Shares of popular eyewear retailer Lenskart Solutions jumped over 6% on Thursday after the company reported a 46% year-on-year (YoY) surge in revenue from operations to Rs 2,516 crore for the January-March quarter of FY26, from Rs 1,727 crore in the year-ago period, leading to bullish brokerage calls and target price hikes.
Lenskart shares jumped to a near one-month high of Rs 517 apiece on NSE in the morning trading hours of Thursday, with the sharp gains adding over Rs 5,235 crore to the company’s market capitalisation, pulling it up to nearly Rs 90,000 crore.
While the company reported a strong surge in revenue , its net profit declined 9% YoY to Rs 200 crore during the quarter under review, from Rs 219 crore in the corresponding quarter of the previous financial year.
For the entire financial year that ended on March 31, 2026, Lenskart reported a 32% YoY rise in revenue to Rs 9,002 crore. EBITDA climbed 55.3% YoY to Rs 1,789 crore, while adjusted PAT surged 148% YoY to Rs 530 crore.
Here's what top brokers said about Lenskart:
Jefferies
The international brokerage highlighted that the company delivered another standout quarter, with strong growth and smart margin gains across India and international markets. It added that the management commentary remains positive, with excessive focus on compounding growth, which should percolate into better profitability. “AI is touching all aspects of business, and Lenskart benefits from its control over the value chain, with a series of initiatives underway that should further improve speed & agility,” it added.
“Lenskart is India’s largest tech-driven eyewear retailer with just c5% market share, and offers a strong growth potential. Its vertically integrated omni-channel model ensures cost efficiency, rapid delivery, and superior customer experience. We expect it to deliver c45%+ EBITDA CAGR over FY26-29E on the back of superior unit economics and faster payback period of its stores,” the international brokerage further said.
In its upside scenario, Jefferies sees Lenskart shares rallying over 37% to Rs 675 apiece, while its downside scenario sees Lenskart shares falling 19% to Rs 400 apiece.
Goldman Sachs
The international brokerage highlighted that the firm’s Q4 revenue beat estimates by around 5%. Pre-Ind AS 116 EBITDA margin improved to 12.8%, while the India business growth was driven by strong same-store and same pin-code sales growth, it noted, adding that premium product mix supports higher average selling prices
Management sees further expansion opportunity in metro and Tier-1 markets, and the international business is approaching profitability inflection point, Goldman Sachs further said, while raising FY27 and FY28 EPS estimates by around 14% and 9% respectively.
Morgan Stanley
Morgan Stanley maintained its ‘Overweight’ call on the shares of Lenskart, with a target price of Rs 576 apiece, implying an upside potential of more than 18% from the stock’s previous closing price.
The international brokerage noted that the firm reported another strong quarter, with the focus now being on sustaining growth. Annual volume growth of 25% is still the target, it highlighted, adding that ASP growth in the past two quarters reflects a weaker base.
Lenskart reiterated a steady-state EBITDA margin target of 25%, and sees store additions in FY27 similar to FY26, Morgan Stanley noted, adding that small town markets (Tier 2 and below) have been performing well.
Emkay
“With AI at the core, Lenskart continues to target a long-term steady-state margin of ~25%. Notably, Lenskart funded its entire expansion and manufacturing investments in FY26 via internal accruals. Net cash balance stood at ~Rs40 bn, providing incremental growth optionality,” Emkay added.
Motilal Oswal
Motilal Oswal Financial reiterated its ‘Buy’ call on the shares of Lenskart, and increased its target price to Rs 650 apiece. The domestic brokerage said that the firm delivered a stellar Q4 performance.
“Management believes Lenskart has entered a structural compounding phase, with incremental revenue translating into significantly higher EBITDA and PAT growth, aided by operating leverage across stores, supply chain and tech investments. The long-term margin target is nearly 25%,” it said.
Motilal raised its FY27 and FY28 revenue estimates by 5% and 6%, respectively, pre-IND AS EBITDA by around 15% and 10% and PAT by nearly 12% and 7%, driven by upgrades in India and international growth and margin assumptions. “We now model a CAGR of 25%/42%/44% in revenue/pre-IND AS EBITDA/ PAT over FY26-28E, driven by 26%/23% revenue growth and 275bp/350bp margin expansion in India/International,” it said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
