Lenskart Q2 profit more than doubles to Rs 232 crore on 36% sales growth
Lenskart's September 2026 quarter profit rose to about Rs 232 crore from Rs 103 crore as revenue grew 36% to Rs 2,845 crore, per results reported on 4 November.
Lenskart, the eyewear retailer that began as an online startup, reported a consolidated net profit of about Rs 232 crore for the quarter ended September 2026, more than double the Rs 103 crore a year earlier, in results covered by Entrackr and Inc42 on 4 November 2026. Revenue from operations rose about 36% to Rs 2,845 crore. The two outlets agree on the main numbers and differ on a few details, which are noted below. All figures are company-reported, as relayed by those outlets; we did not open the exchange filing.
The headline numbers
Entrackr reported revenue from operations of Rs 2,845 crore, against Rs 2,096 crore in the same quarter a year earlier, an increase of about 36%. Inc42 gave the same figures and added that revenue rose 4.8% from Rs 2,714.2 crore in the previous quarter. Net profit was Rs 232 crore in Entrackr's report and Rs 232.5 crore in Inc42's, against Rs 103 crore to Rs 103.5 crore a year earlier. Inc42 put the rise at 124.7%. Its profit was up 1.8% from Rs 228.4 crore in the first quarter of the year.
Inc42 also reported total income of Rs 2,899.5 crore, which includes Rs 54.5 crore of other income, up from Rs 2,129.4 crore. For the first half of FY27, profit rose 57% to Rs 319.3 crore and revenue rose 33% to Rs 3,188 crore, according to Inc42.
The pair of outlets disagree on two items. Entrackr gave EBITDA of Rs 622 crore, up 50%, at a margin of 21.86%. Inc42 gave Rs 624 crore, up 46.6%, at 21.9%. EBITDA stands for earnings before interest, tax, depreciation and amortisation; it is a rough measure of operating profit. Inc42 added that on a basis that excludes the lease accounting standard Ind AS 116, EBITDA was Rs 394 crore, though it called its own description of that figure somewhat unclear. On total expenses, both give Rs 2,596.8 to Rs 2,597 crore, but Entrackr says expenses rose 22% and Inc42 says 31.1%. Without the exchange filing, we cannot say which is right, so treat both growth rates with caution.
From startup to listed retailer
Lenskart's story is worth a line of background. It sells prescription glasses, sunglasses and contact lenses, and built its reputation by combining a large network of physical stores with online ordering and its own manufacturing. It is now a listed company, which is why its results are public each quarter, and Entrackr's report put its market value at about Rs 1,19,960 crore, roughly 12.6 billion dollars, with the share closing at Rs 689.7. Inc42 said shares closed up 2.97% at Rs 691 on the day of the results.
Many Indian consumer startups have found that growth is easier to buy than profit. Lenskart's numbers are interesting because they show profit growing faster than revenue: profit more than doubled while revenue rose about a third. The reasons visible in the reports are higher volumes in its stores, more of its own production and a higher return on the capital invested.
What drove the quarter
Inc42 provided the operating detail. Lenskart added 165 net new stores in the quarter. India ended with 2,868 active stores after adding 143, and the international business had 756 after adding 22. Segment revenue was Rs 1,667.9 crore for India, up 35.5%, and Rs 1,201.1 crore for international, up 36.5%. Entrackr's figures for the two segments were the same to the nearest crore.
Segment profit tells a stronger story. India's rose to Rs 208.4 crore from Rs 126.1 crore, and international's to Rs 97.2 crore from Rs 31.1 crore, more than triple. In India, same-store sales, which compare stores open in both periods, rose 20.8%, and sales per store rose 27.1%. Eye tests rose 44.1% to 70 lakh and eyewear units sold rose 26.5% to 86 lakh. Internationally, eyewear units sold rose 29.7% to 20.6 lakh and eye tests rose 15% to 8.4 lakh.
