Profit after tax (PAT) margin expanded 443 basis points year-on-year to 8.4% from 4%. Revenue grew 43.3% year-on-year to ₹2,714.2 crore from ₹1,894.5 crore.
EBITDA rose 75.1% year-on-year to ₹588.5 crore, from ₹336.1 crore, while the EBITDA margin expanded to 21.7% from 17.7% in the year-ago quarter. EBITDA before Ind AS 116 rose to a margin of 13.3% from 9.1% in Q1 FY26.
Consolidated product margin crossed 70% for the first time, rising to 70.3% in Q1 FY27 from 68.7% a year ago. This came despite the rupee depreciating against the Chinese yuan. India product margin improved to 64.2% from 63.4%, while international product margin rose to 77.1% from 75.9%.
India revenue grew 30.7% year-on-year, while international revenue increased 38%. Operating cash flow stood at ₹297 crore, higher than around ₹207 crore of capital expenditure. Capex included ₹75 crore for stores and ₹132 crore for the Hyderabad-led plant step-up.
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Net cash flow before mergers and acquisitions and equity stood at ₹116 crore. Return on capital employed (ROCE) improved to 23.2% in Q1 FY27 from 14.6% for FY26, driven by earnings before interest and tax growth and capital allocation.
India delivered same-store sales growth (SSSG) of 18.3% during the quarter, with performance across Metro, Tier 1 and Tier 2+ markets. Sales per store growth (SPSG) stood at 24.3%.
New Stores
Lenskart added 132 net new stores during Q1 FY27, compared with 83 in Q1 FY26, taking total active stores to 3,459. India added 116 net new stores, including 83 in Tier 2+ markets, and entered 50 new cities. Internationally, 16 net new stores were added.
Lenskart Gold active members reached 93.5 lakh in Q1 FY27, while Gold subscription fees rose 57.4% year-on-year to ₹66 crore. The company conducted 0.7 crore eye tests during the quarter, up 39.8% year-on-year. India eye tests increased 42.7% to 0.6 crore, with around half being first-time eye examinations.
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Eyewear Volumes
Overall eyewear volumes grew 25.7% year-on-year. India average selling price (ASP) increased 6.4% to ₹1,856, driven by premiumisation of the product mix. International ASP was broadly flat at ₹5,267, although constant-currency ASP was lower due to a seasonally higher contribution from sunglasses.
Lenskart said it continues to target a steady-state EBITDA margin of around 25% before Ind AS 116. In India, EBITDA before Ind AS 116 rose 51.5% year-on-year to ₹236 crore, with the margin increasing to 15.4% from 13.3%.
India product margin improved to 64.2%, supported by in-house manufacturing and premiumisation, while rupee depreciation remained an offsetting factor. Employee costs were modestly higher as a share of revenue, with leverage in older stores and corporate and technology headcount offset by staffing requirements for new Tier 2+ stores.
Marketing expenses improved to 4.8% of revenue from 5.7% a year ago. Other expenses, excluding marketing, also improved as a share of revenue as technology, supply chain and corporate overheads were absorbed across a larger revenue base. The continued shift from franchise-owned, franchise-operated (FoFo) to company-owned, company-operated (CoCo) stores also reduced commission and incentive costs as a share of revenue.
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Rent costs under the Ind AS 116 adjustment remained stable as same-store growth outpaced typical annual escalations, even as the company continued to add new stores.
International Segment
International segment revenue rose 38% year-on-year to ₹1,203 crore in Q1 FY27. While favourable currency movements supported reported growth, revenue increased around 29% year-on-year on a constant-currency basis. Growth was broad-based across Japan, Southeast Asia, the Middle East and other geographies.
International growth was largely driven by same-store performance. The company added only 16 net new international stores during the quarter, taking the total from 718 to 734, as it maintained a measured pace of expansion.
International eyewear volumes increased 37.6% year-on-year, while quarterly transacting customer accounts rose 27.8%. Eye tests increased 20.5% year-on-year, with the prescription business continuing to grow.
Sunglasses units increased 58.4% year-on-year and nearly doubled sequentially, with April-June being the segment’s seasonal peak. The growth was also supported by Meller’s fast-growing online channel.
Reported international ASP remained broadly flat at ₹5,267. On a constant-currency basis, ASP would have declined, according to the company, due to the heavier contribution from sunglasses, which is a structurally lower-ASP category.
Lenskart To Raise Stake In China JV To 70%
Lenskart has approved the acquisition of an additional 19% equity interest in Baofeng Framekart Technology Limited, a joint venture between the company and Geng Yongchao.
The acquisition will be undertaken through Lenskart Solutions Pte. Ltd., Singapore, a wholly owned subsidiary of Lenskart. Following the transaction, Lenskart’s indirect shareholding in Framekart will increase from 51% to 70%.
The cost of acquisition is approximately RMB 7.5 million, equivalent to around ₹10.6 crore. Framekart currently contributes more than 30% of the total eyewear production requirements of the Lenskart Group.
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The proposed increase in shareholding is intended to increase Lenskart’s control over manufacturing and supply chain operations, strengthen supply chain resilience and support its localisation and backward integration strategy.
Framekart is based in Pingdingshan, Henan Province, China, with its registered office and primary manufacturing facility located at No. 1 Xingbao Road, Baofeng Light Industry Park.
Lenskart To Set Up OWNDAYS Korea
The company has also approved the incorporation of OWNDAYS Korea, a step-down subsidiary in the Republic of Korea. The entity will be a wholly owned subsidiary of OWNDAYS Singapore, which is a step-down subsidiary of Lenskart.
OWNDAYS Korea will undertake the import, wholesale distribution and franchise support of eyewear and related optical products in South Korea. It will also provide franchise support and certain other services for the OWNDAYS business in the country.
The proposed initial investment is KRW 300 million, equivalent to approximately ₹2.02 crore, by OWNDAYS Singapore through subscription to the share capital of the proposed entity.
New China Step-Down Subsidiary
Lenskart has also approved the incorporation of a new step-down subsidiary, Wenzhou Framekart Trade Co., Ltd., in the People’s Republic of China.
Shares of Lenskart Solutions Ltd ended at ₹587.00, down by ₹2.05, or 0.35%, on the BSE.
