Seeing beyond India – Understanding the overseas operations better; Reiterate Buy

Research evidence excerpt

Seeing beyond India – Understanding the overseas operations better; Reiterate Buy

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Lenskart Solutions

Seeing beyond India – Understanding the

overseas operations better; Reiterate Buy

Reiterate Rating: BUY | PO: 575.00 INR | Price: 541.70 INR

Overseas business - Not an adjacency, but core 21 July 2026

Lenskart’s overseas presence is a key topic of discussion with investors, even as India Equity

market development remains a massive opportunity. Overseas business is substantial at

c.42%/26% of Lenskart’s revenue/profit, and in our view a core driver of the company – AdityaResearchMathurAnalyst>>

not a diversification pilot or an optionality. The vision correction issue is similar across BofAS India

markets - fragmented, optician-led retail provides room for a scaled omni-channel player +91aditya.mathur@bofa.com22 6632 8958

like Lenskart offering better consumer experience (pricing, assortment, turnaround time, Pritesh Sonar >>

etc.). We think Lenskart’s vertically integrated model is a big advantage, as most peers Research Analyst

BofAS India

operate only in select parts of the eyewear value chain. Some even compare its model pritesh.sonar@bofa.com

with EssilorLuxottica, given both operate end-to-end integrated supply chains, though

we do see differences in terms of Lenskart’s higher focus on demand generation via eye

tests, greater tech adoption in operations, and emphasis on fashion quotient.

Stock Data

The company has a slightly different brand perspective - alludes to a global presence

being important for sustaining brand strength/relevance longer-term; cross market Price 541.70 INR

learnings are key – ensure quality, help keep up with fashion trends, widen offerings (e.g. Price Objective 575.00 INR

myopia control), et al.