Shares of Lenskart Solutions Ltd. opened with gains of over 6% on Thursday, November 5, after several brokerages maintained or upgraded their positive stance on the company following its strong September quarter (Q2 FY27) performance.
Nomura has maintained a ‘Buy’ rating on Lenskart with a price target of ₹888, while HSBC has upgraded the stock to ‘Buy’ and raised its price target to ₹790. CLSA has an ‘Outperform’ rating with a target of ₹773, while Jefferies has maintained its ‘Buy’ rating with a price target of ₹780.
Nomura said Lenskart’s Q2 FY27 performance was ahead of estimates, with consolidated sales growing 32.5% year-on-year. EBITDA, before accounting for Ind AS 116, increased 65% year-on-year, while the corresponding margin expanded 270 basis points to 13.8%, supported by operating leverage across both India and international operations.
In India, strong same-store sales growth, in-house manufacturing and rental leverage supported margin improvement. International operations also delivered volume-led growth, with pre-Ind AS EBITDA margins remaining in double digits.
The brokerage highlighted several initiatives aimed at driving long-term volume growth of 20% and achieving an operating margin of 25%.
HSBC upgraded Lenskart to ‘Buy’ and raised its price target to ₹790. The brokerage said that EBITDA was 3% ahead of consensus estimates, with India same-store sales growth at 21% and international operations sustaining growth of 23% in constant currency terms.
HSBC said it had revised its expectations for margin expansion in India and now sees international operations as a larger growth opportunity than it had previously anticipated. The brokerage has retained its valuation multiple for India while assigning a higher multiple to the international business.
CLSA said Lenskart delivered another strong quarter, particularly in its India business, with robust volume growth and better-than-expected profitability.
Sales grew 36% year-on-year, or 32.5% on a pro forma basis, broadly in line with estimates. Reported EBITDA margin expanded by around 210 basis points year-on-year, while EBITDA came in 3% above consensus estimates.
India’s EBITDA was 12% ahead of the brokerage’s estimates. CLSA believes Lenskart’s ability to serve consumers across both ends of the market spectrum profitably provides the company with a sustainable competitive advantage and supports its long-term growth prospects.
Jefferies said Lenskart’s compounding story remains intact, supported by strong growth and sharp margin expansion.
The brokerage highlighted the company’s efforts to widen its customer base across different market segments. Initiatives such as Hustlr Club, which targets the next 100 million Indian consumers, Evolv, which focuses on experiential retail, and smart glasses are expected to provide additional long-term growth opportunities.
Despite foreign exchange pressures, Jefferies believes margin progression remains on track. The company has identified seven levers to achieve its long-term EBITDA margin target of 25%, although it has not specified a timeline, with growth remaining the immediate priority.
The brokerage added that Lenskart’s premium valuation is supported by its strong growth prospects.
Lenskart Q2 FY27 results
Lenskart’s revenue increased 35.7% year-on-year to ₹2,845 crore in Q2 FY27, compared with ₹2,096 crore in the corresponding quarter last year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 50% year-on-year to ₹621 crore from ₹414 crore a year ago. EBITDA margin expanded to 22% from 20% in the year-ago quarter, indicating an improvement in operating profitability.
Net profit more than doubled to ₹227 crore in Q2 FY27, compared with ₹102 crore in the corresponding quarter last year, supported by strong revenue growth and operating leverage.
Lenskart reported same-store sales growth (SSSG) of 20.8%, while sales per store growth (SPSG) stood at 27.1%, net of cannibalisation.
The company conducted 80 lakh eye tests during the quarter, marking a 40.4% increase year-on-year. Eyewear units sold rose 27.1% to 1.1 crore.
Lenskart added 165 new stores during the quarter, taking its total store count to 3,624. Gross margin improved to 70% from 69.2% a year ago.
The company’s Lenskart Gold programme crossed 1 crore active members in India, while fee income stood at ₹73 crore.
Lenskart Solutions shares ended 3.38% higher at ₹693.75 on Wednesday, November 4. The stock has gained 58% so far in 2026.
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