Synopsis: Lenskart shares surged 13% after the company reported a sharp 6,550% YoY jump in Q3 FY26 PAT to Rs 133 crore, driven by 38% revenue growth. Strong operating leverage and margin expansion boosted profitability. Jefferies maintained a Buy rating, raising the target to Rs 575, implying 23–24% upside potential.
The shares of this company, which is a technology-focused eyewear company involved in the design, manufacturing, branding, and retail of prescription eyeglasses, sunglasses, contact lenses, and accessories, had its shares in momentum after the company reported robust results this Q3.
With the market cap of Rs 88,660 crore, the shares of Lenskart Solutions Ltd have gained about 13% and reached a high at Rs 526.35, compared to their previous day’s closing price of Rs 466.35. The shares are trading at a PE of 233, whereas its industry PE is at 31.
About the Q3 FY26 Result highlights
The revenue from operations for the company stood at Rs 2,308 crore when compared to Rs 1,669 crore in Q3 FY25, growing by about 38 per cent on a YoY basis and on a QoQ basis falling by 10 per cent from Rs 2,096 crore in Q2 FY26
The PAT jumped by about 6,550 per cent on a YoY basis when you compare the Q3 FY26 profit at Rs 133 crore to Rs 2 crore in Q3 FY25 and on a QoQ basis has grown 580 per cent from Rs 103 crore in Q2 FY26.
Jefferies On Lenskart
The broking house continues to remain positive with a buy recommendation and upgrades the target price to Rs 575 per share, reflecting a potential appreciation of around 23-24% from its previous closing price of Rs 466 per share, indicating a potential gain of Rs 109 per share. The outlook is positive under the influence of robust growth delivered in both domestic and international markets, nonetheless anchored by increasing scale and efficiency of operations.
The broking house believes that margin expansion will also continue to favour the company as it enjoys the benefits of operating leverage; at the same time, management continues to prioritise long-term growth over short-term margin normalisation. Simultaneously, estimates of EBITDA figures have also increased by 6-9%.
For the quarter ended December 2025, the India segment reported revenue of Rs 1,385.29 crore, compared to Rs 1,012.93 crore in December 2024, reflecting a healthy 36.8% YoY growth. Meanwhile, the international segment generated Rs 935.93 crore, up from Rs 668.99 crore in the corresponding quarter last year, marking a stronger 39.9% YoY increase. While India continues to contribute a larger share of total revenue in absolute terms, the international segment is expanding at a slightly faster pace, gradually strengthening its contribution to the overall revenue mix.
Organised share in international markets
“Organised share” is used to indicate the percentage of the eyewear market that is controlled by formal, branded, and compliant retailers as opposed to small independent optical stores and unorganised players. In Southeast Asia, the organised penetration of Lenskart is still quite low at 28 to 30%, which implies a large opportunity for branded players to grow market share and formalise the category over time.
On the other hand, markets such as Japan (53%) and the Middle East (55-60%) have higher organised penetration, indicating that their retail markets are more mature. However, it should be noted that the shift towards new D2C formats and branded retail is constant even in such markets. As the share of the organised sector increases, companies tend to benefit in terms of pricing power, trust, higher margins, and other aspects, thereby making organised market growth a key growth driver.
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