Lenskart Solutions Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Lenskart Solutions Ltd filed with BSE on 27 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Lenskart reported Q4 FY26 revenue growth of 41% year-on-year to Rs 2,516 crores with EBITDA margins expanding 2.7 percentage points to 21.3%. Full-year FY26 milestones included Rs 1,700 crores of EBITDA, Rs 1,000+ crores of pre-Ind AS EBITDA, and Rs 500+ crores of PAT. Management described growth as broad-based across India and international markets, driven by store additions, eye test volumes, and same-store sales growth.
Numbers mentioned
Revenue: ₹2,516 crores (Q4 FY26)
p. 4
“Revenue grew 41% year-on-year to ₹2,516 crores, our strongest quarter as a public company.”
Peyush Bansal, page 4 of the filed PDF · View the filing
EBITDA margin: 21.3% (Q4 FY26)
p. 4
“EBITDA grew 61% year-on-year in Q4 with EBITDA margins expanding 2.7 percentage points to 21.3%.”
Peyush Bansal, page 4 of the filed PDF · View the filing
EBITDA pre-Ind AS margin: 12.8% (Q4 FY26)
p. 4
“EBITDA pre-Ind AS almost doubled year-on-year to ₹322 crores, with margins expanding from 9.1% to 12.8% in Q4.”
Peyush Bansal, page 4 of the filed PDF · View the filing
PAT: ₹204 crores (Q4 FY26)
p. 4
“We delivered ₹204 crores of PAT this quarter, rising consistently over the last four quarters.”
Peyush Bansal, page 4 of the filed PDF · View the filing
Eye tests conducted globally: 6.8 million (Q4 FY26)
p. 4
“We conducted 6.8 million eye tests globally this quarter, 45% growth year-on-year.”
Peyush Bansal, page 4 of the filed PDF · View the filing
Net new stores added globally: 183 stores (Q4 FY26)
p. 4
“We added 183 net new stores globally in Q4, taking total count to 3,327 stores.”
Peyush Bansal, page 4 of the filed PDF · View the filing
India Same Store Sales Growth: 24% (Q4 FY26)
p. 4
“In Q4, India delivered Same Store Sales Growth of 24% with Same Pincode Sales Growth of 31%.”
Peyush Bansal, page 4 of the filed PDF · View the filing
NPS in India: 81.4 (Q4 FY26)
p. 4
“And finally, most important number, NPS in India reached an all-time high of 81.4.”
Peyush Bansal, page 4 of the filed PDF · View the filing
India revenue: ₹1,475 crores (Q4 FY26)
p. 5
“In Q4, India delivered a revenue of ₹1,475 crores, which was a 44% growth year-on-year.”
Abhishek Gupta, page 5 of the filed PDF · View the filing
India EBITDA pre-Ind AS 116 margin: 15.3% (Q4 FY26)
p. 6
“So you'll see that the India EBITDA pre-Ind AS 116 margin reached 15.3% in Q4, which is a 6 percentage points margin expansion over the 9% that we had clocked in Q4 last year.”
Abhishek Gupta, page 6 of the filed PDF · View the filing
India eyewear units: 7.9 million units (Q4 FY26)
p. 6
“In terms of operational metrics, India revenue growth was primarily volume-driven with eyewear units growing 24.3% year-on-year in Q4 to 7.9 million units.”
Abhishek Gupta, page 6 of the filed PDF · View the filing
India eye tests: 6 million (Q4 FY26)
p. 6
“The volume growth was powered by a 50% increase in eye tests to 6 million in the quarter.”
Abhishek Gupta, page 6 of the filed PDF · View the filing
Remote optometry stores: 623 stores (FY26)
p. 6
“Remote optometry stores expanded 3.7 times in a single year to 623 stores.”
Abhishek Gupta, page 6 of the filed PDF · View the filing
Gold active members: 8.8 million (FY26)
p. 6
“Gold active members reaching 8.8 million are up 29.5% year-on-year.”
Abhishek Gupta, page 6 of the filed PDF · View the filing
India total store count: 2,609 stores (as of March 31, 2026)
p. 6
“As of 31st March, our total store count in India stands at 2,609.”
Abhishek Gupta, page 6 of the filed PDF · View the filing
International revenue: ₹1,054 crores (Q4 FY26)
p. 6
“Moving to the international business, international revenue grew 35.4% year-on-year in Q4 to ₹1,054 crores.”
Abhishek Gupta, page 6 of the filed PDF · View the filing
International EBITDA pre-Ind AS 116 margin: 9.2% (Q4 FY26)
p. 6
“Our international EBITDA (pre-Ind AS 116) margin reached 9.2% in Q4, up from 8.1% in Q4 last year.”
