Lenskart Solutions IPO: Vision Meets Scale – Should You Subscribe?

Price band set at Rs 380–405 per share; IPO opens November 7, 2025, closes November 11, 2025; tentative listing November 15, 2025 (NSE & BSE).

At a Glance

(Source: Chittorgarh)

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1. Company and Its Business Operations

Lenskart Solutions Ltd is India’s largest eyewear retailer, operating through an omnichannel business model integrating online and offline presence. Founded in 2010, it offers prescription eyewear, sunglasses, and contact lenses through its in-house brands — Lenskart, John Jacobs, Vincent Chase, and Hooper. The company’s vertical integration spans product design, manufacturing, and retail, supported by a strong technology backbone. Internationally, it operates through subsidiaries in Singapore, the UAE, and Japan (via the acquisition of Owndays in 2022). As of March 31, 2025, it had 2,067 stores in India and 656 international stores, serving customers across multiple geographies with competitive pricing and premium design.

2. Industry Outlook

According to the RHP, India’s eyewear market stood at Rs 78,800 crore in FY25 and is expected to grow at a CAGR of 13 per cent to reach Rs 1,48,300 crore by FY30. Growth is driven by the rising prevalence of vision defects, urbanisation, digital exposure, and the increasing consumer shift toward branded eyewear. Organised retail penetration is projected to rise from 35 per cent in FY25 to 55 per cent by FY30, supported by omnichannel distribution. Globally, the eyewear industry remains stable with low-single-digit growth (~3–4 per cent CAGR), but emerging markets like India and Southeast Asia offer superior expansion potential due to underpenetration and rising disposable income.

3. Objects of the Issue          

• Investment in new company-owned stores: Rs 272.62 crore
• Lease, rent, and license payments for stores: Rs 591.44 crore
• Technology and cloud infrastructure expansion: Rs 213.37 crore
• Brand marketing and business promotion expenses for enhancing brand awareness: Rs 320.06 crore
• Unidentified inorganic acquisitions and general corporate purposes: Balance proceeds

4. SWOT Analysis

• Strengths: Market leader in the Indian eyewear segment with 2,700+ stores, strong brand equity, and vertically integrated operations from design to delivery; technology-driven supply chain ensures efficiency and scalability.
• Weaknesses: High valuation relative to earnings; significant capital expenditure and working capital requirements to support rapid expansion.
• Opportunities: Large underpenetrated Indian eyewear market projected to double by FY30; potential to expand internationally via Owndays; increased adoption of fashion-oriented eyewear.
• Threats: Competitive intensity from local and global brands, regulatory changes in pricing or Taxation, and risk of slow discretionary spending impacting sales.

5. Financial Performance (Rs crore) (Source: RHP)

(a) Profit & Loss Statement

 (b) Balance Sheet

 (c) Working Capital & Cash Flow

6. Peer Comparison (Source: RHP and Screener)

Lenskart Solutions Ltd does not have any listed like-to-like industry peers in India.

For Lenskart Solutions Ltd., Market Cap, P/E(x), and Market Cap/Sales(x) are calculated on post-issue equity share capital based on the upper price band.

7. Outlook & Relative Valuation

Lenskart’s financials show robust topline growth, expanding operating margins, and a return to profitability in FY25 after two years of modest losses. The Indian eyewear market is projected to grow at 13 per cent CAGR, with rising organised penetration — positioning Lenskart favourably to leverage its brand and scale.
However, valuations appear stretched at P/E ~234x, EV/EBITDA ~70x, and P/S ~10x on FY25 earnings, leaving limited near-term upside. Notably, the FY25 profit was supported by non-core income, which rose sharply from Rs 175 crore in FY24 to Rs 351 crore in FY25, inflating the reported bottom line.
While Titan — a loosely comparable listed peer — trades at a P/E of around 90x, Lenskart would require extraordinary earnings growth to justify its premium valuation. Historical IPOs of new-age businesses like Paytm also witnessed weak listings due to inflated pricing. Hence, at current valuations, the IPO does not offer a favourable entry point.
That said, Lenskart’s integrated model, technology-driven efficiency, and global footprint through Owndays ensure strong long-term visibility. Investors should treat it as a long-duration growth story, contingent on consistent execution, sustainable margins, and prudent working capital management.

8. Recommendation

Avoid for now. While Lenskart’s leadership, brand strength, and improving profitability make it a long-term structural story, the IPO is priced aggressively. The current valuation leaves little room for error, and short-term returns may remain muted. Investors may reassess entry once earnings visibility improves and valuations normalise.