LENSKART

Lenskart is focused on addressing a significant market opportunity in vision correction, with an estimated 750 million people in India needing correction. In H1 FY26, the company conducted 9.3 million eye tests in India, marking a 47% year-on-year increase. Notably, 46% of these were first-time users, indicating successful market creation by making eye testing accessible. This initiative aligns with Lenskart's mission to transform India into a 'vision capital'.

Technology is a fundamental pillar of Lenskart's strategy, with over 500 engineers driving innovation. The AI platform 'Geol' utilizes over 3000 variables to optimize store locations, ensuring disciplined expansion and low paybacks. Remote eye testing is implemented in over 500 stores in India and Japan, enhancing efficiency and quality. A centralized, AI-led supply chain enables next-day delivery in 58 cities and even same-day delivery in some, demonstrating technology's role in creating a 'compounding effect' for sustained profitable growth.

For Q2 FY26, Lenskart reported a like-for-like revenue of ₹2,146.6 crores, up 24% YoY. EBITDA reached ₹425.8 crores, growing 34.5% YoY, with the margin expanding to 19.8% from 18.3% in Q2 FY25. PAT for the quarter was ₹113 crores, a 50% YoY increase, representing a 5.3% margin. For H1 FY26, revenue was ₹4,178.8 crores (up 25.3% YoY), EBITDA was ₹790.8 crores (up 37% YoY with an 18.9% margin), and PAT was ₹193.7 crores (up 98.1% YoY with a 4.6% margin). The company's EBITDA margin has significantly improved by 1,150 basis points over three years, from 8.3% in FY23 to 19.8% in Q2 FY26.

Lenskart's expansion strategy combines geographic reach into unserved pin codes (identifying 2,800) and densification within existing markets. This approach has shown that adding stores does not lead to cannibalization but rather expands the total addressable market. In H1 FY26, the company added 203 net new stores in India and aims for over 450 for the full FY26. The international business also demonstrated strong growth of 26.1% in H1, achieving an 18.2% EBITDA margin by leveraging India's operational capabilities.

Lenskart is actively building a platform for a new generation of eyewear brands, including John Jacobs for premium fashion, Owndays for quality and value, Meller for fashion-forward sunglasses, and collaborations like Pop Mart. The company prioritizes affordability and accessibility over competition-driven pricing. Furthermore, Lenskart is innovating with smart glasses ('B') that offer features like hands-free calling, AI assistance, and digital integration, aiming to transform into an 'eyewear and data company'.

Customer experience is a central focus, reflected in an improved Net Promoter Score (NPS) from 70% in FY23 to 79% in Q2 FY26. AI is integrated throughout the customer journey, from eye testing and frame recommendations to supply chain optimization. The company's proprietary logistics system ensures high reliability (95-97%) for next-day delivery, backed by a commitment to refund 50% of the order value if delivery timelines are not met, fostering strong customer loyalty.