Abhishek Gupta, page 6 of the filed PDF · View the filing
International full year EBITDA margin: 7% (FY26)
p. 6
“The key thing to note here is that full year EBITDA margin reached 7%, which is a 3.4 percentage improvement from 3.6% that we delivered in FY25, led by both product margin improvement and operating leverage.”
Abhishek Gupta, page 6 of the filed PDF · View the filing
International total stores: 718 stores (as of FY26 year-end)
p. 6
“The total international stores at year-end exited at 718 with 61 additions in the full year.”
Abhishek Gupta, page 6 of the filed PDF · View the filing
Operating cash flow: ₹887 crores (FY26)
p. 7
“We generated operating cash flows of ₹887 crores in FY26, which is about 91% of our reported EBITDA (pre-IndAS 116).”
Abhishek Gupta, page 7 of the filed PDF · View the filing
Closing net cash balance: ₹3,881 crores (as of FY26 year-end)
p. 7
“Closing net cash balance, excluding the IPO-related payables, which were (largely) settled in April, stands at ₹3,881 crores.”
Abhishek Gupta, page 7 of the filed PDF · View the filing
Return on capital employed: 23% (FY26)
p. 7
“In terms of return on capital employed, we clocked 23% excluding the undeployed IPO proceeds.”
Abhishek Gupta, page 7 of the filed PDF · View the filing
Revenue CAGR: 28% (three years, FY24-FY26)
p. 7
“Over the last three years, our revenue has grown at a CAGR of 28%, taking FY26 revenue to ₹9,000+ crores.”
Peyush Bansal, page 7 of the filed PDF · View the filing
India revenue: ₹5,265 crores (FY26)
p. 7
“In India, revenue grew from ₹3,109 crores in FY24 to ₹5,265 crores in FY26, a three-year CAGR of 30%.”
Peyush Bansal, page 7 of the filed PDF · View the filing
India eyewear units: 29 million (FY26)
p. 7
“India eyewear units reached 29 million in FY26, up from 18 million two years ago, with the next key milestone we are working towards is 100 million.”
Peyush Bansal, page 7 of the filed PDF · View the filing
International revenue: ₹3,790 crores (FY26)
p. 7
“Internationally, revenue grew from ₹2,465 crores in FY24 to ₹3,790 crores in FY26, a three-year CAGR of 24%.”
Peyush Bansal, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Net new store additions — around FY26 levels · FY27
stated firmly by Peyush Bansal
p. 9
“On operating outlook, net new store additions for FY27 are expected to be around FY26 levels.”
Peyush Bansal, page 9 of the filed PDF · View the filing
Long-term steady-state EBITDA pre-Ind AS margin — approximately 25% · long-term
stated as an aspiration by Peyush Bansal
p. 9
“Our long-term steady-state EBITDA pre-Ind AS margin expectation remains unchanged to approximately 25%.”
Peyush Bansal, page 9 of the filed PDF · View the filing
India EBITDA pre-Ind AS margin — approximately 25% · steady-state
stated as an aspiration by Peyush Bansal
p. 7
“We are at 14% today with roughly another 10 percentage points of runway to our steady state margin expectation of approximately 25%.”
Peyush Bansal, page 7 of the filed PDF · View the filing
Eye tests / customer scale — 100 million at the least and eventually a billion
stated as an aspiration by Peyush Bansal
p. 8
“Our ambition is not 30 million eye tests. It is 100 million at the least and eventually a billion.”
Peyush Bansal, page 8 of the filed PDF · View the filing
Factory floor automation — near full automation
stated as an aspiration by Peyush Bansal
p. 8
“So eye test data informs product design, social trends reach manufacturing in days and factory floors now moves towards near full automation from the current 75%.”
Peyush Bansal, page 8 of the filed PDF · View the filing
R&D investment for smart eyewear and eye testing — FY27
stated firmly by Peyush Bansal
p. 8
“We will step up our investments in R&D this year for automating eye testing and also accelerating new customer acquisition through innovation in products, formats, access points, pricing, and offers.”
Peyush Bansal, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said currency (rupee depreciation) is the biggest variable but has been offset by vertical integration and volume growth; no material demand impact seen so far in India or international markets.
Answered by Peyush Bansal
Asked by Vivek Maheshwari: What geopolitical or supply chain risks should investors monitor?
p. 10
“Currency, of course, is the biggest variable. Rupee depreciation on imports is a headwind, but since 42% of our business is international and we continue to do more vertical integration, this has been offset so far.”
Peyush Bansal, page 10 of the filed PDF · View the filing
Management disputed the calculation, saying volume growth is meaningfully higher than that estimate.
Answered by Peyush Bansal
Asked by Vivek Maheshwari: Does India SSSG of ~25% and ASP increase of ~15% imply ~10% volume growth?
p. 12
“But that number that you have calculated is not correct. The number is higher than that, meaningfully higher than that.”
