Business Profile of Lenskart Solutions Limited
Lenskart Solutions Ltd involved in business of manufacturing, design, branding and retail of prescription eyeglasses, contact lens, sunglasses and accessories. Lenskart is technology driven Eyewear Company which operates in direct to consumer mode. The company was established in 2008 and offers a wide range of eyewear under its own brands and sub-brands offering to all age groups and different price segments. In FY 2025, company recorded the highest volume of prescription eyeglasses sold in India according to Redseer report. Lenskart operates 2,723 stores globally and 2067 in India out of which 1,757 stores are owned by company and 310 are franchised stores in India.
Objective of Lenskart Solutions IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of 210,000,000 shares at the face value of ₨ 2.00 each aggregating up to ₹ XXXX millions and OFS consists 265,824,280 shares at face value of ₨ 2.00 each aggregating up to ₨ XXXX millions. There are fresh shares issues and OFS by company and main objective of company is capital expenditure towards set-up of new CoCo stores, technology & infrastructure, marketing expenses and inorganic acquisitions & general expenses.
Details of Lenskart Solutions IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹2.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX Equity Shares |
| Aggregating up to ₨ XXXX million | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 21,500.00 million | |
| Offer For Sale | Up to 132,288,941Equity Shares |
| Aggregating up to ₨ XXXX million | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Lenskart Solutions IPO: Issue Price & Size
The issue price of LENSKART SOLUTIONSLIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ XXXX million at the price of ₨XXXX.
Launch Date of Lenskart Solutions IPO
The IPO opening date of LENSKART SOLUTIONSLIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Lenskart Solutions Limited
| Particulars | March 31 , 2025 |
March 31 , 2024 |
March 31 , 2023 |
| Income | |||
| Revenue from operations | 66,525.17 | 54,277.03 | 37,880.28 |
| Other income | 3,567.59 | 1821.69 | 1,399.46 |
| Total income | 70,092.76 | 56,098.72 | 39,279.74 |
| Expenses | |||
| Cost of raw materials and components consumed | 17,603.27 | 14,829.42 | 11,328.03 |
| Purchase of stock in trade | 4,573.45 | 3,473.70 | 2,673.82 |
| Changes in inventory of traded and finished goods | (832.68) | (541.72) | (320.75) |
| Employee benefits expense | 13,787.54 | 10,864.91 | 7,175.58 |
| Finance costs | 1,458.90 | 1,229,89 | 832.78 |
| Depreciation and amortisation expense | 7,965.69 | 6,722.40 | 4,175.53 |
| Other expenses | 21,638.61 | 18,917.34 | 14,385.75 |
| Total expense | 66,194.78 | 55,495.94 | 40,250.74 |
| Restated profit /loss before tax and share of associates and JVs | 3,897.98 | 602.78 | (971.00) |
| Share of loss of associates and joint ventures , net of tax | (44.42) | (12.47) | (40.76) |
| Restated profit /loss before tax | 3,853.56 | 590.31 | (1,011.76) |
| Current tax | 1,023.64 | 593.22 | 242.25 |
| Adjustment of tax relating to earlier periods | 4 | ( 26.04 ) | 8.47 |
| Deferred Tax ( credity charge | (143.48) | 124.67 | (624.91) |
| Total tax expense | 880.16 | 691.85 | ( 374.19 ) |
| Restated profit / loss for the year | 2,973.40 | (101.54) | (637.57) |
Key financial ratios of Lenskart Solutions Limited
| Partiulars | Units | 2025 | 2024 | 2023 |
| Annual Transacting Customer Accounts | millions | 12.41 | 10.20 | 7.70 |
| Number of Eyewear Units Sold | millions | 27.20 | 21.23 | 15.95 |
| Total Stores | Number | 2,723 | 2,389 | 1,959 |
| Revenue from Operations | millions | 66,525.17 | 54,277.03 | 37,880.28 |
| Revenue from operations Growth | % | 22.57 % | 43.29 % | NA * |
| Product Margin | millions | 45,181.13 | 36,515.63 | 24,199.18 |
| Product Margin % | % | 67.92 % | 67.28 % | 63.88 % |
| EBITDA excluding other income | millions | 9,710.56 | 6,720.91 | 2,597.10 |
| EBITDA excluding other income Margin | % | 14.60 % | 12.38 % | 6.86 % |
| Profit / ( loss ) before tax | millions | 3,853.56 | 590.31 | ( 1,011.76 ) |
| Profit / ( loss ) for the year | millions | 2,973.40 | ( 101.54 ) | ( 637.57 ) |
| Net Working Capital Days | days | 25.64 | 34.52 | 30.35 |
| Return on Capital Employed | % | 13.84 % | 5.08 % | ( 0.48 ) % |
Promoters & Shareholding Lenskart Solutions IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 23.83% shareholding in company.
