
Ashish Kashyap 52 24-Jun-25 ▪ Experience: Founder & CEO, INDmoney; Founder & Group CEO, Ibibo group; Times Internet Ltd.
▪ Directorship: INDmoney Tech Pvt. Ltd., Lighthouse Learning Pvt. Ltd., Finzoomers Services Pvt. Ltd.
and INDmoney Fincap Pvt. Ltd.
▪ Education: B.S., St. Joseph's College, Bangalore; PG Diploma, Business Management, XLRI,
Jamshedpur.
▪ Experience: Hindustan Lever Ltd.; Titan Watches Ltd.; CEO Lifestyle Business, Reliance Industries Ltd.
▪ Directorship: Shadowfax Technologies Ltd., Zenplus Pvt. Ltd., SRP Prosperita Hotel Ventures Ltd.,
Bijou Kurien 73 14-Jan-25 Oceanic Rubber Works Pvt. Ltd., IIFL Finance Ltd., Brigade Hotel Ventures Ltd., Renaissance Global
Ltd., LTI Mindtree Ltd., Lighthouse Learning Pvt. Ltd., Retailers Association of India, Rapawalk Fashion
Technologies Pvt. Ltd., Sach Advisors Pvt. Ltd., Stella Treads Pvt. Ltd., Suguna Foods Pvt. Ltd.,
Healthcare Global Enterprises Ltd., L&T Realty Properties Ltd.., Lenskart Solutions Pte. Ltd. and MLO
K.K.
▪ Education: [Link] & L.L.B., Mumbai University, Institute of Chartered Accountants of India; Institute
of Company Secretaries of India.
Jayesh Tulsidas ▪ Experience: Asian Paints (CFO & Company Secretary); UTV Software Communications (CFO); ION
73 04-May-22
Merchant Exchange India (Group VP Finance); Castrol (Asst. Company Secretary).
▪ Directorship: Trent Ltd., Kotak Mahindra Trustee Company Ltd., TATA Investment Corporation Ltd.,
Voltas Ltd. And Nexus Select Mall Management Pvt. Ltd.
▪ Education: [Link], National University of Singapore; [Link], J.L. Kellogg School of
Management, Northwestern University.
Sayali Karanjkar 45 24-Jun-25
▪ Experience: Co-founder & CBO, PaySense Services India; Associate, [Link] Inc.
▪ Directorship: One MobiKwik Systems Ltd. and CMS Info Systems Ltd.
Nominee Director (Non-Executive)
▪ Education: [Link] & [Link] Electrical Engineering, IIT Bombay; MBA, J.L. Kellogg School of
Management, Northwestern University.
▪ Experience: Partner, Kedaara Capital; Goldman, Sachs & Co.; IDFC Pvt. Equity; Tata Capital Ltd.; ITC
Anant Gupta 44 16-Sep-19
Ltd.
▪ Directorship: Manash Lifestyle Pvt. Ltd., K12 Techno Services Pvt. Ltd., Dairy Classic Ice Creams Pvt.
Ltd., Smartshift Logistics Solutions Pvt. Ltd. and Owndays Inc.
Source: Lenskart RHP, Ambit Capital research

November 07, 2025 Ambit Capital Pvt. Ltd. Page 42

 Lenskart Solutions

Annexure
The global eyewear market is valued at ~₹15tn (~USD177bn) in FY25, is
primarily driven by prescription eyeglasses (~70%), followed by contact lenses
and sunglasses. Top global markets by value include the United States (27-31%),
Europe (22-31%), China (12-16%), India (5%, and Japan (4%). India's eyewear
market, at ~₹788 billion (~USD9.2bn) in FY25, is projected to reach ~₹1.5tn
(~USD17.2bn) by FY 2030, growing at a ~13% CAGR. Prescription eyeglasses
dominate the Indian market, accounting for ~73% of its value. Growth is spurred
by rising refractive errors, increasing disposable incomes, expanding retail
access, and a shift towards organized players. In India, FY25 saw 274mn units
sold (11.2% CAGR over FY20-25) at an average selling price (ASP) of ~₹2,370
(~US$28) (2.6% CAGR over FY20-25).
Exhibit 92: Europe, together with the US, accounts for 60% of the global market, while
China, India & Japan together account for 20%

