Revenue growth, store expansion and AI-led scale-up push eyewear retailer into a stronger operating phase in FY26
Lenskart Solutions delivered a stronger third quarter for FY26, with gains in revenue, profitability and margins as the eyewear retailer continued to scale operations. It reported a consolidated net profit rose 28.4 per cent quarter-on-quarter to Rs 131 crore in the December quarter, compared with Rs 102 crore in the preceding quarter. Revenue from operations increased 10.1 per cent sequentially to Rs 2,307 crore, up from Rs 2,096 crore in Q2 FY26.
Operating performance improved in tandem. Ebitda grew 11.8 per cent quarter-on-quarter to Rs 463.1 crore from Rs 414.2 crore, while Ebitda margin expanded by 31 basis points to 20.1 per cent in Q3 FY26, versus 19.8 per cent in the previous quarter.
Founder and CEO Peyush Bansal said the company is at an inflexion point as artificial intelligence becomes central to how it operates and scales. He noted that Lenskart had committed early to being an AI-first company to support its long-term ambition of expanding access to vision care at scale.
Bansal highlighted that a rising share of incremental revenue is now flowing through to operating profit, signalling what he described as a structural operating leverage phase rather than temporary cost efficiencies. He said revenue rose 37.4 per cent year-on-year in the quarter, while Ebitda grew 90.6 per cent, with margins expanding from 14.5 per cent to 20.0 per cent. Profit after tax, he added, tripled on a year-on-year basis.
Market Expansion Gathers Pace
On market expansion, Bansal said Lenskart conducted more than 6 million eye tests during the quarter, with nearly half of them being first-time examinations. He pointed out that while India’s current eyewear market is estimated at Rs 79,000 crore, the broader need-based opportunity exceeds Rs 4,00,000 crore, with over 500 million people requiring vision correction.
India operations recorded 28 per cent same-store sales growth and 36 per cent same-pincode sales growth in Q3 FY26, an 800-basis-point gap that, according to Bansal, indicates deeper market penetration without significant cannibalisation. Over the first nine months of FY26, the company added 420 net new stores while sustaining this growth premium. Tier 2 and smaller cities continued to outperform larger metros, and internal analysis suggests capacity for around 4,500 additional stores in India.
International And Brand Momentum
International business also maintained momentum, with revenue growth of 32.7 per cent year-on-year. Ebitda margins (pre-Ind AS 116) improved from 2.0 per cent to 6.1 per cent in the first nine months of the year. Lenskart now operates 705 stores overseas and holds the top position in Singapore, positioning itself as a growing global platform, Bansal said.
The company is also expanding its brand portfolio. Fashion sunglasses label Meller posted 42 per cent year-on-year growth in the first nine months of FY26. Bansal said early launches in India saw rapid sell-outs, alongside strong traction in the Middle East, underscoring the potential of building global eyewear brands on Lenskart’s platform.
Technology And Long-term Bets
Detailing the role of technology, Bansal said remote optometry allows specialists to serve customers across large geographies, while facial recognition tools assist in frame recommendations based on face shape and prescription data. Location intelligence supports store network planning, and logistics algorithms enable next-day deliveries across 67 cities. These capabilities, he said, are powered by more than a decade of accumulated data.
He also pointed to policy support, noting that the Union Budget’s focus on allied health professionals, including optometrists, aligns with Lenskart’s mission to broaden access to vision care.
Looking ahead, the company continues to invest in long-term initiatives such as AI-led self-eye testing, its Hyderabad manufacturing facility, and smart glasses under the “B” line. Customer satisfaction remained high, with net promoter score touching a record 80.9 in the quarter.
