The Shares of Lenskart Solutions are trading in the red, down nearly 2% intra-day. Antique Stock Broking initiated coverage on the eyewear company, calling it a strong and scalable business but cautioning that the current valuation already factors in much of the expected growth.
Antique Stock Broking has set a target price of Rs 455, which implies an upside of around 1% from the prevailing market price. The brokerage said Lenskart’s rapid revenue growth, improving profitability, and technology-led operations support its long-term business strength, but near-term returns remain limited at current levels.
Antique Stock Broking on Lenskart Solutions: Revenue growth driven by scale and execution
Antique Stock Broking said Lenskart has scaled rapidly over the past three years, with operating revenue growing at a 33% CAGR between FY23- FY25 to reach Rs 6,660 crore. The brokerage noted that prescription eyeglasses remain the company’s core business, contributing over 80% of total revenue, supported by strong volume growth across India and international markets.
In its report, Antique Stock Broking said, “The company is scaling rapidly in a favourable landscape with revenue growing at 33% CAGR over FY23–25 to Rs 6,660 crore.” The brokerage added that Lenskart sold 2.72 crore eyewear units in FY25, reflecting a 31% CAGR over the same period.
Antique Stock Broking on Lenskart Solutions: Losses turn into profits
According to Antique Stock Broking, Lenskart has moved from losses to profits as scale improved and fixed costs were absorbed across higher volumes. The brokerage highlighted that pre-Ind AS EBITDA improved from a loss of Rs 37.1 crore in FY23 to a profit of Rs 380 crore in FY25.
Antique Stock Broking said, “Pre-Ind AS EBITDA improved significantly from Rs 37.1 crore in FY23 to Rs 380 crore in FY25, highlighting profitable scaling.” The report also pointed out that pre-Ind AS EBITDA margin expanded to 9.6% in the first half of FY26, compared with 5.7% in FY25.
Antique Stock Broking on Lenskart Solutions: Centralised manufacturing supports margins
Antique Stock Broking said Lenskart’s centralised manufacturing model plays a key role in cost control and consistency. The brokerage noted that nearly 70% of prescription eyewear was manufactured in-house in FY25, with facilities in Bhiwadi and Gurugram, supported by international units in Singapore and the UAE.
The report stated, “This integrated set-up provides scale, flexibility, cost efficiency, and consistent quality.” Antique Stock Broking added that capacity utilisation stood at around 55% in 1QFY26, leaving room for further operating leverage as volumes rise.
Antique Stock Broking on Lenskart Solutions: Technology embedded across operations
Antique Stock Broking said Lenskart has placed technology at the centre of its business model, investing heavily in automation, artificial intelligence, and data systems. The brokerage highlighted automated lens cutting, remote eye testing, geo-analytics for store expansion, and omni-channel logistics as key drivers of efficiency.
In the report, Antique Stock Broking said, “These largely completed technology investments allow new stores to leverage existing infrastructure, enabling faster rollout, higher operational efficiency, and margin-accretive growth.” The brokerage also noted that more than 45% of purchases are digitally influenced, supported by over 10 crore app downloads.
Antique Stock Broking on Lenskart Solutions: Store expansion and eye testing create demand
Antique Stock Broking said Lenskart continues to expand its physical footprint, operating 2,949 stores globally as of the first half of FY26. The brokerage highlighted that eye testing is a key driver of demand creation, particularly in underpenetrated markets.
The report said Lenskart conducted 1.33 crore eye tests in FY25, up from 50 lakh in FY23, and added that “almost 46% of these eye tests were first-time eye tests.” According to Antique Stock Broking, this supports long-term growth by bringing new customers into the organised eyewear market.
Antique Stock Broking on Lenskart Solutions: Large opportunity, but valuation limits upside
Antique Stock Broking said the eyewear market remains largely underpenetrated, especially in India, where organised players account for only 24% of the market. The brokerage expects Lenskart to benefit from formalisation and rising awareness over the long term.
However, Antique Stock Broking cautioned that current valuations already reflect this growth outlook. The brokerage said, “While fundamentals remain strong, current valuations largely factor in the company’s growth outlook.”
Conclusion
Antique Stock Broking concluded that Lenskart Solutions has built a scalable and profitable eyewear business backed by technology, centralised manufacturing, and strong execution across India and international markets. The brokerage expects revenue to grow at 25% CAGR between FY25 and FY28, with further margin expansion, but maintains that the stock’s current price leaves limited room for near-term gains. As a result, Antique Stock Broking initiated coverage with a ‘Hold’ rating