Europe US China India Japan

Southeast Asia Middle East Rest of Asia Australia Rest of World

Europe
37%
India…
China…
US
23%

Source: Lenskart RHP, Ambit Capital research

Exhibit 93: India and Southeast Asia show higher growth potential in organised prescription eyeglasses (20% and 14–17%
CAGR), while Japan and the Middle East are more mature markets with lower growth (3% and 11%). Overall, prescription
eyeglasses remain the largest eyewear segment across regions, contributing >50%
Time Southeast Middle
Parameters Units India Japan
Period Asia East
Population A mn FY25 1,454 614 124 45
FY25 53% 65% 68% 40%
Prevalence of Refractive Errors B %
FY30E 62% 70% 71% 42%
FY25 771 399 84 18
Population with Refractive Errors C= A*B mn
FY30E 901 430 88 19
Prescription Eyeglasses Market
FY25 35% 40% 69% 60%
Penetration of Prescription Eyeglasses D %
FY30E 41% 44% 64% 64%
FY25 270 160 58 11
Population with Prescription Eyeglasses E = C*D mn
FY30E 370 189 56 12
Annual Spend per user on Prescription Eyeglasses F in ₹ FY25 2,089 2,729 5,768 10,309
Prescription Eyeglasses Market Size G = E*F in ₹ bn FY25 563 436 336 111
% of Eyewear FY25 23% 28-30% 53% 55-60%
Organised Share of Prescription Eyeglasses
Market by value FY30E 30% 35-40% 59% 67-72%
Prescription Eyeglasses Organised Market Growth Rate % FY25-30E 20% 14-17% 3% 11%
% of Eyewear
Share of Prescription Eyeglasses FY25 73% 69% 48% 69%
Market by value
Other Categories and Overall Eyewear Market
Contact Lenses Market Size H in ₹ bn FY25 41 49 290 22
Sunglasses Market Size I in ₹ bn FY25 174 149 68 28
Total Eyewear Market Size in ₹ bn FY25 788 637 690 162
Eyewear Market Growth Rate % FY25-30E 13% 7% 3% 7%
Source: Lenskart RHP, Ambit Capital research. Note: Red denotes assumption

November 07, 2025 Ambit Capital Pvt. Ltd. Page 43

 Lenskart Solutions

Exhibit 94: Global/India market grew by 3%/13% CAGR over Exhibit 95: …3%/13% CAGR over the same period in the
FY25-FY30E to ₹18.7tn/₹1.5tn led by… prescription eyeglasses to ₹13tn/₹1tn by FY30E

Global Eyewear Market Value Indian Eyewear Market Value

Prescription Eyeglasses Sunglasses Contact Lenses Prescription Eyeglasses Sunglasses Contact Lenses

20,000 Rs13.6tn Rs15.2tn Rs18.7tn Rs0.4tn Rs0.7tn Rs1.5tn

17% 4%
16,000 1,600
16% 13%
in Rs bn

12,000 16% 14% 1,200 23%

in Rs bn
15% 5%
8,000 800
70% 6% 22%
69% 70% 73%
4,000 400 25% 73%
69%
0 0
FY20 FY25 FY30E FY20 FY25 FY30E

Source: Lenskart RHP, Ambit Capital research. Box represents total market size Source: Company, Ambit Capital research. Box represents total market size (in
(in ₹ tn) ₹ tn)

Exhibit 96: Total market volume is expected to increase at 9% Exhibit 97: ASP of prescription
CAGR over FY25-30E led by 10% increase in Prescription eyeglasses/sunglasses/contact lenses is expected to increase
eyeglasses/sunglasses at 3%/4%/2% CAGR over FY25-30E to ₹2,797/₹1,691/₹246

Prescription Eyeglasses Sunglasses Contact Lenses FY20 (in Rs) FY25 (in Rs) FY30 (in Rs)

368mn 552mn 843mn 3000 2797

900
2500
800
Volume (in mn units)

2040
700 30% 2000 1691
600
1500
500 23% 1165
34%
400 1000
300 35% 22%
500 194 246
200 26% 46%
100 44% 0
39%
0 Prescription Sunglasses Contact Lenses
FY20 FY25 FY30E Eyeglasses

