Lenskart Solutions Limited conducted its Q2 FY27 Earnings Conference Call on November 4, 2026. The event was an earnings call discussion following the quarterly results announcement.

Event Details:

  • Date and Time: November 4, 2026 (time not specified)
  • Purpose: Discussion of Q2 FY27 financial results and business updates
  • The meeting was conducted after earnings announcement (results were already uploaded to website and exchanges)

Management Participants:

  • Peyush Bansal – Co-Founder and Chief Executive Officer
  • Abhishek Gupta – Chief Financial Officer
  • Vaibhav Sachdeva – Investor Relations

Availability of Materials:

  • The Quarter 2 results and detailed shareholder letter were uploaded on the company's website and stock exchanges
  • The transcript of the earnings call was filed with exchanges and will be hosted on the Company's website at https://www.lenskart.com/corporate/investorrelations

Compliance Statement:

The company included standard forward-looking statement disclaimer noting that some statements may be forward-looking and subject to risks and uncertainties. No specific UPSI (Unpublished Price Sensitive Information) disclaimer was mentioned.

Financial Period Discussed: Q2 FY27 (quarter ended September 30, 2026) and H1 FY27 (half-year ended September 30, 2026)

Key Financial Highlights from Discussion:

  • Revenue grew 32.5% YoY to ₹2,845 crores
  • EBITDA grew to ₹624 crores, up 46.6% YoY
  • EBITDA Pre-Ind AS grew 65% YoY with margin expanding from 11.1% to 13.8%
  • PAT more than doubled to ₹232 crores
  • H1 FY27 revenue reached ₹5,559 crores (1.3x YoY)
  • H1 FY27 EBITDA Pre-Ind AS reached ₹753 crores (1.8x YoY)
  • H1 FY27 PAT of ₹461 crores (already 87% of full FY26)
  • Trailing 12-month revenue crossed ₹10,000 crores
  • Trailing 12-month EBITDA reached ₹2,200 crores
  • Trailing 12-month Pre-Ind AS EBITDA reached ₹1,300 crores
  • Trailing 12-month PAT reached close to ₹800 crores
  • 40 million eyewear units sold on trailing 12-month basis

Operational Highlights:

  • 80 lakh eye tests conducted globally (up 40% YoY)
  • 70 lakh eye tests in India (78,000 Indians per day)
  • Eyewear units grew 27.1% YoY
  • 165 net new stores added globally (total 3,624 stores)
  • India same-store sales growth (SSSG) of 20.8%
  • Same pin code growth of 27.1%
  • India NPS recovered to 79.6 (from 77.6 in June)
  • Lenskart Gold crossed 1 crore active members in India (up 39% YoY)
  • ₹73 crores of gold fees collected in quarter (up 55% YoY)

Strategic Initiatives Discussed:

  • Hustlr Club (₹500 complete pair offering) seeing lakhs of joiners
  • Brand collaborations: John Jacobs with Masaba, Shantanu and Nikhil collections
  • Shunya collection with Indian classical music themes
  • Game of Thrones collection in Singapore
  • Lenskart evolv concept store launched in Utopia City, Worli, Mumbai
  • Remote optometry now in 934 stores (up from 303 a year ago)
  • Drysh AI-assisted eye test in pilot phase
  • Smart glasses being piloted in 500 stores

Segment Performance:

India Business:

  • Revenue grew 35.3% YoY to ₹1,668 crores
  • H1 revenue grew 33% to ₹3,199 crores
  • EBITDA pre-IND-AS 116 reached ₹267 crores (up 61.5% YoY)
  • Margin of 16% (up 2.6 percentage points from 13.4%)
  • Product margin 64.0% vs 63.4% last year
  • 143 net new stores added (94 in Tier 2+ towns, 61 new cities)
  • Total India stores: 2,868 as of September 30, 2026

International Business:

  • Revenue grew 29.5% to ₹1,201 crores (23% constant currency growth)
  • EBITDA pre-Ind-AS reached ₹127 crores (up 87% YoY)
  • Margin of 10.6% (up from 7.3% last year)
  • Product margins expanded to 77.1% vs 75.5% last year
  • Eyewear units grew 29.7%
  • Transacting customers up 22.7%
  • 22 net new stores added

Cash Flow & Capital Allocation:

  • Operating cash flow: ₹388 crores for H1 FY27
  • Working capital buildup for festive season inventory
  • Store capex: ₹187 crores for 297 net new stores
  • Plant and other capex: ₹297 crores
  • Other income and inflows: ₹108 crores
  • Net cash inflow: ₹12 crores before M&A
  • Return on capital employed: 22.5% for H1 vs 19% last year

Long-term Margin Framework Discussion:

Management outlined path to 25% EBITDA pre-Ind-AS margins through:

1. Owning brands (Vincent Chase, John Jacobs, OWNDAYS, Meller)

2. In-house frame manufacturing (72% more frames manufactured this quarter)

3. In-house lens manufacturing (52% more lenses manufactured this quarter)

4. Centralized manufacturing automation (Bhiwadi at 75% automation)

5. Owning retail stores and customer relationship

6. R&D investment (myopia control lenses, night drive lenses, air frames)

7. Building proprietary operating systems (POS, eye test software, factory systems)

Additional Notes Section

  • The document is a transcript of the earnings conference call filed with stock exchanges
  • Financial figures presented on pro forma basis for like-to-like comparison (considering Dealskart, Meller and GeoIQ as if always part of company)
  • From Q3 FY26 onwards, pro forma and reported financials are identical
  • The transcript includes Q&A session with analysts from Emkay Global, HSBC, Nomura, Elara Securities, Goldman Sachs, Investec, JP Morgan, and CLSA
  • No attachments were mentioned in the disclosure
  • The company emphasized focus on volume growth (26% YoY unit growth) rather than ASP management
  • Currency volatility (INR vs RMB) noted as major challenge affecting product margins
  • The company has natural hedge with 40% revenues from non-INR countries