Lenskart Solutions: A Vision for Compounding; initiate at Overweight

研报英文原文证据摘录

Lenskart Solutions: A Vision for Compounding; initiate at Overweight

Latika Chopra, CFA AC Asia Pacific Equity Research

(91-22) 6157-3584 10 July 2026 J P M O R G A N

latika.chopra@jpmorgan.com

Executive Summary

Lenskart is a technology-driven omnichannel eyewear retailer with a vertically

integrated and centralized supply chain, operating a multi-brand portfolio across

prescription eyewear, sunglasses, contact lenses and accessories, with India as its largest

market and an expanding footprint across Japan, Southeast Asia and the Middle East

(International revenue salience 42% in FY26). We view the company as a compelling

compounding story given (1) a structurally underpenetrated eyewear market in India

with strong formalization tailwinds and (2) Lenskart's ability to scale demand creation

(via eye tests and omnichannel reach) while sustaining robust unit economics through its

tech-and-data moat and vertical integration.

The broader category setup is attractive: India has a very large and rising population

needing vision correction (770mn+ in FY25), while actual prescription eyewear

penetration remains low (~35%) versus developed markets (~50% globally), constrained

by awareness, access to optometrists and the still-dominant unorganized channel. We

expect the eyewear market to benefit from multiple structural tailwinds—rising

refractive-error incidence, accelerating formalization, improving penetration, and

premiumization—as consumer awareness and willingness to spend on eye health and

fashion-led eyewear rises across city tiers.

Given the eyewear industry’s winner-takes-all characteristics globally, we believe

Lenskart’s ~5–6% share offers significant headroom to capture dominant regional share

in the early-consolidation phase of a large, still-fragmented market.