Sharper vision; path to 3x profits

Research evidence excerpt

Sharper vision; path to 3x profits

Macquarie Equity Research Lenskart Solutions

Key Risks to Investment Thesis Company Description

• Execution errors resulting in poorer store payback, Lenskart is a vertically integrated eyewear retailer with omni-

moderation in same-store sales growth and in turn lower channel presence across India and international markets such

overall sales growth. as Singapore, the United Arab Emirates and Thailand. Sales

• Large investment or potential M&A in unrelated category. are largely done through the offline stores. The company

• Potential disruption in supply from China due to has a centralized supply chain with in-house manufacturing

capabilities for both frames and lenses, enabling efficient geopolitical/ regulatory changes.

inventory planning, cost-effective procurement and rapid

• Increasing competitive intensity fulfillment.

• Increased adoption of LASIK and other vision correction

methods could reduce prescription eyewear demand.

Figure 1 - Split of sales (FY26) Figure 2 - Split of pre-IndAS-Ebitda (FY26)

Split of sales Split of pre-IndAS-Ebitda

Intl (2.8%

margin)

12%

Intl

42%

India

58% India (14.3%

88%

Source: Company Data, Macquarie Research, Jun 2026 Source: Company Data, Macquarie Research, Jun 2026

Lenskart Solutions (LENSKART IN) INR/(bn) unless otherwise noted

Income Statement Mar FY 2026A 2027E 2028E 2029E Q4/26A Q1/27E Balance Sheet 2026A 2027E 2028E 2029E

Revenue 88.1 114.9 143.1 174.6 25.2 25.0 Cash 18.8 20.4 26.8 36.9

Gross Profit 60.8 79.5 99.0 121.0 17.5 17.3 Receivables 1.7 2.3 2.8 3.5

EBITDA 17.5 24.6 32.5 41.4 5.4 4.3 Inventories 10.4 13.5 16.8 20.5

Depreciation 10.5 12.5 14.9 17.7 2.9 3.0 Fixed Assets 29.4 35.4 40.2 44.7

EBIT 7.0 12.1 17.7 23.7 2.5 1.3 Intangibles 22.0 22.0 22.0 22.0