What is the primary driver of Lenskart's margin performance in India?

Management targets a steady-state pre-IndAS EBITDA margin of 25%. This relies on 24% same-store sales growth and the addition of 542 net new stores during FY26.

Why are product margins stagnant at 64%?

Management attributes the flat 64% margin to rupee depreciation. These currency effects offset the cost-saving benefits gained from business integration.

How are international operations performing?

International operations reached a 7% margin. The company also reported record growth in its Japan market.

Are there any new product or technology focus areas?

The company is prioritizing AI initiatives and the development of smart glasses. These areas are central to its strategic outlook for FY27.

Earnings · Retailing · Large cap

Lenskart revenue hits ₹2,516 crore as international margins turn positive

Lenskart grew revenue by 41% YoY in Q4 FY26. International operations reached a 7% margin. Management targets a 25% pre-IndAS EBITDA margin for India.

— 1 earlier story on Lenskart Solutions Ltd. →

LENSKART 27 May 2026 · 5:48 PM IST Verify on BSE · NSE

Mkt cap₹90,587 cr

P/E183.52×

ROE4.85%

Debt / eq.0.06

₹2,516 cr Q4 FY26 revenue, representing 41% year-on-year growth.

What's new

Revenue reached ₹2,516 cr with EBITDA of ₹322 cr, up 61% YoY.
India same-store sales grew 24% alongside 542 net new store additions.
International operations reached a 7% margin.

Why this matters

The shift to positive margins in international markets tests the company's global expansion model. Product margins remain flat at 64% because currency depreciation offsets integration gains.

What we're watching

Whether the 25% pre-IndAS EBITDA margin target for India remains achievable.
Impact of rupee volatility on future product margins.
Adoption rates for new AI-integrated smart glasses.

The full read

Lenskart delivered ₹2,516 crore in revenue for Q4 FY26, a 41% increase over the prior year. EBITDA climbed 61% to ₹322 crore. Same-store sales across India grew 24%, while the company added 542 net stores during the year. International operations finally reached a 7% margin.

Product margins are currently flat at 64%. Rupee depreciation neutralized the gains from integration efforts. Management targets a 25% pre-IndAS EBITDA margin for its India business. The focus for FY27 shifts to scaling these margins while integrating AI and smart glasses into the product portfolio. The path to sustained profitability now hinges on whether these international gains can hold against currency volatility. It is a high-growth model. Growth is expensive.

Not yet profitable at scale.

Questions answered

What is the primary driver of Lenskart's margin performance in India?: Management targets a steady-state pre-IndAS EBITDA margin of 25%. This relies on 24% same-store sales growth and the addition of 542 net new stores during FY26.
Why are product margins stagnant at 64%?: Management attributes the flat 64% margin to rupee depreciation. These currency effects offset the cost-saving benefits gained from business integration.
How are international operations performing?: International operations reached a 7% margin. The company also reported record growth in its Japan market.
Are there any new product or technology focus areas?: The company is prioritizing AI initiatives and the development of smart glasses. These areas are central to its strategic outlook for FY27.

Mentioned: Lenskart Solutions Ltd. · FY26 · FY27

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

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27 May 2026 · 5:48 PM IST Lenskart revenue hits ₹2,516 crore as international margins turn positive
7d ago Lenskart's FY26 growth was strong, but it was already priced in