LENSKART INDIA IPO

Investment Analysis & Recommenda3on

Prepared by: Kunal Singla - Finance Enthusiast
Date: 27 October 2025

Execu3ve Summary
Lenskart [Link] Limited, India's largest omnichannel eyewear retailer, is launching its IPO on 31 October - 4 November 2025 at a price band of
₹382-402 per share. The company aims to raise ₹7,278 crore (₹2,150 Cr fresh issue + ₹5,128 Cr OFS) at a [Link] of approximately ₹70,000 crore
($8 billion).

Key Financial Highlights (FY25) - DRHP Data

Metric FY25 FY24 Growth

Revenue from OperaJons ₹6,653 Cr ₹5,610 Cr +18.6%

EBITDA ₹970 Cr ₹695 Cr +39.6%

Net Profit (PAT) ₹297 Cr -₹10 Cr Profitable

EBITDA Margin 14.6% 12.4% +220 bps

PAT Margin 4.5% -0.2% Turnaround

Investment Recommenda3on
SELECTIVE BUY (Long-Term) | APPLY (LisJng Gains)

Overall Score: 6.9/10

Target Price (12M): ₹480-520 (+20-30%)

Grey Market Premium: ₹50-120 (12-30% [Link] [Link] gain)

1. IPO Structure & Key Details

1.1 IPO Timeline

Event Date

Anchor Investor Bidding 30 October 2025

IPO Opening 31 October 2025

IPO Closing 4 November 2025

Basis of Allotment 6 November 2025 (expected)

Expected [Link] 10 November 2025

1.2 Book Running Lead Managers (6 Total)

1. Kotak Mahindra Capital Company Limited

2. Morgan Stanley India Company Private Limited

3. Avendus Capital Private Limited

 4. [Link] Global Markets India Private Limited

5. Axis Capital Limited

6. Intensive Fiscal Services Private Limited

Registrar: MUFG [Link] India Private Limited

1.3 Issue Structure

Total Issue Size: ₹7,278 crore

Fresh Issue: ₹2,150 crore (new equity shares)

Offer for Sale (OFS): 12.76 crore shares (~₹5,128 crore at ₹402)

Price Band: ₹382 - ₹402 per equity share

Face Value: ₹2 per equity share
Market CapitalizaJon (at upper band): ₹72,719 crore

Lot Size: 37 shares (₹14,894 at upper price)

1.4 Selling Shareholders in OFS Promoters:

Peyush Bansal: 2.05 crore shares

Neha Bansal: 10.11 lakh shares

Amit Chaudhary: 28.7 lakh shares

Sumeet Kapahi: 28.7 lakh shares

Major Investors:

SocBank (SVF II Lightbulb): 2.55 crore shares ([Link] exit)

Schroders Capital: 1.90 crore shares (complete exit)

Premji Invest: 87 lakh shares

Temasek/KKR (MacRitchie): 78.5 lakh shares

Notable Non-Seller: Abu Dhabi Investment Authority (ADIA) retains 12.45% stake despite 78% paper gain from 2023 investment, signaling long-term
confidence.

1.5 Pre-IPO Shareholding Structure

Shareholder Stake (%) Selling in OFS?

SodBank Vision Fund II 15.04% [Link]

Abu Dhabi Investment Authority 12.45% No

Temasek/KKR ~5.5% [Link]

Promoters 19.90% [Link]

Other Investors 47.11% Various

Key Insight: ADIA's decision not to sell despite significant paper gains validates the long-term value thesis.

1.6 Use of Fresh Issue Proceeds (₹2,150 Crore)

Purpose Amount (₹ Cr) % of Total

Lease & Rental Payments for CoCo Stores 591.4 27.5%

Brand [Link] & Business [Link] 320.0 14.9%

 New CoCo Store Setup (620 stores by FY29) 272.6 12.7%

Technology & Cloud Infrastructure 213.4 9.9%

General Corporate Purposes 752.6 35.0%

USE OF IPO PROCEEDS

Strategic Focus:

620 new stores by FY29 (~155 stores per year)

Technology investment in AR/AI, robo.c labs

MarkeJng for customer [Link] and Lenskart Gold expansion

2. Company Overview & Business Model

2.1 Company Background

Lenskart SoluJons Limited was founded in 2008 by:

Peyush Bansal (CEO of Lenskart [Link] Limited)

