Featured Stat:
Lenskart turned profitable in FY25 with a net profit of ₹297 crore, up from a loss of ₹10 crore in FY24 — marking its first-ever full profitable year since launch.
🌟 The Buzz Around Lenskart’s IPO
If you’ve been waiting for a big consumer-tech IPO after Mamaearth and Zomato, Lenskart’s public debut is the next major event on Dalal Street.
For millions of users who’ve ordered frames online or walked into its stores, this IPO feels personal — but as an investor, the real question is: “Is it worth applying?”
Let’s unpack that — clearly, practically, and contextually.
📅 Lenskart IPO Snapshot
Here’s what’s known so far:
| Item | Detail |
| IPO Size | Around ₹7,200–₹7,300 crore |
| Valuation Range | ₹68,000–₹70,000 crore (≈ US $8 billion) |
| Price Band | ₹382 – ₹402 per share |
| Face Value | ₹2 per share |
| Expected Listing | NSE, BSE |
| Tentative Opening Date | December 2025 |
| Use of Proceeds | Store expansion, tech upgrades, and lease payments |
Why it matters:
The IPO size is large enough to attract both retail and institutional investors.
However, the valuation premium means expectations are already high — and investors will look closely at growth numbers post-listing.
🏢 From Startup to Omnichannel Giant
Founded by Peyush Bansal in 2010, Lenskart started with a simple mission: to make eyewear affordable and accessible.
Fifteen years later, it’s become a market leader with over 2,500 stores and a presence in Singapore, UAE, and the US.
What separates Lenskart from other D2C brands is its vertically integrated model — the company designs, manufactures, and sells its own products.
That means better control over margins and consistent product quality — something unorganised optical stores struggle to match.
The Big Opportunity
India’s eyewear penetration is still low, with millions needing vision correction but not owning glasses.
Lenskart’s internal market study estimates a total addressable market (TAM) of ₹2,429 billion (~US $28 billion) across India and nearby regions.
That’s massive potential — and the reason big investors like SoftBank, Kedaara Capital, and ADIA are backing it.
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📈 Financial Performance: The Turning Point
Lenskart’s financials tell a story of rapid scale and improving efficiency.
| Fiscal Year | Revenue | Net Profit/Loss | Change YoY | Key Highlight |
| FY23 | ₹3,788 crore | –₹63.7 crore | — | High expansion phase |
| FY24 | ₹5,428 crore | –₹10.1 crore | +43% revenue | Near break-even |
| FY25 | ₹6,652 crore | +₹297 crore | +22% revenue | Turned profitable ✅ |
Contextual takeaway:
Revenue growth slowed slightly in FY25 but profitability jumped — showing Lenskart has shifted from “growth at any cost” to “growth with efficiency.”
Margins now hover around 4.5%, and return ratios like ROCE are improving steadily.
🚀 Growth Drivers That Matter
Lenskart’s expansion strategy is not just about adding more stores — it’s about building smarter retail.
- Tier-2 & Tier-3 Expansion
The brand is opening smaller-format stores in emerging cities to reach India’s growing middle class. - Technology at Core
AI-based 3D try-on, smart lens fitting, and same-day delivery are improving customer experience — and retention. - Global Push
Stores in Singapore, Dubai, and the US position Lenskart as one of the few Indian consumer brands going global. - Vertical Integration Advantage
Owning manufacturing facilities reduces dependency on third parties and protects margins during inflationary cycles.
💡 Insight: Few retail IPOs offer this blend of physical scalability and tech DNA.
For long-term investors, that’s what gives Lenskart a competitive edge.
⚠️ Key Risks to Keep in View
No story is perfect — here are factors that could cloud Lenskart’s vision post-listing:
| Risk | Why It Matters |
| High Valuation | At ₹70,000 crore, the stock may price in future growth already. |
| Slower Revenue Growth | FY25 growth slowed to 22%; markets may expect faster scaling. |
| Store Expansion Costs | New outlets need upfront capital, impacting short-term margins. |
| Rising Competition | EyeMyEye, Titan Eye+, and small optical chains are growing. |
| Global Execution Risk | New markets bring cultural, logistic, and cost challenges. |
Context help:
If you’re investing for listing gains, valuation risk matters most.
If you’re in for 3–5 years, focus on scalability and profitability — that’s where Lenskart has a head start.
💰 Should You Apply for the Lenskart IPO?
Here’s a balanced, practical take:
- ✅ Apply if: You’re a long-term investor who believes in India’s consumer story, brand-led growth, and retail tech integration.
- ⚠️ Be cautious if: You seek short-term listing gains or feel valuations are stretched.
- 🧭 Investor Tip: Wait for subscription data and Grey Market Premium (GMP) before deciding — they often signal early market sentiment.
Bottom Line:
Lenskart offers a rare mix of brand strength, profitability, and tech-driven growth.
But like clear vision, investing here requires balance — seeing both the opportunity and the risk.
📊 Quick Recap Summary
| Factor | Status | Investor Take |
| Revenue Growth (FY25) | ₹6,652 crore (+22%) | Healthy but slowing |
| Profitability | ₹297 crore profit | First full profitable year |
| Valuation | ~₹70,000 crore | Premiumly priced |
| Market Opportunity | ₹2,429 billion TAM | Large long-term potential |
| Risk Level | Moderate–High | High valuation + competition |
| Best For | Long-term investors | Growth with patience |
🧾 Final Thoughts
Lenskart’s IPO symbolizes the maturity of India’s consumer-tech space — where startups are finally turning sustainable and public.
For investors, this IPO is not a guaranteed short-term winner, but a potential long-term compounder if the brand continues to execute globally.
In short: Lenskart’s IPO is a bet on India’s growing vision economy — and on Peyush Bansal’s ability to keep it focused and profitable.
📚 References & Sources
- Economic Times – Lenskart IPO important numbers to know
- Fortune India – Lenskart IPO valuation and details
- INDmoney – Lenskart IPO details & financials
- Economic Times – FY24 results & profit improvement
- Marketing Maverick – Lenskart FY25 performance analysis
- YourStory – Lenskart turns profitable FY25
- BFSI Diary – DRHP and business overview
- Lenskart Industry Report PDF