| Name | Number of Equity Shares | % Equity Shares |
| Promoters | ||
| Peyush Bansal | 111,208,580 | 13.52 |
| Nehal Bansal | 68,664,290 | 8.35 |
| Amit Chaudhary | 8,149,470 | 0.99 |
| Sumeet Kapahi | 7,754,000 | 0.94 |
| Members of Promoter Group | ||
| Amit Mittal | 235,000 | 0.03 |
| PB LK Family Trust | 100 | – |
| NB LK Family Trust | 100 | – |
| Total ( A ) | 196,011,540 | 23.83 |
| Public | 619,240,689 | 75.28 |
| Total (A+B) | 822,532,660 | 100.00 |
Should You Subscribe To Lenskart Solutions IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Lenskart Solutions IPO
Centralized Supply Chain
The centralized supply chain system enabled company to deliver a consistent quality at scale, achieve lower raw materials and manufacturing costs and enable fast delivery of products. Additionally, it helps company to provide a wide product assortment to customers, with centralized inventory management. As of March 31, 2025 75.37% of inventory centralized and stored at manufacturing facilities and 75% of Bhiwadi facility is automated.
Direct-to-consumer model
The company operates a direct-to-consumer model that eliminates multiple layers of intermediaries in the traditional prescription eyeglasses supply chain, enabling company to deliver products to customers at an affordable cost and with next day delivery. The direct-to-consumer supply chain model, sourced frames and lenses from select manufacturers through long-term supply relationships and acted as the single point of contact for both suppliers and customers, combining the roles of importer, wholesaler, distributor and retailer.
Omnichannel Retail Network
Lenskart operates an omnichannel retail network comprising its mobile applications, websites, and physical stores in India and internationally, aligned with vision to provide Eyewear for All. Customers can access company products and services across channels with consistent pricing and the ability to purchase, return, and exchange products conveniently through any channel. This enables company to cater to customers who only browse online but prefer to transact at physical stores.
Category Leadership & EBITDA growth
Lenskart is India’s largest and in Asia, are among the two largest, organized retailers of prescription eyeglasses in terms of B2C eyeglasses sales volumes during Financial Year 2025, according to Redseer Report. On a financial basis, revenue from operations amounting to ₹65,240.10 million for the Financial Year 2025, growing at 22.55% from ₹53,234.36 million during the Financial Year 2024, and from ₹36,776.26 million during the Financial Year 2023. EBITDA excluding other income margin expanded significantly from 6.86% in Financial Year 2023 to 14.60% in Financial Year 2025.
Risk Factors of Lenskart Solutions IPO
High raw material expenditure
The raw material consumed constitutes a major part of company expenses (amounting to ₹16,229.74 million, or 24.52% of our total expenses in the Financial Year 2025). The company source raw materials such as blank and powered lenses, certain types of frames, eyeglass cases, packaging materials and consumables from third-party suppliers for the manufacture of their eyewear products. Any delays and interruptions in the supply of raw materials to manufacture our prescription eyeglasses or fluctuations in the prices adversely affect business financial condition and cash flows.
Independent franchise stores
Lenskart do not exercise complete operational or financial control over its franchisee-operated retail stores. While company standard franchisee agreements include covenants for the franchisees to abide by certain service standards, they may not comply with company service standards and policies, inventory management, or other operational guidelines. Any of these factors could result in lower sales, customer dissatisfaction, and damage to brand and reputation, loss of market share.
Third party dependency for labor
The company is dependent on third-party contractual labor for several needs of manufacturing activities, which are primarily sourced through labor contractors. Lenskart has entered into service and manpower agreements with contractors to provide services in relation to manpower supply, outsourcing and payroll management services, among others at such locations decided between Company and the contractors. Any disruptions in the supply of such contractual labor could adversely affect business and cash flows.
Requirement of regulatory license
The company requires certain statutory and regulatory licenses and approvals to conduct its business under central, state and local government rules in the jurisdictions. The company is in the process of applying for the renewal of certain approvals that have expired. If there is any failure by to comply with the applicable regulations, to obtain or retain any of the approvals or licenses then it may incur increased costs, subject to penalties and disruption in operations.
Lenskart Solutions IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the LENSKART SOLUTIONS Limited is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
