Eyewear retailer Lenskart posted a 9% year-on-year decline in net profit to Rs 200 crore in the March quarter, primarily because the year-ago period included a one-time gain of Rs 167 crore from a reduced future payment obligation related to Owndays acquisition. 

Adjusting for the one-time gain, Lenskart’s net profit more than doubled to Rs 204 crore in Q4 from Rs 77 crore a year ago. Revenue also jumped 46% year-on-year to Rs 2,516 crore, on the back of strong growth in both its domestic and international businesses. 

The company’s India business, which forms nearly 60% of its revenue, rose 44% year-on-year and generated revenue of Rs 1,475 crore. Most of this growth was driven by a 25% growth in volumes and a similar growth in same-store sales across markets. 

Within India, the company expanded aggressively in tier 2 markets and beyond, where demand was more than initially expected. Lenskart added 254 stores during the year in Tier 2+ markets, compared to 89 in FY25, and entered 157 new cities in India.

Internationally, too, the growth was strong. Revenue rose 35% year-on-year to Rs 1,054 crore, driven by growth in Japan, Southeast Asia and Middle East. The company added 13 net new International stores in Q4 and 61 for the full year.

“Three key factors were responsible for growth in Q4: (A)Volume expansion led by prescription eyeglasses; (B)High growth in Sunglasses led by Meller; (C) Continued online growth,” the company said in its shareholder letter. 

It sold 1.8 million units in international markets, almost 30% more than last year. The company has 41 stores in the Middle East, making up about 6% of its international stores, where it saw a brief dip in customer visits and sales during the recent geopolitical conflict. However, the company noted that the impact was limited and business has now returned to normal.

On the earnings call, the management noted that supply chain costs have not been significantly impacted so far by ongoing conflicts, though rupee depreciation remains a challenge for imports.

Besides that, sunglasses continue to be a growing category, with FY26 international sunglasses volumes growing 36.3% on year. “Meller is driving disproportionate share gains within this segment,” it added.

Overall, Lenskart added 183 net new stores across all markets, taking total store count to 3,327. EBITDA margins for its India business improved to 21.1% in Q4 from 15.5% a year ago, while that from its international business fell marginally to 21.4% 21.6%, as it saw some impact from rupee depreciation.