Lenskart reported a blockbuster Q3 FY26, with revenue from operations rising about 37–38% YoY to ~₹2,308 crore and consolidated net profit jumping over 70x to ~₹131–133 crore, driven by strong same-store growth, rapid store additions, and sharply higher margins.

Lenskart Q3 FY26 results – Key Numbers

• Revenue from operations:

  • Around ₹2,307.7–2,308 crore, up 37–38% YoY from ~₹1,669 crore.
• Profit after tax (PAT):
  • About ₹131–133 crore, vs ~₹1.8–2 crore in Q3 FY25 (70x–74x jump).
• EBITDA:
  • Roughly ₹462 crore, up ~90% YoY; EBITDA margin expanded from ~14.5% to ~20%.
• 9M FY26 performance:
  • Revenue around ₹6,487 crore, up ~29–30% YoY.

Operations and growth drivers

• Store expansion:

  • Added 195 net new stores in Q3 (vs 81 a year ago), including 169 in India and 26 in international markets; FY26 YTD net additions at ~420 stores.
• Volumes & eye tests:
  • Sold about 8.9 crore (89 lakh) eyewear units, up ~30% YoY.
  • Conducted 6.3 million eye tests in Q3, up ~54% YoY (India ~5.5 million, >60% growth).
• Geography mix:
  • India revenue up ~22% YoY to ~₹1,385 crore.
  • International revenue up to ~₹936 crore (strong double‑digit growth, ~32–33%+).
• Same‑store metrics:
  • India same‑store sales growth (SSSG) ~28%; same‑store performance growth (SPSG) ~35–36%, indicating better productivity per store.

Strengths / positives of Lenskart Q3 FY26

• Explosive profit growth: Net profit jumps from ~₹2 crore to ~₹131–133 crore on the back of operating leverage and improved unit economics.
• Healthy revenue momentum: ~38% YoY revenue growth with strong contributions from both India and international markets.
• Margin expansion: EBITDA margin improves from ~14.5% to ~20%, showing better cost control, scale benefits and higher efficiency per store.
• Aggressive, disciplined expansion: 195 net new stores in one quarter, 420 YTD, with AI‑driven site selection helping avoid cannibalisation.
• Robust operating metrics: 8.9 million units sold, 6.3 million eye tests, high repeat business driven by membership and omnichannel presence.

Risks / watch‑outs for Lenskart

• Valuation and expectations risk: After such a sharp profit jump, market expectations on growth and margins stay very high; any miss can hurt the stock.
• Execution risk in expansion: Adding hundreds of stores annually increases risk of underperforming locations, higher rentals and operating costs.
• Competition in eyewear: Intense competition from offline chains, local opticians and online players can pressure pricing and promotions.
• Dependence on discretionary spend: Eyewear fashion, upgrades and premium lenses rely partly on discretionary consumption which can slow in weak macros.
• International scaling challenges: Different regulations, consumer preferences and supply constraints in Middle East/SEA can impact profitability abroad.