Lenskart deepens China presence as Q1 FY27 revenue rises 43% and store count reaches 3,459
Lenskart has incorporated Wenzhou Framekart Trade in China for eyewear trading and procurement, while raising its planned stake in Baofeng Framekart. Q1 FY27 revenue climbed 43.3% to ₹2,714 crore, supported by 116 net India store additions and 23% volume growth.
What happened
Lenskart incorporated a China step-down subsidiary for eyewear trading and procurement while increasing control of its Chinese JV. Its Q1 FY27 results showed
Key facts
- Shares rose 5.5% to ₹640
- Wenzhou Framekart was incorporated on August 14, 2026
- BFT will hold 95% equity with RMB 1 million cash investment
- Lenskart approved increasing BFT stake from 51% to 70% for about RMB 7.5 million (₹10.6 crore)
- International volumes rose 37% YoY to 2.3 million
- India volumes rose 23% YoY to 8.2 million
- India ASP rose 6% YoY to ₹1,856
- Added 132 net stores in Q1 FY27, including 116 in India
- Total store count: 3,459, up about 23% YoY
- Q1 FY27 net profit: ₹228 crore, up 273% YoY
- Revenue: ₹2,714.18 crore, up 43.3% YoY
- India revenue: ₹1,531 crore, up 30.7% YoY
- International revenue: ₹1,203 crore, up 38% YoY
Why this matters
The Wenzhou Framekart incorporation and planned higher Baofeng Framekart stake signal a move to deepen China-based supply-chain integration, creating potential procurement advantages and partnership opportunities in eyewear manufacturing.
What to watch
- Gross-margin movement versus revenue growth, indicating whether China integration is producing realized sourcing savings.
- Same-store sales growth and new-store cohort payback as the store base expands beyond 3,459 locations.
- India import-duty, product-compliance or trade-policy changes affecting Chinese eyewear inputs.
- Baofeng Framekart stake increase, related-party disclosures and the scale of procurement routed through Chinese entities.
- Inventory days, stockout rates and private-label mix, which will reveal supply-chain and assortment benefits.
- International-store additions and whether China sourcing supports expansion beyond India.
- Increase ownership or operational control in Chinese sourcing entities and add dedicated quality-control capacity near manufacturing clusters.
- Use lower procurement costs to widen opening price points, launch more proprietary frame collections and improve promotional bundles in India.
- Accelerate store rollout in underpenetrated Indian cities while prioritizing omnichannel fulfillment and local eye-testing capacity.
- Diversify a portion of frame and lens sourcing into India and other Asian markets to hedge China concentration.
- Deploy Q1 volume momentum into membership, repeat-purchase and lens-upgrade programs to lift customer lifetime value.