Decoding Lenskart FY25 numbers

Eyewear brand Lenskart has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in order to raise Rs 2,150 crore via a fresh issue. The company made a sharp turnaround from FY24 and turned profitable, driven by robust growth in revenue and controlled spending across key verticals.

Lenskart’s operating revenue grew 23% to Rs 6,653 crore in FY25 from Rs 5,428 crore in FY24, according to its restated Financial statement given in DRHP.

The bulk of the company’s revenue came from the sale of goods such as prescription eyewear, sunglasses, contact lenses, and accessories which rose 23% to Rs 6,360 crore. Revenue from services such as memberships, home eye check-ups, and training grew 27% to Rs 133 crore, supported by the expansion of its Lenskart Gold programs, which grew to 68 lakh members by March 2025. Other operating income consisted of lease income, scrap sales, website licence fees, and support charges which remained steady at Rs 160 crore.

Geographically, revenue from India rose 27% to Rs 4,015 crore, Lenskart added 282 new stores and saw its annual transacting customer base rise 23% to 99 lakh, while eyewear unit sales surged 30% to 2 crore. International markets contributed Rs 2,638 crore, up 17% from FY24, the brand expanded its overseas footprint with 52 new stores, growing its international customer base to 25 lakh.

On the expense front, employee benefit expenses emerged as the largest cost component, which rose 27% to Rs 1,379 crore in FY25, followed by material costs which increased 20% to Rs 2,134 crore. Marketing costs also saw a 27% jump to Rs 448 crore. Meanwhile, commission and incentives fell slightly by 4% to Rs 733 crore. Depreciation expenses stood at Rs 797 crore, up 19% from the previous year. Overall, total costs rose 19% to Rs 6,619 crore in FY25 as compared to Rs 5,550 crore in FY24. 

This combination of steady revenue growth and calibrated cost management enabled Lenskart to post a net profit of Rs 297 crore in FY25, a substantial improvement from a Rs 10 crore loss a year earlier. Its ROCE and EBITDA margin stood at 6.17% and 2.27% respectively.

On a unit basis, the company spent Re 0.99 to earn a Rupee of operating revenue in FY25. The company recorded current assets worth Rs 3,630 crore in FY25, including Rs 865 crore in cash and bank balances. 

Lenskart converted into a public company in June this year in preparation for the listing. Entrackr exclusively reported the development. The public offering is being managed by a consortium of investment banks, including Kotak Mahindra Capital, Citigroup, Avendus, Axis Capital, Morgan Stanley, and Intensive Fiscal Services.

The numbers may not show it for some people, but Lenskart is highly valued for good reason. Besides founder Bansal buying back 2% from investors at a $7 billion valuation, the firm has also built the sort of moat that investors love. We had mentioned while reporting its FY24 numbers that the profit figure did not matter anymore as the firm had reached a scale where it could show profits anytime. The apparent success in overseas markets, especially Japan, seems to have made the firm, and its founder even more optimistic about prospects going ahead. The firm has been a standout success, and a further valuation spike based on Q1 numbers cannot be ruled out.