Source: Lenskart RHP, Ambit Capital research. Box represents total market Source: Lenskart RHP, Ambit Capital research *CAGR over FY20-30E
volume (in mn units)

Exhibit 98: Supply chain mark-ups for frames

3-4x
100%
80%
60%
60%
100% 40% 7-15% 25-33%
40%
20%
0%
Retail Price

Retail Markup

ACP

Distributor Markup

Trade Price

Source: Lenskart RHP, Ambit Capital research

November 07, 2025 Ambit Capital Pvt. Ltd. Page 44

 Lenskart Solutions

Exhibit 99: Supply chain mark-up for single vision lenses Exhibit 100: Supply chain mark-up for progressive lenses

2.7-3x 3-4x
100% 100%
80% 80%
56%
60% 60%
100% 44% 7-11% 100%
40% 56% 33-37% 40%
11-19% 25-33%
20% 20% 44%
0% 0%
Retail Price

Retail Markup

ACP

Retail Price

Retail Markup

ACP
Distributor

Trade Price

Distributor

Trade Price
Markup

Markup
Source: Lenskart RHP, Ambit Capital research Source: Lenskart RHP, Ambit Capital research

November 07, 2025 Ambit Capital Pvt. Ltd. Page 45

 Lenskart Solutions

Exhibit 101: Corporate structure of Lenskart

Source: Lenskart RHP, Ambit Capital research

November 07, 2025 Ambit Capital Pvt. Ltd. Page 46

 Lenskart Solutions

Lenskart Solutions (LKART IN, SELL)

Valuation Methodology Risks

We value Lenskart using DCF value methodology, taking into ▪ Higher store productivity in domestic business
consideration free cash flow till FY45E using WACC 13% and
terminal growth rate of 7% to arrive at a TP of ₹337. ▪ Better efficiencies in international business

November 07, 2025 Ambit Capital Pvt. Ltd. Page 47

 Lenskart Solutions

Financials - CONSOLIDATED
Income statement
Year to March (₹ mn) FY24 FY25 FY26E FY27E FY28E
Revenue 54,277 66,525 81,239 97,938 114,798
-growth (Rev) 43.3% 22.6% 22.1% 20.6% 17.2%
Cost of goods sold 17,761 21,344 25,328 30,229 35,075
Gross profit 36,516 45,181 55,911 67,709 79,723
Employee expenses 10,865 13,788 19,409 23,047 26,610
Advertising/marketing expenses 3,521 4,484 6,420 7,585 8,713
Other expenses 18,917 21,639 21,455 25,270 29,024
EBITDA 6,733 9,755 15,047 19,392 24,089
-growth (EBITDA) 155% 44.9% 54.3% 28.9% 24.2%
Depreciation 6,722 7,966 10,689 13,933 15,931
EBIT 11.1 1,789 4,358 5,459 8,158
Other income 1,822 3,568 1,732 2,846 3,029
EBIT (including other income) 1,833 5,357 6,091 8,304 11,187
Finance costs 1,230 1,459 1,595 1,454 1,393
Share of profit/loss of associates and JVs (12.5) (44) - - -
Profit before tax 590 3,854 4,495 6,850 9,794
Profit before tax (adjusted) 590 3,854 4,495 6,850 9,794
Tax 692 880 1,015 1,547 2,211
PAT (101) 2,973 3,480 5,303 7,583
Profit after tax (adjusted) (101) 2,973 3,480 5,303 7,583
Consolidated profit after tax (101) 2,973 3,480 5,303 7,583
EPS (basic) (₹) (0.1) 1.8 2.0 3.0 4.3
EPS (diluted) (0.1) 1.8 2.0 3.0 4.3
Source: Ambit Capital research, Company