Neha Bansal

Amit Chaudhary

Sumeet Kapahi Corporate

Details:
 CIN: U33100DL2008PLC178355

Registered Office: Plot No. 151, Okhla Industrial Estate, Phase III, New Delhi – 110 020

Corporate Office: Gurugram, Haryana

Conversion to Public Company: June 2025

2.2 Business Model - Omnichannel Leadership

Lenskart operates India's most integrated omnichannel eyewear planorm:

Physical Presence:

2,723 stores globally (2,067 India + 656 [Link])

CoCo (Company-Owned) and FoFo (Franchise-Owned) formats

In-store eye [Link] by qualified optometrists

Robo.c lens labs for on-site [Link] Digital

Plagorm:

E-commerce website and mobile app

AR/3D Virtual Try-On (industry-first in India, 2016)

AI-powered [Link]

Online [Link] verifi[Link] Service

Excellence:

Lenskart@Home: Eye tests and trials at customer [Link]

Next-Day Delivery in 40+ [Link]

14-day return policy (industry-first)

Lenskart Gold: Premium [Link] (68 lakh members)

Key DifferenJator: 75% of sales through stores, but digital drives discovery - true omnichannel [Link].

2.3 Compe33ve Advantages

1. VerJcal IntegraJon (Unique in India):

World's largest automated eyewear facility (20M capacity/year)

35-40% cost advantage over [Link]

End-to-end control: Design → Manufacturing → Retail → Acer-sales

2. Market Leadership:

41% share of organized eyewear market

8x larger than Titan Eye Plus by revenue

99 lakh annual customers in India

3. Technology Moat:

AR/3D Try-On (3-4 years ahead of Indian compe..on)

AI [Link], robo.c lens labs

Proprietary fulfillment systems

4. Strong Investor Backing:

SocBank (15.04%), ADIA (12.45%), Temasek/KKR (~5.5%)

Pre-IPO: ₹90 Cr from Radhakishan Damani (DMart founder) at ₹402/share

₹100 Cr from SBI Mutual Fund

3. Financial Performance Analysis

3.1 Income Statement Highlights (DRHP Data) Consolidated

Financial Performance (₹ Crore):

Metric FY23 FY24 FY25 CAGR (FY23-25)

Revenue from OperaJons 3,928 5,610 6,653 30.2%

Other Income 72 115 237 -

Total Income 4,000 5,725 6,890 -

EBITDA 270 695 970 89.3%

EBITDA Margin (%) 6.9% 12.4% 14.6% -

DepreciaJon 332 524 797 -

Finance Costs 76 104 93 -

PBT -138 182 317 -

PAT -64 -10 297 Profitable

PAT Margin (%) -1.6% -0.2% 4.5% -

Lenskart Revenue Growth (FY23-FY25)

Financial Performance
Revenue and EBITDA both demonstrated strong CAGR with profitability achieved in FY25.

Q1 FY26 Performance:

Revenue: ₹1,946 Cr

EBITDA: ₹290 Cr (14.9% margin)

PAT: ₹61 Cr (3.1% margin)

3.2 Key Financial Observa3ons

1. Strong Revenue Growth:

FY25 Revenue: ₹6,653 crore (+18.6% YoY)

3-Year CAGR: 30.2% (FY23-25)

Note: Growth decelerated from 42.8% (FY24) to 18.6% (FY25)

2. Profitability Turnaround:

FY23: Loss of ₹64 crore

FY24: Loss narrowed to ₹10 crore

FY25: Profit of ₹297 crore (first profitable year)

Q1 FY26: Sustained profitability (₹61 crore)

3. Margin Expansion:

EBITDA Margin: 6.9% → 12.4% → 14.6% (+770 bps over 2 years)

Gross Margin: Improved by 600 bps to 70% in FY25

PAT Margin: -1.6% → -0.2% → +4.5% Margin

Drivers:
 [Link] leverage from scale

Private label mix increase (higher margins)

Manufacturing [Link] [Link] (cost control)

[Link] spend [Link]

3.3 Geographic & Customer Metrics India

Business (FY25):

Revenue: ₹4,015 crore (+27% YoY) - 60.3% of total

Stores: 2,067 (added 282 net new stores)

Annual Customers: 99 lakh (+23% YoY)

Eyewear Units Sold: 2 crore (+30% YoY) InternaJonal

Business (FY25):

Revenue: ₹2,638 crore (+17% YoY) - 39.7% of total

Stores: 656 (added 52 net new stores)

Customer Base: 25 lakh

Markets: Southeast Asia, Middle East, Japan (via Owndays [Link])

Key Insight: India growing faster (27%) than [Link] (17%), [Link] strong domes.c demand.

