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BACKGROUND

Incorporated in 2010, Lenskart is one of India’s largest Omni channel eyewear retailers in India. Over the years, it has combined a strong digital presence with an expanding network of physical stores to sell prescription glasses, sunglasses, contact lenses, and eyewear accessories. Co operates ~ 2137 stores in India and ~ 669 stores internationally and has introduced innovations like virtual try-on and home eye tests, helping to build its brand and customer base. Lenskart has become India’s largest optical retail brand, with rapid growth, expansion into new markets, and strategic international acquisitions like Owndays (Japan, 2022) and Meller (Spain, 2025).

Details of the Issue

Issue is a combination of fresh issue of 5.35 cr shares aggregating to Rs 2150 cr and offer for sale of 12.6 cr shares aggregating to Rs 5128.02 cr totalling to Rs.7278.02cr. Co plans to utilize the IPO proceeds to store expansions and technology.

Investment Rationale

1. Market Leader with High Consumer Reach with an Omnichannel Experience.

2. Centralized Supply Chain and Automated Manufacturing.

3. Newer Markets along with expansion plans with Technology at the helm.

Valuation and Recommendation

Lenskart enjoys a strong market competitiveness in the Indian eyewear market by leveraging innovation, technology and strategic expansion while building a global footprint. Its Omnichannel strategy along with centralised manufacturing suggests a resilient business model and bodes well to remain cost competitive in the highly fragmented market. Company is able to grow faster than the industry scaling up its operations through product innovations, entering newer markets, acquisitions and market share gains

Company’s revenues/ebidta have grown at a cagr of 32.5%/92.3% during FY23-25 and has become PAT positive in FY25. At FY25 P/E of 235x and EV/Ebidta of 68x, issue prima facie looks expensive. However, when we compare the company with other retailers like Metro and Trent, valuations seem fair. Moreover, future expansion plans and growth prospects of Lenskart, provides cushion to the valuations and thus recommend ‘Subscribe’ to the issue with long term view.

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SEBI Registration number is INH00000176