Consumer Tech to Consumer AI

Research evidence excerpt

Consumer Tech to Consumer AI

India | Internet

Lenskart EquityMayResearch20, 2026

TARGET | ESTIMATE CHANGEConsumer Tech to Consumer AI

Lenskart delivered another standout qtr, with strong growth & smart margin RATING BUY

gains across India & international markets. Mgmt commentary remains PRICE INR492.70^

positive, with excessive focus on compounding growth, which should PRICE TARGET | % TO PT INR600 (INR575) | +22%

percolate into better profitability. AI is touching all aspects of business, and 52W HIGH-LOW INR559.80 - INR355.70

Lenskart benefits from its control over the value chain, with a series of FLOAT (%) | ADV MM (USD) 46.0% | 28.80

initiatives underway that should further improve speed & agility. We raise MARKET CAP INR856.8B | $8.9B

EBITDA by 7-11% - BUY. TICKER LENSKART IN

^Prior trading day's closing price unless otherwise

noted.

Strong 4Q: Revenues grew 41% YoY, backed by volumes & smart customer adds. Pre-Ind AS

EBITDA almost doubled YoY, led by >3.5ppt margin expansion to 12.8% on the back of higher

GM and op leverage (staff, marketing, rental costs, etc.). Pre-ex PAT at cRs2bn (ahead). For FY (Mar) CHANGE TO JEFe JEF vs CONS

FY26, the company generated positive FCF. 2027 2028 2027 2028

REV <1% <1% NA NA

India: LFL revenue grew 44%, with +23% volumes and +18% rise in ASP, off a low base driven by EPS +2% -2% NA NA

a better mix (promotions in the base Q). GM remained flat YoY despite some cost pressure (INR

depreciation), which was offset by premiumisation & supply chain efficiencies. Adj. EBITDA 2027 (INR) Q1 Q2 Q3 Q4 FY

margin was up c40ps QoQ to 15.3%. SSSG was best in class at 24%, with the same pincode EPS -- -- -- -- 4.52

sales even higher at >30%. Adj. EBITDA was up 2.4x YoY. PREV 4.44

International: Revenues were up 35% (c/c: 25%).