3.4 Return Ra3os & Efficiency Metrics

Key RaJos (FY25):

Ra.o FY25 FY24 FY23 Industry Benchmark

ROE (%) 4.84 -0.31 -1.25 12-15%

ROCE (%) 13.84 5.08 -0.48 15-20%

Ra.o FY25 FY24 FY23 Industry Benchmark

Asset Turnover 0.67x 0.59x 0.41x 0.8-1.2x

Debt-to-Equity 23.61 24.89 26.65 <25

Analysis:

Return [Link] improving but sJll below mature company benchmarks

ROE of 4.84% needs to reach 10%+ for sustainable value [Link]

ROCE of 13.84% approaching industry standards (15-20%)

4. Industry Analysis & Market Opportunity

4.1 India Eyewear Market Overview Market

Size & Growth:

Current (FY25): ₹18,000-20,000 crore

Projected (FY30): ₹35,248 crore CAGR (FY25-30): 11-12% Market

India Eyewear Market Projection (2025–2030)

Structure:

Organized Sector: Only 9-10% market share

Unorganized Sector: 90-91% (local [Link], fragmented) Lenskart's

PosiJon:

41% share of organized eyewear market

~4% share of total market (including unorganized)

Massive [Link] opportunity as market organizes

4.2 Key Market Drivers

1. Low PenetraJon = Massive Opportunity:

India: Only 25-30% of people needing vision [Link] wear eyewear

Global Benchmark: 64% (Japan), 74% (UK), 79% (Germany)

ImplicaJon: 300-400 million Indians underserved

2. Rising Myopia Epidemic:

Myopia Rates in Asia: 80-90% in urban youth

India: Rapidly increasing due to digital screen .me Growing

smartphone and laptop usage driving vision issues

3. Growing Middle Class:

India's GDP growing at 6-7% annually

Rising per capita income enables eyewear purchases [Link]

[Link]: Eyewear as fashion statement

4. PremiumizaJon Trend:

Consumers upgrading from unbranded (₹500-1,000) to branded (₹2,000+)

Luxury Eyewear Market: Growing at 11.7% CAGR

5. E-commerce & Technology AdopJon:

750+ million internet users in India

AR/Virtual Try-On reducing [Link] in online purchases

Omnichannel acceptance increasing

5. Valua3on Analysis

5.1 Valua3on Metrics (at ₹402)

[Link] Metric Value Peer Average Premium

P/E RaJo (FY25) 227x 40-50x +354% to +454%

Price-to-Sales 9.95x 3-4x +149% to +199%

Price-to-Book 11.0x 3-5x +120% to +267%

EV/EBITDA ~68x 15-25x +172% to +353%

Market Cap ₹72,719 Cr - -

Earnings Per Share (FY25): ₹1.77

Net Asset Value (NAV): ₹36.43 per share
Price-to-NAV: 11.0x
Lenskart trades at 227x P/E vs peers (Titan 35x, Essilor 48x)

5.2 Peer Valua3on Comparison

Company Revenue (₹ Cr) P/E Ra.o Revenue [Link] Growth (%)

Lenskart 6,653 227x 9.95x 18.6%

EssilorLuxoqca ~₹2,50,000 48x 4.3x 6%

Warby Parker ~₹7,000 N/A 3.2x 15%

Titan Eye+ ~800 35x 3.5x 16%

5.3 Valua3on Analysis

Arguments FOR Premium:

Market Leadership: 41% organized share, 8x larger than nearest [Link]

Higher Growth: 18.6% vs. peers' 6-16%

Margin Trajectory: Clear path to 18-22% EBITDA margins (currently 14.6%)

TAM Expansion: India [Link] only 25-30% vs. 64-79% globally

Technology Moat: 3-4 years ahead in AR/AI Arguments

AGAINST Premium:
 Growth DeceleraJon: Slowed from 42.8% to 18.6%

Low ROE: 4.84% far below 12-15% benchmarks

CompeJJon: Titan (TATA), Reliance entering aggressively

ExecuJon Risk: 620-store expansion may strain capital

Premium Too High: 227x P/E assumes near-perfect [Link]

