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Lenskart IPO 2025: Complete Review, Details, and Analysis Before You Invest.
In today’s fast-paced lifestyle and continuously increasing screen time, comfortable and stylish eyewear has become essential for everyone. Meeting this demand is Lenskart, a technology-driven eyewear company that goes beyond selling glasses. From design and manufacturing to branding and retailing, Lenskart delivers a complete eyewear experience.
As India’s largest organized seller of prescription eyeglasses and one of Asia’s top players, Lenskart has made eyewear both accessible and fashionable for every household and every age group. And now, the most exciting news — Lenskart IPO 2025 is coming soon, giving investors an opportunity to be part of Lenskart’s high-growth journey.
In this article, let’s explore Lenskart’s IPO details, business model, financials, industry overview, strengths, risks, and valuation analysis.
IPO Size: ₹7,278.02 crore
Fresh Issue: ₹2,150 crore
Offer for Sale (OFS): ₹5,128.02 crore (12,75,62,573 equity shares)
Face Value: ₹2 per share
Price Band: ₹382 – ₹402 per share
Lot Size: 37 shares
Minimum Investment:
₹14,134 (at ₹382)
₹14,874 (at ₹402)
IPO Opens: October 31, 2025
IPO Closes: November 4, 2025
Allotment Date: November 6, 2025
Refunds & Demat Credit: November 7, 2025
Listing Date: November 10, 2025
₹272.62 crore – New company-operated stores (capital expenditure)
₹591.44 crore – Lease/rental costs
₹23.37 crore – Technology and cloud infrastructure
₹320.06 crore – Brand marketing
Balance – General corporate purposes
About the Company.
Founded in 2010, Lenskart began as an online eyewear brand and opened its first retail store in New Delhi in 2013. Today, it operates with an omni-channel presence across India and international markets such as Japan, Southeast Asia, and the Middle East.
As of June 2025, Lenskart had 2,137 stores across India (including 1,081 company-owned and 36 franchise stores). The company serves nearly 99 lakh Indian customers annually and sold 2.29 crore units in FY25 alone.
Lenskart’s business model is fully integrated, covering everything from product design and lens manufacturing to branding and retailing. The company designs and sells prescription glasses, sunglasses, contact lenses, and eyewear accessories under its own D2C brands and sub-brands.
Industry Overview.
India’s eyewear market is expanding rapidly, driven by urbanization, rising disposable incomes, and a tech-savvy young population.
According to RedSeer Report:
The Indian eyewear market is projected to reach ₹1,48,300 crore (US $17.2 billion) by FY30, growing at a CAGR of 13%.
Around 73% of market value comes from prescription eyeglasses.
Organized retail channels are expected to cover 31% of the market by FY30.
Key Strengths of Lenskart.
1. Centralized Supply Chain & Automated Manufacturing.
Lenskart’s centralized supply chain ensures consistent quality, cost efficiency, and faster delivery. Its Bhiwadi (Rajasthan) and Gurugram (Haryana) manufacturing facilities are among the top two vertically integrated eyewear facilities in the world.
2. In-House Frame & Lens Manufacturing.
Since 2017, Lenskart has produced frames through a joint venture in China (Bao Feng Frame Cart Technology Ltd) and now manufactures them in India. In FY25 Q1 alone, it produced 18.7 lakh frames and 13.1 lakh lenses in-house.
3. Customer-Focused Product Design.
With a 109-member design team, the company launched 105 new in-house collections in FY25, including collaborations with popular brands and celebrities.
4. Strong Brand Portfolio.
Lenskart caters to every price segment — from affordable (< ₹2,000) to premium (> ₹10,000). It was recognized as India’s Most Trusted Eyewear Brand 2025 by TRA Research.
5. Technology-First Approach.
Lenskart integrates AI tools, automation, and data analytics across its supply chain, retail operations, and eye-testing processes to enhance efficiency and customer satisfaction.
6. Omni-Channel Presence.
With a seamless blend of mobile app, website, and offline stores, Lenskart provides a unified shopping experience across India and abroad (669 international stores as of June 2025).
Key Risks and Weaknesses
1.High Dependence on Raw Materials:
Raw materials account for over 25% of total expenses. Price fluctuations or supply delays may impact profitability.
2.Dependence on Chinese Imports:
Some frames and raw materials are sourced from China through its JV, posing geo-political and supply risks.
3.Regulatory Scrutiny:
The Directorate of Enforcement requested documents under FEMA 1999; future actions could impact reputation or financials.
4.Manufacturing Concentration:
Key plants are clustered around Gurugram — exposing the company to location-specific risks.
5.Retail Network Dependency:
Growth depends on store expansion and performance; any slowdown can affect revenue momentum.
Financial Performance
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (₹ crore) | 3,788 | 5,428 | 6,530 |
| Net Profit / (Loss) | (64) | (10) | 297 |
| Product Margin % | 64 % | 67.34 % | 68.88 % |
| Total Borrowings (₹ crore) | 973 | 497 | 346 |
| ROE % | -1.25 % | -0.31 % | 4.84 % |
| ROCE % | -0.48 % | 5.08 % | 13.84 % |
Key Takeaway:
FY25 marked a clear turnaround — Lenskart became profitable with improved operating efficiency and reduced debt. The company’s profitability also benefited from a one-time accounting gain related to Owndays acquisition revaluation (₹17.2 crore FVTPL gain).
Peer Comparison.
Lenskart has no listed peers in India, making it a unique player in the organized eyewear segment.
In India, competitors include Titan Eyewear (Division of Titan Company Ltd), GKB Opticals, Lawrence & Mayo, Gangar Opticians, and Specsmakers.
However, none match Lenskart’s national presence or integrated supply-chain efficiency.
Globally, Lenskart competes with brands like Essilor Luxottica, Warby Parker, and National Vision Holdings, but its vertically integrated, tech-driven model gives it a distinct advantage.
Conclusion: Should You Invest in Lenskart IPO?
The Lenskart IPO 2025 represents an opportunity to invest in a profitable, fast-growing, and technology-led retail brand with a vertically integrated supply chain and a strong foothold in both Indian and international markets.
With robust revenue growth, a clear profit turnaround, improving return ratios, and strong brand equity, Lenskart stands out as a scalable and sustainable business.
However, investors should remain mindful of raw-material dependency, regulatory scrutiny, and store expansion risks before investing.
Always read the RHP carefully, conduct your own research, and consult a financial advisor before making an investment decision.
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