November 07, 2025 Ambit Capital Pvt. Ltd. Page 48

 Lenskart Solutions

Balance sheet
Year to March (₹ mn) FY24 FY25 FY26E FY27E FY28E
Property, plant and equipment 46,865 41,228 48,602 51,090 53,149
Capital work in progress 708 1,069 5,069 5,069 5,069
Right of use assets 8,144 21,085 19,315 17,778 17,043
Total fixed assets 55,717 63,382 72,986 73,937 75,261
Non-current investments 416 500 500 500 500
Deferred tax assets (net) (1,066) (700) (700) (700) (700)
Other non-current assets 4,359 3,713 4,449 5,282 6,129
Total non-current assets 59,426 66,895 77,235 79,019 81,190
Inventories 6,881 10,814 13,206 15,921 18,662
Current investments 9,616 9,878 1,000 1,000 1,000
Trade receviables 3,414 1,259 1,537 1,853 2,172
Cash and cash equivalents 8,052 8,649 29,432 31,397 35,871
Other current assets 6,411 5,700 6,961 8,391 9,836
Total current assets 34,373 36,300 52,136 58,562 67,541
Total assets 93,799 103,195 129,371 137,581 148,731
Share capital 1,824 3,214 3,321 3,321 3,321
Other equity 54,669 57,773 82,627 87,902 95,446
Minority interest 1,067 1,074 1,094 1,122 1,160
Total equity 57,559 62,062 87,042 92,345 99,927
Long-term borrowings 2,681 2,115 2,115 2,115 2,115
Long-term provisions 659 920 1,124 1,355 1,588
Lease liabilities 16,787 22,268 20,056 19,096 18,759
Other non-current liabilities 4,893 2,401 2,932 3,534 4,143
Total non-current liabilities 25,020 27,705 26,227 26,101 26,605
Short-term borrowings 2,290 1,344 1,344 1,344 1,344
Trade payables 5,162 7,400 9,036 10,894 12,769
Other current liabilities 3,253 3,923 4,791 5,776 6,770
Short term provisions 515 762 931 1,122 1,315
Total current liabilities 11,220 13,429 16,102 19,135 22,198
Total liabilities 36,240 41,134 42,329 45,236 48,803
Total equity and liabilities 93,800 103,195 129,371 137,581 148,731
Source: Ambit Capital research, Company

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Cash flow statement

Year to March (₹ mn) FY24 FY25 FY26E FY27E FY28E
Profit before tax 590 3,854 4,495 6,850 9,794
Depreciation 6,722 7,966 10,689 13,933 15,931
Interest income (851) (725) (1,732) (2,846) (3,029)
Interest expense 1,230 1,459 175 175 175
Working capital changes (1,656) 3,084 (1,259) (1,427) (1,448)
Taxes (581) (1,057) (1,015) (1,547) (2,211)
Other Items (581) (2,274) - - -
Cash flow from operations 4,874 12,306 11,352 15,139 19,212
(Net) capital expenditure (4,253) (4,154) (10,458) (6,942) (6,989)
Acq./(disp.) of Investments 4,983 1,006 8,878 - -
Interest/dividend Received 1,037 640 1,732 2,846 3,029
Other items (180) (150) (4,540) - (339)
Cash flow from investments 1,587 (2,659) (4,388) (4,096) (4,298)
Net long-term borrowings (4,299) (833) - - -
Issuance of equity 2,244 1,598 21,481 (28) (38)
Interest paid (297) (138) (175) (175) (175)
Payment of lease liabilities (4,773) (5,934) (7,507) (8,902) (10,265)
Other items (93) (41) 19.5 28 38
Cash flow from financing (7,218) (5,348) 13,818 (9,077) (10,440)
Opening cash balance 2,918 2,200 6,542 27,325 29,290
Net change in cash (757) 4,300 20,783 1,965 4,474
Closing cash balance 2,161 6,500 27,325 29,290 33,764
Free cash flow to firm 621 8,152 894 8,197 12,223
Source: Ambit Capital research, Company

Preferred Ratios
Year to March (₹ mn) FY24 FY25 FY26E FY27E FY28E
Gross margin 67.3% 67.9% 68.8% 69.1% 69.4%
EBITDA margin 12.4% 14.7% 18.5% 19.8% 21.0%
EBIT margin 0.0% 2.7% 5.4% 5.6% 7.1%
Net profit margin (0.2%) 4.5% 4.3% 5.4% 6.6%
Interest cover - 1.2 2.7 3.8 5.9
Net debt/equity (0.2) (0.2) (0.3) (0.3) (0.3)
Source: Ambit Capital research, Company