6. Store Expansion Strategy & Unit Economics

6.1 Store Expansion Plan

Target: 620 new CoCo stores by FY29

Timeline: FY26 to FY29 (4 years)

Average Annual AddiJon: ~155 stores/year

Capital AllocaJon: ₹272.6 crore (12.7% of fresh issue) Geographic Focus:

Tier-2 and Tier-3 [Link]

[Link]-driven micro-market [Link]

High-growth [Link] areas

6.2 Store Unit Economics

Metric Value

Average Capex per Store ₹4-5 Cr

EsJmated Payback Period 24-30 months

 Average Revenue per Store ~₹2.4 Cr/year ([Link])

EBITDA ContribuJon [Link] acer Year 2

Analysis:

Capex of ₹4-5 Cr per store implies strong infrastructure investment

Payback of 24-30 months is reasonable for retail format

Store [Link] will be key metric to monitor post-IPO

7. Risk Assessment

7.1 Business & Opera3onal Risks

1. ExecuJon Risk in Aggressive Expansion:

Plan: Add 620 stores by FY29 (~155/year)

Risk: Store [Link] may decline if [Link] poorly selected Impact: Sub-

[Link] deployment of ₹272.6 crore expansion capital

2. Customer ConcentraJon:

Lenskart Gold: 68 lakh members [Link] for repeat business

Risk: Heavy reliance on repeat customers; churn = growth slowdown

Impact: Revenue predictability affected

7.2 Compe33ve & Market Risks

1. Intensifying CompeJJon:

Titan Eye Plus: TATA backing, 16% growth, expanding network

Reliance Vision Express: Deep pockets, omnichannel [Link]

EssilorLuxoqca: Could enter D2C in India

Impact: Price wars, margin compression, CAC infl[Link]

2. Unorganized Sector Resilience:

90% market with local [Link]

Risk: [Link] customers may not shic to organized

Impact: TAM expansion slower than projected

7.3 Financial & Valua3on Risks

1. Premium ValuaJon Risk:

Current P/E: 227x (vs. peers' 40-50x)

Risk: Any earnings miss = sharp 20-30% [Link]

Impact: Limited margin of safety for investors

2. Growth DeceleraJon:

Trend: 42.8% (FY24) → 18.6% (FY25)

Risk: Further slowdown to 15% challenges premium [Link]

Impact: [Link] [Link] to 150x P/E (₹265 fair value)

3. Low Return RaJos:

 Current ROE: 4.84% (vs. 12-15% benchmarks)

Risk: Fails to improve to 10%+ = value [Link]

Impact: Sustained low returns [Link] premium [Link]

7.4 IPO-Specific Risks

1. Large OFS Component:

OFS: ₹5,128 crore (~70% of total issue)

ImplicaJon: [Link] investors [Link], only 30% fresh capital Counterpoint: ADIA

(12.45%) NOT selling = long-term confidence

2. Allotment Process:

Note: IPO allotment is completely random

No advantage in applying on specific days (Day 1, Day 2, etc.)

Apply [Link] during the 4-day window (31 Oct - 4 Nov)

8. Grey Market Premium & Market Sen3ment

8.1 Grey Market Premium (GMP)

⚠ IMPORTANT DISCLAIMER:
Grey market data is an UNOFFICIAL indicator - unregulated and changes daily. This is NOT a primary recommendaJon driver.
Data as of 25 October 2025, subject to high market [Link].

GMP Analysis (as of 25 Oct 2025):

Source GMP (₹) Expected [Link] Price [Link] Gain (%)

IPO Central 50 ₹452 12.4%

IPO Watch 120 ₹522 29.9%

Market Consensus 50-120 ₹452-522 12-30%

InterpretaJon:
 • [Link] [Link] with 12-30% [Link] gain [Link]
• Wide range (₹50-120) indicates [Link] uncertainty
• Should NOT be primary investment decision factor

8.2 Pre-IPO Valida3on

Recent Pre-IPO Round (October 2025):

Radhakishan Damani (DMart Founder): ₹90 Cr at ₹402/share

SBI Mutual Fund: ₹100 Cr investment

Total: ₹300 Cr raised Significance:

RK Damani's investment at IPO price validates [Link]

ADIA's [Link] (not selling despite 78% paper gain) = long-term confidence

8.3 Expected Subscrip3on Levels

Category Expected [Link]

