Lenskart Solutions (LENSKART) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue was ₹2,845.03 crore, up 32.5% YoY; EBITDA reached ₹624 crore, up 46.6%, and PAT was ₹232.45 crore, up 106.1%.

• H1 FY27 revenue was ₹5,559.21 crore and PAT ₹460.88 crore; pro forma revenue grew 33.0% YoY, EBITDA 53.4% and PAT 138.0%.

Financial highlights

• Q2 EBITDA margin was 21.9% and PAT margin 8.2%; pre-IndAS 116 EBITDA margin expanded to 13.8% from 11.1%.

• H1 pre-IndAS 116 EBITDA was ₹753 crore, up 1.8x YoY; PAT of ₹461 crore equaled 87% of FY26 PAT.

• TTM pro forma revenue exceeded ₹10,000 crore, EBITDA exceeded ₹2,200 crore, pre-IndAS 116 EBITDA exceeded ₹1,300 crore and PAT was ~₹800 crore.

• H1 return on capital employed was 22.5%, versus 19% in H1 last year and 14.6% for FY26.

Outlook and guidance

• Long-term India pre-IndAS 116 EBITDA margin potential is 25%, with no timeframe; growth remains the priority and management advised assessing margins on a TTM rather than quarterly basis.

• Volume growth and market development remain priorities; marketing investment will support Bharat and brand building as international markets scale with developing unit economics.

• FY27 store expansion plan remains to deliver the prior year's level while preserving customer experience; international expansion is expected to accelerate gradually.

• Management cited TTM unit growth of 26% and Q2 India unit growth of 26.5% as core measures; quarterly revenue and realization can vary with campaigns, mix and base effects.