Manufacturing and returns
Inc42 reported that in-house frame production rose 71.7% to 36 lakh units and in-house lens production rose 52.2% to 20 lakh units. Lenskart is also developing a centralised manufacturing facility in Hyderabad. Making more of what it sells is a common route to better margins, because the company keeps the manufacturer's share of the price, though it also brings fixed costs that need volume to pay for them.
On cash and returns, Inc42 reported operating cash flow of Rs 388 crore and capital expenditure of Rs 187 crore in the period. Return on capital employed, a measure of profit relative to the money invested in the business, rose to 22.5% in the first half of FY27 from 14.6% in FY26. Active India Gold members, the paid loyalty programme, exceeded 1 crore, up from 90 lakh in FY26.
On costs, Entrackr reported cost of materials of Rs 854 crore, about a third of total spending and up 31%, and employee costs of Rs 627 crore, up 25% from Rs 503 crore. Cost growth was lower than revenue growth on both lines, which is what produces the profit rise.
What it means for founders, users and investors
For founders of consumer startups, the point is the shape of the quarter: store growth, rising sales per store, in-house production and higher returns on capital all moved together. A company that scales a physical network while keeping each store productive can earn margin that pure online players find hard. That does not mean every retail startup can follow, because the model needs heavy investment in stores and factories before it pays back.
For customers, the numbers say that eye tests and glasses purchases grew faster than store counts, so use is rising per store. Whether that means shorter queues or longer ones is not in the data. For those tracking listed consumer companies, the filing and investor presentation will say more about guidance, which neither report mentions. Nothing here is advice on any share.
The simulator below lets you see how the profit figure depends on revenue and the share of revenue left as profit. The defaults are the reported revenue of Rs 2,845 crore and a margin of about 8.2%, which is simply Rs 232.5 crore divided by Rs 2,845 crore.
What we do not know
Neither report states the company's guidance, the number of stores it plans to open, or how much of the profit rise came from one-off items. The two reports differ on EBITDA growth and on the growth in total expenses. Neither gives finance costs or depreciation, which are named as large expense heads but not quantified in Entrackr's piece. The Ind AS 116 EBITDA figure is described by Inc42 in a way that is hard to interpret, so it should be read against the company's own presentation.
What to watch next
The first thing to check is Lenskart's investor presentation and exchange filing, which should settle the EBITDA and expense differences and show guidance. After that, the third-quarter results, due in early 2027, will test whether same-store sales growth of 20.8% holds and whether the new Hyderabad plant changes margins. Store openings and the share of in-house frames and lenses are the other numbers to follow.
Key takeaways
- Lenskart reported Q2 FY27 revenue of Rs 2,845 crore, up about 36%, and net profit of about Rs 232 crore against about Rs 103 crore a year earlier.
- India revenue was Rs 1,667.9 crore and international Rs 1,201.1 crore, with segment profits of Rs 208.4 crore and Rs 97.2 crore.
- It added 165 net stores in the quarter and ended with 2,868 in India and 756 abroad.
- Return on capital employed rose to 22.5% in H1 FY27 from 14.6% in FY26, and in-house frame production rose 71.7%.
- Entrackr and Inc42 differ on EBITDA (Rs 622 crore against Rs 624 crore) and on expense growth, so the filing should settle them.
Sources
- [Entrackr: Lenskart Q2 FY27 revenue jumps 36%, profit rises 2.3X to Rs 232 Cr](https://entrackr.com/fintrackr/lenskart-q2-fy27-revenue-jumps-36-profit-rises-23x-to-rs-232-cr-12783222)
- [Inc42: Lenskart Q2 profit jumps 125% YoY to Rs 233 Cr, revenue rises 36%](https://inc42.com/buzz/lenskart-q2-profit-jumps-125-yoy-to-%e2%82%b9233-cr-revenue-rises-36/)
Tags: Startups Quarterly results Lenskart Retail Profitability