Sector Specific Indicator Labels

Year to March (₹ mn) FY24 FY25 FY26E FY27E FY28E
Adj. EBITDA 6,797 9,844 15,172 19,540 24,261
Source: Ambit Capital research, Company

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Ratio analysis
Year to March (₹ mn) FY24 FY25 FY26E FY27E FY28E
Gross margin 67.3% 67.9% 68.8% 69.1% 69.4%
EBITDA margin 12.4% 14.7% 18.5% 19.8% 21.0%
EBIT margin 0.0% 2.7% 5.4% 5.6% 7.1%
Net profit margin (0.2%) 4.5% 4.3% 5.4% 6.6%
Interest cover - 1.2 2.7 3.8 5.9
Net debt/equity (0.2) (0.2) (0.3) (0.3) (0.3)
Net debt/EBITDA (1.9) (1.5) (1.8) (1.5) (1.4)
Working capital turnover 10.6 14.2 14.2 14.2 14.2
Cash conversion days 35 26 26 26 26
Inventory days 46 59 59 59 59
Receivable days 23 6.9 6.9 6.9 6.9
Payable days 35 41 41 41 41
Gross block turnover 1.1 1.0 0.9 0.9 0.9
pre-tax CFO/EBITDA 81.0% 137% 82.2% 86.0% 88.9%
pre-tax RoCE 0.0% 2.2% 4.4% 4.9% 6.9%
post-tax RoCE 0.0% 1.7% 3.4% 3.8% 5.4%
pre-tax RoIC 0.0% 2.8% 5.9% 6.8% 9.9%
post-tax RoIC 0.0% 2.2% 4.6% 5.3% 7.6%
ROE (%) (0.2%) 5.1% 4.7% 6.0% 8.0%
Source: Ambit Capital research, Company

Valuation parameters
Year to March (₹ mn) FY24 FY25 FY26E FY27E FY28E
PE (9.4) 0.6 0.5 0.3 0.2
Source: Ambit Capital research, Company