QIB ([Link]) 5-10x

HNI (High Net Worth) 10-20x

Retail 15-25x

Overall 10-15x

SenJment: POSITIVE - Strong retail and [Link] demand [Link]

9. Investment Recommenda3on

9.1 Scoring Framework

Seven-Dimensional Analysis:

Dimension Score (0-10) Weight Weighted Score

Business Quality & Moat 8.5 20% 1.70

Financial Performance 7.5 20% 1.50

[Link] [Link] 4.0 15% 0.60

Balance Sheet Strength 7.0 15% 1.05

Management & Governance 7.0 10% 0.70

Market [Link] 7.5 10% 0.75

Risk Profile 5.5 10% 0.55

TOTAL SCORE - 100% 6.9/10

RaJng: GOOD - SelecJve Buy

9.2 Final Investment Recommenda3on

SELECTIVE BUY (Long-Term) | APPLY (Lis3ng Gains)
ConvicJon Level: Medium-High
Overall Score: 6.9/10

Recommenda3on by Investor Type:

Investor Profile [Link] [Link] Strategy

Long-term / Value Investors BUY 2-3% of pornolio Hold 3-5 years; accumulate on dips below ₹350

LisJng Gains Seekers APPLY 1 retail lot Exit on [Link] if 20%+ premium

ConservaJve Investors WAIT 0% Monitor 1-2 quarters [Link]

9.3 Investment Ra3onale Why

BUY (Long-Term):

Market Leader: 41% organized eyewear share, 8x larger than nearest [Link]

Profitability Achieved: ₹297 Cr PAT in FY25 acer years of investment

Massive TAM: India eyewear market to reach ₹35,000 Cr by 2030; only 25-30% [Link]

Technology Moat: AR/AI [Link] 3-4 years ahead of compe..on

VerJcal IntegraJon: 35-40% cost advantage through in-house manufacturing

Strong Backing: ADIA, SocBank, RK Damani validate quality Why CAUTION:

Expensive ValuaJon: 227x P/E assumes near-perfect [Link]

Growth DeceleraJon: Slowed from 42.8% to 18.6%

Low ROE: 4.84% needs to reach 10%+ for value [Link]

ExecuJon Risk: 620-store expansion may strain capital/[Link]

CompeJJon: Titan (TATA), Reliance intensifying

9.4 Price Targets & Risk-Reward

12-Month Target Price: ₹480-520 (Base Case)

Upside: 20-30% from ₹402

Assumes 18-20% revenue growth, EBITDA margins at 15-16%

ROE improves to 6-8%

Probability: 50%

24-Month Target (Bull Case): ₹600-650

Upside: 50-60%

Requires 20-25% revenue CAGR, margin expansion to 18-20%

ROE improvement to 10-12%, flawless 620-store [Link]

Probability: 30%

Downside Risk (Bear Case): ₹360-380

Downside: -10% (maximum)

If growth slows to 12-15%, margin pressure from compe..on

Store expansion costs impact profitability

Probability: 20%
Risk-Reward Analysis:

Risk-Reward RaJo: 1 : 1.5

Downside: ₹42 (from ₹402 to ₹360)

Upside: ₹148 (from ₹402 to ₹550 average)

Expected Return (Probability-Weighted): +8.1% (12-month)

Bull Case (30%): +50%

Base Case (50%): +20%

Bear Case (20%): -10%

10. Entry & Exit Strategy

10.1 IPO Timeline & Key Dates

Event Date

Anchor Investor Bidding 30 October 2025

IPO Opens 31 October 2025

IPO Closes 4 November 2025

Allotment (Expected) 6 November 2025

Refund IniJaJon 7 November 2025

Credit to Demat 8 November 2025

LisJng (Expected) 10 November 2025

10.2 Entry Strategy IPO

ApplicaJon:

When to Apply: [Link] during 31 Oct - 4 Nov (allotment is completely random)

No advantage in applying on Day 1, Day 2, or any specific day

Apply for full retail [Link] (1 lot = 37 shares) Post-LisJng

Entry:

If [Link] premium >20%, book 50% profit and hold rest

For long-term entry: Accumulate on [Link] below ₹350 (P/E ~200x)

10.3 Exit Strategy

Short-Term Traders:

Exit at ₹500+ (25% gain from ₹402)

Don't get greedy with [Link] gains Medium-Term

(1-2 years):

