Lenskart Solutions IPO: ₹7,278 Cr Offering Opens Oct 31 – Should You Invest?

Lenskart Solutions, India’s largest eyewear retailer, is preparing for its much-anticipated initial public offering this year, and the market is paying close attention.

What makes this IPO particularly interesting isn’t just Lenskart’s market position or growth story. The company’s financials show a business that recently turned profitable after years of losses, a transition that raises questions about sustainability and whether current margins hold as competition intensifies. With the IPO scheduled for October 31 to November 4, 2025, investors have limited time to evaluate whether Lenskart’s ₹7,278 crore offering deserves a place in their portfolios.

The Lenskart GMP (Grey Market Premium) is drawing attention as traders and investors try to gauge listing day sentiment. But GMP alone won’t tell you whether this business can deliver returns over three to five years; that requires diving into the financials, understanding the business model, and assessing risks that don’t show up in quarterly numbers.

Is This IPO Right For You?

Lenskart runs manufacturing facilities, operates thousands of retail stores, manages a significant e-commerce platform, and provides eye testing services that feed into product sales.

For investors evaluating this IPO, several factors matter more than others. 

• Lenskart only recently turned profitable. FY2023 saw a loss of ₹63.76 crore. FY2024 showed a smaller loss of ₹10.15 crore. FY2025 delivered a profit of ₹297.34 crore. Although the progression looks encouraging, one profitable year only establishes possibility.
• In FY2023, the brand’s repeat order percentage was 98.16%, indicating a remarkably high level of consumer satisfaction and loyalty. Customers are encouraged to make repeated purchases by its wide selection of products, technologically advanced solutions, and reliable customer service.
• With 2,067 physical locations and a robust web presence, Lenskart leads the organised eyewear market in India. Its integrated model eliminates intermediaries, preventing price markups of 2.7–4 times, and its omni-channel strategy guarantees a smooth consumer experience across physical and digital channels. Its significant scale—27.20 million devices sold in FY25—further solidifies its cost advantage. As a result, Lenskart was able to keep its product gross margin at 70% in FY25.

Key Risk Factors to Consider

• Competition in eyewear retail is intensifying. Lenskart’s current market leadership provides advantages, but maintaining that position requires continued investment in technology, marketing, and store expansion.
• Lenskart is heavily dependent on one nation, with 42.21% of its raw materials and completed goods coming from the People’s Republic of China. This exposes the business to outside shocks, geopolitical conflicts, or regulatory changes that might cause operational disruptions or increase input costs.
• Borrowings have declined from ₹917.21 crore in FY2023 to ₹345.94 crore in FY2025, showing improving financial health. However, the company still carries debt while requiring continued capex for expansion, creating competing demands on cash flow.

Lenskart Solutions IPO Details

For more information, refer to the Lenskart Solutions IPO RHP.

Lenskart Solutions IPO: Financial Performance

The financial trajectory shows clear improvement. Revenue nearly doubled from FY2023 to FY2025, growing from ₹3,927.97 crore to ₹7,009.28 crore. More impressively, the company swung from losses to profitability, posting ₹297.34 crore PAT in FY2025.

EBITDA expansion tells a similar story; from ₹259.71 crore in FY2023 to ₹971.06 crore in FY2025, nearly quadrupling over two years. That improvement reflects both revenue growth and margin expansion as the business scales and achieves better unit economics.

The June 2025 quarter showed ₹1,946.10 crore revenue and ₹61.17 crore PAT, suggesting the profitability trend continues. 

Lenskart IPO GMP Today

As of October 27, 2025, Lenskart’s GMP is around ₹75 (~19%) over the upper end price of ₹402, implying a possible listing at ₹477. Clarifying the exact date for GMP reference is important.

Conclusion

The investment decision ultimately hinges on several questions. Can Lenskart maintain 20%+ revenue growth while sustaining or expanding profitability? Will the ₹2,150 crore fresh capital adequately fund growth plans without requiring additional equity dilution? Can the company defend market share as competition intensifies? 

The IPO opens October 31 and closes November 4, 2025, with listing scheduled for November 10.

Analysis based on Lenskart Solutions IPO documents and financial disclosures. Market conditions and business performance are subject to change. This represents an analytical perspective, not investment advice.

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