Lenskart Q2 profit growth has given the eyewear giant a much-needed boost after its muted stock-market debut. The company posted strong numbers for the September quarter of FY26, surprising many analysts who had questioned its steep valuation during the IPO. With growth across both domestic and international segments, Lenskart is signaling renewed confidence in its long-term expansion strategy.
Strong Revenue Growth Across India and Overseas Markets
Lenskart reported a consolidated net profit of ₹102 crore for the second quarter, marking a 19.6% year-on-year increase. Revenue also surged, rising 20.8% to ₹2,096 crore compared to the same quarter last year. This milestone pushed the company’s quarterly revenue past the ₹2,000-crore mark for the first time.
India contributed ₹1,230 crore to the overall revenue, reflecting stronger customer demand across offline stores and online channels. Meanwhile, the international business showed even faster momentum, climbing to ₹879.64 crore from ₹658.36 crore a year earlier. This expansion highlights the company’s growing footprint in markets beyond India, particularly in the Middle East and Southeast Asia.
Profitability Improves Despite IPO Criticism
Lenskart’s improved earnings come soon after its lukewarm market listing, which faced criticism for the company’s aggressive valuation. The IPO was priced between ₹382 and ₹402 per share, translating into a price-to-earnings multiple far higher than its global and Indian peers. Many analysts described the valuation as inflated, especially when compared to established consumer brands like Trent or emerging players such as Nykaa’s beauty division.
Yet, the company demonstrated notable improvements in profitability. EBITDA jumped nearly 45% to ₹415 crore, with margins expanding from 16.5% to 19.8%. This margin expansion suggests better cost management, stronger sales growth, and healthier contribution from premium product lines.
Market Reaction and Analyst Outlook
Despite concerns around valuation, investor sentiment improved slightly as Lenskart’s stock ended 0.67% higher at ₹410.45 on Friday. Although the broader Nifty index slipped marginally, Lenskart managed to stay in positive territory. However, analysts remain cautious, stating that the company still trades at higher-than-warranted multiples given its capital-intensive business model.
Even so, the latest quarterly results show that Lenskart is steadily building scale, improving margins, and strengthening its presence across markets. If sustained, this momentum could help justify part of the premium valuation that sparked debate during its public listing.
