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Lenskart adds 132 stores in Q1 as revenue climbs 34%
Lenskart’s Q1FY27 revenue rose 34% to ₹2,714 crore as India SSSG reached 18% and margins improved. It added 116 Indian stores, taking its domestic network to 2,725, while pursuing eyewear manufacturing localization to reduce China import dependence.
Store and format facts
Figures from Mint,
| Domestic business represented | 57% of revenue |
|---|---|
| International EBITDA margin rose 610 bps to | 10.6% |
| International constant-currency revenue grew | 29% YoY |
| Eyewear unit volumes grew | 37.6% |
| India EBITDA margin rose 210 bps to | 15.4% |
| Consolidated EBITDA nearly doubled to | ₹361 crore |
| Operating cash flow was ₹297 crore, | 82% of EBITDA |
| India store count: | 2,725; international store count: 734 |
| Potential long-term India store opportunity: | 10,000 |
| FY28 EV/EBITDA: | Lenskart 35x, Nykaa 57x, Eternal 47x |
Also in the report
- India same-store sales growth was 18%, versus 16% in Q1FY26
- 116 stores opened in India and 16 abroad in Q1FY27
- Stock hit ₹627 and is nearly 50% above IPO price
What it means for the format
With 734 overseas stores and improving international profitability, Lenskart is becoming a more formidable regional platform for cross-border partnerships, local acquisitions and omnichannel expansion.
Next on the rollout
- India same-store sales growth remaining above the high teens after the new-store cohort matures.
- Revenue growth relative to net store additions, indicating whether new outlets are additive or cannibalizing nearby locations.
- Store-level EBITDA, rent-to-sales ratios and payback periods, especially in metros with growing network density.
- International revenue growth, operating profitability and the pace of overseas store additions.
- Gross-margin movement from mix shifts toward premium eyewear versus promotional discounting.
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- Competitor store openings, price promotions and expansion by organized optical retailers in tier-2 cities.
- Inventory turns, fulfillment lead times and prescription-remake rates as the network scales.
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Prioritize store openings in underpenetrated tier-2 and tier-3 clusters where localized assortment and eye-testing access can create defensible demand.
- Increase store density selectively in major cities to support same-day fulfillment, omnichannel exchanges and lower last-mile delivery costs.
- Use stronger footfall and customer data to raise premium lens, progressive lens, sunglasses, contact lens and subscription attachment rates.
- Consolidate international gains through localized pricing, supply-chain scale and disciplined market-by-market profitability targets rather than broad geographic expansion.
- Secure attractive mall and high-street locations early, increasing competitive pressure on smaller independent opticians and regional chains.
The counter-case
The case against this reading — not reported by the source.
The store-addition pace may be masking diminishing returns: 132 new outlets in one quarter raises the risk of cannibalization, weaker unit economics, and higher lease, staffing, inventory, and marketing costs. An 18% India same-store-sales gain is strong but may reflect a favorable comparison base, promotional intensity, or price/mix rather than durable traffic growth. Consolidated revenue growth does not establish that new stores are generating attractive paybacks, while improved international profitability could still be too small or early-stage to offset the capital and execution demands of rapid overseas expansion.
The source
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