Hold .ll FY27 results

Exit if P/E >250x or revenue growth <15% for 2 [Link] quarters Long-Term (3-5

years):
 Hold as core [Link] if:

ROE improves to 10%+

Revenue CAGR sustains 18-20%+

Store expansion executed successfully

Stop-Loss: ₹340 (15% downside from ₹402)

Exit if sustained below ₹340 for 5 [Link] trading days

11. Key Monitoring Metrics Post-Lis3ng

11.1 Quarterly Metrics to Track

1. Revenue Growth (%) - Should sustain >18%; red flag if <15%

2. EBITDA Margin (%) - Target 16-18% by FY27

3. Store AddiJons - Plan is ~155/year; track actual vs. target

4. Same-Store Sales Growth - Healthy if >10%

5. Customer Metrics - Annual [Link] customers, Lenskart Gold members

11.2 Annual Metrics to Track

1. ROE (%) - Should improve to 8-10% by FY27

2. ROCE (%) - Target 18-20%; currently 13.84%

3. Gross Margin (%) - Sustain at 68-70%; compression below 65% = concern

4. Free Cash Flow - Turn [Link] by FY27

5. InternaJonal Revenue % - Currently 40%; should reach 45-50% by FY28

11.3 Strategic Milestones

1. Store Network - 620 new stores by FY29 (track progress quarterly)

2. Manufacturing Capacity - Telangana facility [Link] (20M pairs/year)

3. Market Share - Maintain 40%+ of organized eyewear segment

4. Profitability - PAT margin target 6-8% by FY27

11.4 Red Flags (Sell Signals)

1. Revenue growth <15% for 2 [Link] quarters

2. EBITDA margin compression below 12%

3. Aggressive promoter stake [Link] post lock-in

4. Major regulatory issues or lawsuits

5. Loss of market share to Titan or Reliance (below 35%)

12. Conclusion
Lenskart is a quality business at a premium price. It's India's [Link] player to capitalize on the eyewear [Link], with:

Strengths:
 Proven profitability (₹297 Cr PAT FY25)

Market leadership (41% organized share, 8x larger than Titan)

Massive runway (₹35,000 Cr market by 2030, only 25-30% [Link])

Technology moat (AR/AI, [Link] [Link])

Strong backing (ADIA, SocBank, RK Damani)

Concerns:

Expensive [Link] (227x P/E, 9.95x sales)

Growth [Link] (42.8% → 18.6%)

Low ROE (4.84% vs. 12-15% benchmarks)

[Link] risk (620-store expansion)

Compe..on intensifying

The 227x P/E assumes near-perfect execuJon over 3-5 years: sustained 18-20%+ growth, margin expansion to 18-20%, ROE improvement to 10%+,
and flawless store expansion.

Final Verdict
For Long-Term Investors: BUY
If you believe in India's [Link] story and can stomach [Link]

For Value Investors: WAIT

For [Link] to 150x P/E (₹265-280 range, 30% downside)

For LisJng Gains: APPLY

Grey market signals 12-30% upside; exit smartly at 20%+ premium

For ConservaJve Investors: WAIT

Monitor 1-2 quarters [Link] for [Link] proof

Disclaimer
This report is for informaJonal and educaJonal purposes only. It does NOT consJtute investment advice.

[Link] in IPOs carries significant risks, including:

[Link] loss of capital

High [Link] in [Link] trading

Uncertain long-term performance

Market risks beyond company control You

MUST:

Conduct independent due diligence

Consult a SEBI-registered financial advisor

Understand that past performance ≠ future results

The author (Kunal Singla) has compiled this analysis from publicly available sources and does NOT guarantee accuracy or completeness. The author
may or may not apply for the Lenskart IPO.

Sources: This analysis is based on 150+ verified sources including DRHP (July 2025), RHP (October 2025), Restated Consolidated Financial Statements
(FY23-FY25), SEBI filings, NSE/BSE disclosures, financial media (Moneycontrol, Economic Times, Inc42,
Entrackr), industry research (IMARC, Grand View Research, [Link]), grey market data (IPO Central, IPO Watch), and social media [Link] analysis.

