Lenskart Growth Strategy: Why Investors Backed Growth Over Margins in Q2 Results, With Profit More Than Doubling to Rs 232 Crore and the Stock Giving Up Early Gains

The Lenskart growth strategy is getting investor support after the Lenskart Q2 results, with revenue up 35.7% to Rs 2,845 crore and profit more than doubling to Rs 232.45 crore. The stock traded at Rs 717.10, up 3.97%, on the NSE as of about 3:10 PM IST on 5 November 2026. This guide covers the numbers, the margin trend, brokerage views and the risks. It is not investment advice.

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Lenskart Share Price After the Results

Lenskart Solutions opened at Rs 750 against a previous close of Rs 689.70 and hit a high of Rs 762.75, about 10.6% above the close by our arithmetic. It later traded at Rs 717.10, so the early gain narrowed to about 4%.

Price point	Rs
Latest traded (NSE)	717.10 (+3.97%)
Previous close	689.70
Open	750.00
Day high and low	762.75 and 706.15

Market reports differ on the intraday gain, with figures of 6% to 8% at different times, because they were written at different hours. The broader market was strong, with the Nifty 50 up 2.47%, so part of the move is market-wide.

Lenskart Q2 Results: The Numbers

Metric	Q2 FY27	Change
Revenue from operations (reported)	Rs 2,845 crore	+35.7%
Revenue (pro forma basis)	Rs 2,845 crore	+32.5%
Net profit (reported)	Rs 232.45 crore	+124.7%
Profit after tax (pro forma)	Rs 232 crore	+106.1%
EBITDA	Rs 624 crore	+46.6%
EBITDA margin	21.9%	Wider
EBITDA margin before Ind AS 116	13.8%	Up from 11.1%
H1 FY27 revenue	Rs 5,559 crore	+33%
H1 FY27 profit after tax	Rs 461 crore	About 87% of FY26 profit

Reports use two bases. Reported consolidated revenue is compared with Rs 2,096 crore a year ago, while the company's pro forma comparison uses Rs 2,147 crore, so the growth rate is 35.7% or 32.5%. Press reports also show product margin at 70.0%, up from 69.2%. Motilal Oswal had estimated revenue of Rs 2,784 crore and adjusted profit of about Rs 205 crore, so by our arithmetic the quarter beat on revenue by about 2% and on profit by about 13%.

The Lenskart Growth Strategy: India and International

Segment	Revenue	EBITDA
India	Rs 1,668 crore (+35.3%)	Rs 362 crore (+50.5%)
International	Rs 1,201 crore (+29.5%)	Rs 264 crore (+45.9%)

DSIJ reported that India same-store sales grew 20.8% and that Lenskart added a net 143 India stores in the quarter, taking active India stores to 2,868. Other reports cite 165 new stores, so check the investor presentation. International EBITDA before Ind AS 116 rose 86.8% to Rs 127 crore, a margin of 10.6% against 7.3%.

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Growth Over Margin: What the Results Show

Mint's headline says investors prefer growth over margins. The results show both moving together, because the pre-Ind AS 116 EBITDA margin widened by about 2.7 percentage points while revenue grew by roughly a third. Earlier results commentary summarised by Quartr said the company focuses on growth and market share, with margin improvement as a natural outcome of scale and integration. Cash was Rs 3,855 crore and return on capital employed improved to 22.5% from 19%, according to DSIJ.

What Brokerages Said Before the Results

Brokerage	View	Target (Rs)
Motilal Oswal	Buy (30 September)	800
Morgan Stanley	Overweight (30 September)	718
Jefferies	Buy (August)	680
Macquarie	Outperform (August)	675

These targets are from reports in August and September, before the Q2 results, and may be revised. Citi had a neutral rating in August, saying much of the expected growth may be reflected in the valuation. At Rs 717.10 the price is close to Morgan Stanley's target and about 12% below Motilal Oswal's by our arithmetic.

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Risks and Valuation

Risk	Why it matters
High valuation	DSIJ cites a trailing P/E of about 154 and EV/EBITDA of about 49
Smaller-town rollout	Needs eye-testing capacity, logistics and trained staff
International margins	About 10.6% before Ind AS 116, lower than India
Expectations	The stock gave up part of its early gain
Data differences	Growth rates differ by reporting basis

Conclusion

The Lenskart growth strategy is delivering faster revenue and wider margins, which explains the investor response to the Q2 results. High valuation and execution risk remain, so read the filing and the investor presentation before drawing conclusions.

Frequently Asked Questions on the Lenskart Growth Strategy

What were Lenskart's Q2 FY27 results?

Ans. Consolidated revenue from operations rose 35.7% to Rs 2,845 crore and net profit rose 124.7% to Rs 232.45 crore. On the company's pro forma basis, revenue grew 32.5% and profit after tax grew 106.1%. EBITDA was Rs 624 crore with a margin of 21.9%.

What is the Lenskart share price today?

Ans. Lenskart traded at Rs 717.10 on the NSE, up 3.97%, as of about 3:10 PM IST on 5 November 2026. It opened at Rs 750, touched Rs 762.75 and the previous close was Rs 689.70.

What is the Lenskart growth strategy?

Ans. Lenskart combines an omnichannel store network with its own manufacturing and technology. It adds stores in India and expands internationally. Earlier commentary summarised by Quartr says it focuses on growth and market share, with margin gains following scale.

Did Lenskart's margins improve in Q2?

Ans. Yes. The EBITDA margin before Ind AS 116 rose to 13.8% from 11.1% and product margin was reported at 70.0% against 69.2%. International EBITDA margin before Ind AS 116 was 10.6% against 7.3%.

How did Lenskart's India and international businesses perform?

Ans. India revenue rose 35.3% to Rs 1,668 crore and EBITDA rose 50.5% to Rs 362 crore. International revenue rose 29.5% to Rs 1,201 crore and EBITDA rose 45.9% to Rs 264 crore. DSIJ also reported India same-store sales growth of 20.8%.

What are brokerages saying about Lenskart?

Ans. Before the Q2 results, Motilal Oswal had a Buy with a target of Rs 800, Morgan Stanley an Overweight with Rs 718, Jefferies a Buy with Rs 680 and Macquarie an Outperform with Rs 675. Citi was neutral in August. Targets may be revised after the results.

Is the Lenskart share price expensive?

Ans. DSIJ cites a trailing price-to-earnings ratio of about 154 and EV/EBITDA of about 49, which are high. High multiples leave less room for slippage in growth or margins. Compare them with the pace of earnings growth before drawing conclusions.

Should I buy Lenskart shares after the Q2 results?

Ans. Univest cannot give personal advice. The results were strong, but the valuation is high and the stock gave up part of its early gain. Review the filing, check your risk limit and consult a SEBI-registered adviser before acting.