Lens on Lenskart’s FY25 Results —A Financial Deep Dive

Lenskart has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 2,150 crore through a fresh issuance. 

The Eyewear brand achieved a significant turnaround in FY24, becoming profitable due to strong revenue growth and disciplined spending across key sectors.
Lenskart’s operating revenue increased 23% to Rs 6,653 crore in FY25 from Rs 5,428 crore in FY24, based on its restated financial statement included in the DRHP.

The majority of the company’s revenue came from the sale of products, such as prescription eyewear, sunglasses, contact lenses, and accessories, which grew 23% to Rs 6,360 crore. Revenue from services like memberships, home eye check-ups, and training increased 27% to Rs 133 crore, supported by the growth of its Lenskart Gold programmes, which expanded to 68 lakh members by March 2025. Other operating income, comprising lease income, scrap sales, website licence fees, and support charges, remained steady at Rs 160 crore.

Regionally, revenue from India rose 27% to Rs 4,015 crore. Lenskart added 282 new stores and saw its annual transacting customer base grow 23% to 99 lakh, while eyewear unit sales surged 30% to 2 crore. International markets contributed Rs 2,638 crore, up 17% from FY24, with the brand expanding overseas by opening 52 new stores and increasing its international customer base to 25 lakh.

This combination of steady revenue growth and prudent cost management allowed Lenskart to record a net profit of Rs 297 crore in FY25, a significant improvement from a Rs 10 crore loss the previous year. Its ROCE and EBITDA margins stood at 6.17% and 2.27%, respectively.

Lenskart became a public company in June this year, in preparation for its listing, as reported exclusively by Entrackr. The public offering is being managed by a consortium of investment banks, including Kotak Mahindra Capital, Citigroup, Avendus, Axis Capital, Morgan Stanley, and Intensive Fiscal Services.

The Overview

The numbers may not reflect it for some, but Lenskart is highly valued for good reason. In addition to founder Bansal buying back 2% from investors at a $7 billion valuation, the company has also established a strong moat that investors admire. As noted during its FY24 results, the profit figure is no longer the main focus, as the company has grown to a scale where profits can be posted at any time. The apparent success in overseas markets, particularly Japan, seems to have made the company and its founder even more optimistic about future prospects. Lenskart has proven to be a remarkable success, and further valuation increases based on Q1 results are certainly possible or ruled out.

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