Prepared by: Kunal Singla - Finance Enthusiast

Date: 27 October 2025
END OF REPORT

Primary Regulatory Sources (Official Filings)

1. SEBI Filing – DRHP of Lenskart Solutions Limited (July 2025):

[Link]
draft-red-herring-prospectus_72789.html
2. SEBI Filing – RHP of Lenskart Solutions Limited (October 2025):
[Link]
red-herring-prospectus_73452.html
3. National Stock Exchange (NSE) Corporate Filings – Lenskart IPO Details:
[Link]
4. BSE Corporate Filings – Public Issue Documents:
[Link]
5. Companies Act Conversion Data (MCA Portal):
[Link]

Financial Performance & Corporate Reports

6. Lenskart Financials FY23–FY25 – Restated Consolidated Statements (RHP Annexure

I):
[Link]
9&requestPage=corp_filings
7. Moneycontrol – Lenskart IPO: Financial Details, Price Band, and Timelines (October
2025):
[Link]
8. Economic Times – Lenskart IPO Valuation ₹70,000 Cr (26 Oct 2025):
[Link]
oct-31-valuation-at-8-billion/articleshow/[Link]
9. Inc42 – Lenskart IPO DRHP Summary (Detailed FY25 breakdown):
[Link]
10. Entrackr – Lenskart Turns Profitable with ₹297 Cr PAT FY25:
[Link]
for-fy25/
11. Business Standard – Lenskart Revenue and EBITDA Margin (October 2025):
[Link]
[Link]

Market & Industry Research

12. IMARC Group – India Eyewear Market Report 2025–2030:

[Link]
13. Grand View Research – India Eyewear Industry Growth (2025–2030 forecast):
[Link]
 14. Statista – Eyewear Penetration Comparison (India vs Global):
[Link]
15. MarkNtel Advisors – India Luxury Eyewear Market Study 2024–2030:
[Link]
16. OpenPR – Eyewear Market Growth Drivers in India:
[Link]

Valuation & Peer Comparison

17. Titan Company Limited – Annual Report FY25 (Titan Eye+ data):
[Link]
18. EssilorLuxottica 2025 Financials (Global Comparator):
[Link]
19. Warby Parker Investor Presentation 2025 (US D2C Peer):
[Link]
20. Kotak Securities – Pre-IPO Market Note on Lenskart:
[Link]
21. HDFC Securities – IPO Watchlist Summary (Lenskart & peers):
[Link]

Grey Market Premium (Unofficial but Monitored)

22. IPO Central – Lenskart GMP Live Data (as of 25 Oct 2025):
[Link]
23. IPO Watch India – Lenskart GMP Tracker (Unofficial):
[Link]
24. 5paisa IPO Buzz – Investor Sentiment Tracker:
[Link]
indicator/

Strategic & Investor Information

25. TechCrunch – ADIA $500M Investment in Lenskart (2023):

[Link]
series-f-funding/
26. Forbes India – Lenskart’s Omnichannel Journey:
[Link]
and-expansion/93627/1
27. Economic Times – RK Damani & SBI Mutual Fund Pre-IPO Investment:
[Link]
invest-in-lenskart/articleshow/[Link]
28. LinkedIn – Peyush Bansal Profile (Professional Verification):
[Link]
Company Background & Brand Studies

29. Marketing Maverick – Lenskart Brand Strategy Breakdown:

[Link]
30. YourStory – Inside Lenskart’s Journey & Unit Economics:
[Link]
31. eTail Asia – Omnichannel Execution Strategy Feature:
[Link]
32. StartupTalky – Lenskart Acquisitions (including Owndays):
[Link]
33. The Ken – Beyond Eyewear: How Lenskart aims for Global Scale:
[Link]

News Verification of Expert Inputs

34. Reuters – Lenskart IPO Timeline Confirmation (21 Oct 2025):

[Link]
valuation-details-2025-10-21/
35. Business Today – Key IPO Details and Market Sentiment Overview:
[Link]
details-analysis-and-price-band-427105-2025-10-25
36. Bloomberg India – Institutional Demand Data (Anchor Investor Book):
[Link]
investors-list-valuation

Research Aggregators & Syndicated Datasets

37. [Link] Company Analysis – Lenskart (post-listing placeholder):

[Link]
38. Tofler Private Database – Pre-IPO Financials (FY21–FY23):
[Link]
limited/company/U33100DL2008PLC178355

Approval & Distribution References

39. SEBI Prospectus Registration Sequence Document – Form DHRP-2025:

[Link]
updates_2025.html
40. NDTV Profit – Lenskart IPO “10 Things to Know” (verified fact summary):
[Link]