Peyush Bansal, page 12 of the filed PDF · View the filing
Management attributed operating leverage in employee costs to same-store growth and volume expansion, with flat HQ/tech costs due to automation.
Answered by Abhishek Gupta
Asked by Tejash Shah: How should we think about the trajectory of employee cost efficiency, especially internationally?
p. 12
“I think the main driver of the operating leverage that is coming in the employee cost is actually the same-store growth and the volume expansion.”
Abhishek Gupta, page 12 of the filed PDF · View the filing
Management said yes, more stores are being seen than the initial articulated target as GeoIQ data improves with every new store opened.
Answered by Peyush Bansal
Asked by Tejash Shah: Does Tier 2 outperformance expand the long-term store target beyond 4,500?
p. 13
“We are definitely seeing more stores than the initial 4,500. I think we always saw more than that, but I think that was at least a clear articulation of the numbers that we saw.”
Peyush Bansal, page 13 of the filed PDF · View the filing
Management said the space is very early, no one has a clear form factor yet, and Lenskart's advantage lies in prescription and distribution capability.
Answered by Peyush Bansal
Asked by Tejash Shah: How does Lenskart preserve its positioning in smart glasses given rising competition from players like Google?
p. 14
“I would say we are very early in this journey. I don't think anybody has a form factor which is a clear home run right now.”
Peyush Bansal, page 14 of the filed PDF · View the filing
Management said it is difficult to time on a quarter but pointed to continued margin expansion driven by ACP reduction as markets integrate.
Answered by Peyush Bansal
Asked by Percy Panthaki: How should international margin journey to India-level margins be modeled?
p. 15
“It's difficult for me to comment on how you should model it--in what quarter it will land to 15%, but based on what I can see is that the number to look out for is the margin expansion, despite all the macroeconomic trends, margin in international has still grown by another percent this year, and I think this will continue to grow in the future.”
Peyush Bansal, page 15 of the filed PDF · View the filing
Management said KSA is ahead of where UAE was at the same stage of its journey but did not confirm a breakeven date.
Answered by Peyush Bansal
Asked by Percy Panthaki: Has KSA reached EBITDA breakeven or is it expected in FY27?
p. 15
“The only thing I would be able to share (because of) competitive reasons -- it is ahead of where Dubai was for us, or UAE was for us.”
Peyush Bansal, page 15 of the filed PDF · View the filing
Management said their bottoms-up, mobility-pattern-based model optimizes for market share within a 10-minute travel radius, which mitigates cannibalization concerns.
Answered by Peyush Bansal
Asked by Percy Panthaki: Does adding stores in the same pincode cannibalize existing stores' SSSG?
p. 16
“We are optimizing for a market share within a 10-minute traveling distance radius. That is what we are optimizing for.”
Peyush Bansal, page 16 of the filed PDF · View the filing
Management said same-day delivery is still experimental with no specific target set yet.
Answered by Peyush Bansal
Asked by Devanshu Bansal: Can management share targets for same-day delivery?
p. 17
“For same-day delivery, I think we are still running a lot of experiments. We ran it in Singapore. We are piloting it in some markets in India, and it is too early for me to comment.”
Peyush Bansal, page 17 of the filed PDF · View the filing
Management said Meller is outperforming plan, has expanded across India, Middle East, Southeast Asia, and is being launched in Japan, with strong demand outstripping supply.
Answered by Peyush Bansal
Asked by Devanshu Bansal: Can management share Meller brand traction and distribution scale?
p. 18
“So far we are running super out of stock in all markets, including Southeast Asia, which was something we were not anticipating to do well.”
Peyush Bansal, page 18 of the filed PDF · View the filing
Risks flagged
Rupee depreciation on imports increasing costs
p. 10
“Rupee depreciation on imports is a headwind, but since 42% of our business is international and we continue to do more vertical integration, this has been offset so far.”
Peyush Bansal, page 10 of the filed PDF · View the filing
Temporary dip in store traffic in Middle East due to disturbance
p. 6
“In Middle East, which is about 6% of our international store count, had a temporary dip in the store traffic, but the business has otherwise proved resilient and recovered back to near normal.”
Abhishek Gupta, page 6 of the filed PDF · View the filing
General geopolitical, currency and demand cycle uncertainty
p. 9
“The external environment will continue to throw up uncertainty, geopolitics, currency, and demand cycles could create short-term bumps.”
Peyush Bansal, page 9 of the filed PDF · View the filing
Product margin pressure from rupee depreciation offsetting vertical integration gains
p. 6
“Product margin was held steady at 64%, because the rupee depreciation absorbed all the benefits of vertical integration and premiumization.”
Abhishek Gupta, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.