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Institutional Equities Team

Research Analysts
Name Industry Sectors Desk-Phone E-mail
Ashwin Mehta, CFA - Head of Research Technology (022) 66233295 [Link]@[Link]
Achal Shah Oil & Gas (022) 66233194 [Link]@[Link]
Amey Dargude Mid-Caps (022) 66233225 [Link]@[Link]
Aryan Garodia Consumer Discretionary / Consumer Staples (022) 66233271 [Link]@[Link]
Bharat Arora, CFA Strategy (022) 66233278 [Link]@[Link]
Charvin Gandhi Forensic Accounting / ESG / Strategy (022) 66233149 [Link]@[Link]
Dhruv Jain Mid-Caps / Logistics / Consumer Durables (022) 66233177 [Link]@[Link]
Eashaan Nair Economy / Strategy (022) 66233033 [Link]@[Link]
Jaiveer Shekhawat, CFA Mid/Small-Caps (022) 66233021 [Link]@[Link]
James Kunnel Derivatives (022) 66233107 [Link]@[Link]
Jay Negandhi Capital Goods (022) 66233222 [Link]@[Link]
Jeet Suchak Banking / Financial Services (022) 66233206 [Link]@[Link]
Jignesh Shial Banking / Financial Services (022) 66233206 [Link]@[Link]
Karan Khanna, CFA Mid/Small-Caps / Hotels / Real Estate / Aviation (022) 66233251 [Link]@[Link]
Kumar Saumya Chemicals (022) 66233242 [Link]@[Link]
Kaushal Mohata Technology (022) 66233029 [Link]@[Link]
Moez Chandani Technology (022) 66233299 [Link]@[Link]
Moksh Mehta Technology (022) 66233101 [Link]@[Link]
Neeraj Makhijani, CFA Strategy (022) 66233272 [Link]@[Link]
Parth Majithia Forensic Accounting / ESG / Strategy (022) 66233149 [Link]@[Link]
Prakhar Porwal Metals & Mining / Cement / Power / Utilities (022) 66233246 [Link]@[Link]
Pranav Chawla Healthcare (022) 66233062 [Link]@[Link]
Prashant Nair, CFA Healthcare (022) 66233171 [Link]@[Link]
Raghav Garg, CFA Banking / Financial Services / Insurance (022) 66233206 [Link]@[Link]
Raghvendra Goyal Automobile & Automobile Components (022) 66233257 [Link]@[Link]
Ronak Soni Consumer Staples / Consumer Discretionary (022) 66233009 [Link]@[Link]
Rushin Shah Forensic Accounting / ESG / Strategy (022) 66233229 [Link]@[Link]
Samarth Agrawal Real Estate/Hotels (022) 66233251 [Link]@[Link]
Sameer Thakur Capital Goods (022) 66233010 [Link]@[Link]
Sanket Gharat Consumer Staples / Consumer Discretionary (022) 66233012 [Link]@[Link]
Sarthak Sancheti Metals & Mining / Cement / Power / Utilities (022) 66233246 [Link]@[Link]
Sanil Jain Chemicals (022) 66233145 [Link]@[Link]
Satyadeep Jain, CFA Metals & Mining / Cement / Power / Utilities (022) 66233246 [Link]@[Link]
Shamit Ashar Mid/Small-Caps / Aviation (022) 66233201 [Link]@[Link]
Shubham Sandeep Gupta Media / Telecom / Oil & Gas (022) 66233209 [Link]@[Link]
Sudeep Bora Construction (022) 66233071 [Link]@[Link]
Swayamsiddha Panda Economy / Strategy (022) 66233247 [Link]@[Link]
Tushar Narwal Banking / Insurance (022) 66233183 [Link]@[Link]
Videesha Sheth Consumer Discretionary / Consumer Staples (022) 66233264 [Link]@[Link]
Vinit Powle Forensic Accounting / ESG / Strategy (022) 66233149 [Link]@[Link]
Viraj Sanghvi Automobile & Automobile Components (022) 66233212 [Link]@[Link]
Vivekanand Subbaraman, CFA Media / Telecom / Oil & Gas (022) 66233261 vivekanand.s@[Link]
Yash Jain Mid-Caps / Logistics / Consumer Durables (022) 66233053 [Link]@[Link]
Yogesh Toshaniwal Banking / Financial Services (022) 66233206 [Link]@[Link]
Sales
Name Regions Desk-Phone E-mail
Sujay Kamath – MD India / APAC / US / EU (022) 66233127 [Link]@[Link]
Pranav Modi India (022) 66233102 [Link]@[Link]
Bhavin Shah India (022) 66233186 [Link]@[Link]
Dharmen Shah India / Asia (022) 66233289 [Link]@[Link]
Pranav Verma Asia / India/ ME (022) 66233214 [Link]@[Link]
Anuj Jain India (022) 66233008 [Link]@[Link]
Manvi Jain India / Australia (022) 66233018 [Link]@[Link]
Yusuf Inamdar India (022) 66233121 [Link]@[Link]
Dhruv Srivastava India (022) 66233050 [Link]@[Link]
Singapore
Pooja Narayanan APAC / ME +65 98003170 [Link]@[Link]
Kushagr Parashar APAC / ME +65 91311879 [Link]@[Link]
Production
Sajid Merchant Production (022) 66233247 [Link]@[Link]
Sharoz G Hussain Production (022) 66233183 [Link]@[Link]
Jestin George Editor (022) 66233272 [Link]@[Link]
Richard Mugutmal Editor (022) 66233273 [Link]@[Link]
Nikhil Pillai Database (022) 66233265 [Link]@[Link]
Amit Tembhurnikar, CQF Database (022) 66233265 [Link]@[Link]

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Explanation of Investment Rating - Our target prices are with a 12-month perspective. Returns stated are our internal benchmark
Investment Rating Expected return (over 12-month)
BUY We expect this stock to deliver more than 10% returns over the next12 month
SELL We expect this stock to deliver less than or equal to 10 % returns over the next 12 months
UNDER REVIEW We have coverage on the stock but we have suspended our estimates, TP and recommendation for the time being NOT
NOT RATED We do not have any forward-looking estimates, valuation, or recommendation for the stock.
Note: At certain times the Rating may not be in sync with the description above as the stock prices can be volatile and analysts can take time to react to development.
Disclaimer
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reliable and accurate. However, it has not been prepared in accordance with legal requirements designed to promote the independence of investment research. It has also not been independently
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