Lenskart Options, the eyewear firm that makes, manufacturers and sells glasses by way of 3,624 shops in India and overseas, reported a 32.5% rise in income to Rs 2,845 crore for the September quarter and greater than doubled its revenue after tax to Rs 232 crore.

For the half 12 months, the primary since Lenskart completed a year on the exchanges, income was Rs 5,559 crore, up 33%, and revenue Rs 461 crore, already 87% of what the corporate earned in all of FY26.

“Over the trailing 12 months, income crossed Rs 10,000 Cr, EBITDA Rs 2,200 Cr (Rs 1,300 Cr pre-IndAS) and PAT nearly Rs 800 Cr. Measure us over years, not quarters,” Chairman, MD and CEO Peyush Bansal wrote within the letter to shareholders.

Pre-IndAS 116 is the harder of the 2 revenue measures Lenskart reviews. IndAS 116, the accounting commonplace on leases, takes store lease out of working prices and splits it into depreciation and curiosity, which lifts reported EBITDA.

However, the pre-IndAS 116 determine places lease again in as a value, and on that foundation quarterly EBITDA grew 65% to Rs 392 crore, with the margin at 13.8% in opposition to 11.1% a 12 months earlier.

The place the India development got here from

India income grew 35.3% to Rs 1,668 crore, on 26.5% quantity development to 85.5 lakh eyewear models and a median promoting value up 6.9% to Rs 1,950 as extra clients selected premium lenses.

Similar-store gross sales development, which counts solely shops open for at the least a 12 months, got here in at 20.8% in opposition to 14.8% a 12 months in the past. The corporate added 143 web new shops in India, 94 of them in Tier 2 and smaller cities, entered 61 new cities, and now runs 2,868 shops throughout 665 cities.

The quantity the letter leans on hardest is eye exams: 70 lakh in India within the quarter, up 44.1%, greater than half of them first-time exams.

“Distant optometry, now in 934 shops, allow us to open 94 Tier 2+ shops this quarter, a retailer a day,” Bansal wrote.

Distant optometry lets one optometrist run exams at a retailer with out being in it, which is what makes a small-town retailer viable the place a resident optometrist is difficult to search out. It was in 303 shops a 12 months in the past. Lenskart Gold, the paid membership, crossed one crore lively members in India at 1.03 crore, up 38.6%, with subscription charges of Rs 73 crore collected within the quarter.

The reported numbers behind the headline ones

All the expansion figures above are proforma. As disclosed in its prospectus, Lenskart restates earlier intervals as if its latest acquisitions, the grasp franchisee Dealskart, the store-location agency GeoIQ and the Spanish sunglasses brand Meller, had at all times been a part of the group, so the comparability is like-for-like. From the December 2025 quarter onwards, proforma and reported numbers are equivalent.

On reported consolidated numbers, income rose about 36% from Rs 2,096.14 crore and revenue after tax rose about 2.2 instances from Rs 103.45 crore. Of that revenue, Rs 227.08 crore was attributable to the house owners of the holding firm, giving primary earnings of Rs 1.31 per share.

Money is the place the half-year story sits. Working money move of Rs 388 crore lined Rs 187 crore of retailer capital expenditure, after which Rs 297 crore went into plant and different capex, led by Hyderabad, which, along with Rs 108 crore of different inflows, left a web influx of Rs 12 crore earlier than acquisitions.

Return on capital employed rose to 22.5% from 14.6% in FY26.

Of the Rs 2,150 crore raised as recent capital within the IPO, Rs 529.71 crore had been spent by 30 September, the corporate stated within the submitting, with the remainder in fastened deposits and financial institution balances.

Why there’s nonetheless no date on a 25% margin

A bit of the letter solutions the query Lenskart stated it’s requested most frequently: the way it reaches a 25% pre-IndAS 116 EBITDA margin. Its reply is that it owns seven phases of a pair of glasses, from model and body moulding to lens surfacing, central becoming, retail, R&D and its personal software program, and that every stage is a pool of revenue.

“We is not going to put a timeframe on 25% or lock ourselves to a short-term quantity when the objective now’s development,” the letter stated.

It lists what may gradual the margin down: forex, till extra frames are made in India; the Hyderabad plant, which carries fastened prices earlier than quantity arrives; worldwide retailer openings, the place prices run forward of income; and campaigns to get first-time consumers in smaller cities to attempt the model. Advertising spend fell to 4.5% of India income from 5.4%, and the letter says the corporate desires to spend extra.

Japan and Southeast Asia elevate the worldwide margin

Worldwide income grew 29.5% to Rs 1,201 crore, or about 23% in fixed forex, which strips out the impact of trade charge strikes. Pre-IndAS 116 EBITDA there grew 86.8% to Rs 127 crore and the margin reached 10.6% in opposition to 7.3%, the second quarter in a row above 10%.

Lenskart added 22 web shops overseas: 12 in Southeast Asia, three within the Center East, two in Japan and 5 elsewhere. Consolidated product margin held at 70% regardless of the rupee’s fall in opposition to the Chinese language yuan, helped by 71.7% development in in-house body output and 52.2% in lenses.

For scale in India, Titan’s EyeCare division, which runs Titan Eyeplus, grew about 28% year-on-year in the identical quarter from a community of 847 shops, the corporate stated.

IPO efficiency

Lenskart’s IPO raised Rs 7,278 crore at Rs 402 a share, together with Rs 2,150 crore of fresh capital, and was subscribed 28.26 instances. The inventory then listed at Rs 390 on the BSE, below the problem value.

It is price noting that Lenskart additionally has a tax demand to struggle. On 16 October, it disclosed an order from the Principal Commissioner of Customs at Delhi’s air cargo complicated demanding Rs 6.59 crore of differential customs responsibility and an equal penalty, Rs 13.17 crore in all excluding curiosity, over the way it categorised imported eyeframes with clip-ons.

The corporate stated in that submitting that it intends to problem the order and “expects a beneficial end result”.