Lenskart Solutions shares zoom 13% after stellar Q3 show. Should you buy, sell, or hold?

Lenskart Solutions shares surged as much as 13% to their day's high of Rs 526 on the BSE on Thursday after the company reported a sharp rise in December quarter (Q3FY26) earnings, with net profit soaring nearly 70-fold year-on-year (YoY).

The eyewear retailer posted a consolidated net profit of Rs 131.02 crore for Q3FY26, marking a massive 6,983% increase from Rs 1.85 crore reported in the same period last year. The profit after tax (PAT) is attributable to the owners of the holding company.

Revenue from operations rose 38% year-on-year to Rs 2,308 crore, compared to Rs 1,669 crore in Q3FY25. According to the company’s regulatory filing, the revenue growth was primarily driven by volume expansion and new customer additions. India operations grew 40.4% YoY, while the international business recorded a 33% YoY rise.


This marks Lenskart’s second earnings announcement since its listing on 10 November 2025.

What should investors do?

Jefferies has maintained a Buy rating and raised its target price to Rs 575 after an exceptional quarter marked by strong growth and disciplined margin expansion across both India and international markets. The brokerage noted that management commentary remained encouraging, emphasising a clear focus on long-term growth rather than short-term margin maximisation, with profitability expected to follow as a natural outcome of scale and execution.

JM Financial has reiterated a Buy call on Lenskart Solutions and raised its target price to Rs 565, citing a robust Q3 performance. Consolidated revenue grew 37%, driven by 40% growth in India and 33% growth in international markets, with strong same-store sales growth (SSSG) of 28% in India. Management highlighted that growth was largely volume-driven, supported by a sharp rise in eye testing, which helped expand the customer base and overall market size. Store expansion remained strong, with 372 and 48 stores added YTD in India and international markets, respectively, without cannibalising existing clusters, as reflected in India SPSG of 36%.

Citi has maintained a Neutral rating with a target price of Rs 520, acknowledging strong revenue growth of about 38% and significant margin improvement, with India pre-Ind AS margins rising to 11.6% from 4.5% in Q3FY25. India same-store growth improved to 28% from 15% in 1HFY26, supported by strong expansion in eye testing volumes. However, Citi remains cautious, noting that current valuations already factor in strong growth and margin expansion, while also highlighting the need to monitor growth momentum in Q4 amid prior GST-related demand shifts and currency-led benefits to international revenues.

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Management commentary

Speaking during the post-earnings call, Founder and CEO Peyush Bansal said the company’s improving operating leverage is now translating into stronger profitability.

“In Q2, we said we are entering a compounding phase. Q3 validates that decisively. This is not cost-cutting. This is operating leverage. The compounding has begun,” Bansal told analysts, highlighting that incremental revenue is increasingly contributing to profit growth.

Key operational highlights

Lenskart conducted 63 lakh eye tests during the quarter, registering 54% YoY growth.

Eyewear units sold stood at 89 lakh, up 30% year-on-year.

The company added 195 new stores in Q3FY26, reflecting 141% growth. This included 169 stores in India and 26 in international markets.

Year-to-date (FY26), net store additions stood at 420 compared to 193 in the first nine months of FY25.

Revenue per new store in India posted a 5% CAGR from FY24 to 9M FY26, indicating improving throughput, operational consistency and strong traction in Tier 2 and beyond markets.

On Wednesday, shares of Lenskart Solutions closed 1.65% lower at Rs 467.60 apiece on the NSE.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)