Whalesbook
Asal mein, pichle Q3 mein Lenskart ne kamaal kar diya tha, revenue 37% badha kar ₹2,308 crore tak pahuncha diya aur EBITDA margin first time 20% cross kiya! Ab investors ko is kaafi strong performance ko Q4 mein bhi dekhna hai. Ye results May 20, 2026 ko board meeting mein approve hone wale hain.
Pichle din, May 19, 2026 ko, Lenskart shares 1.80% badhe the. Lekin recent performance mixed rahi hai - last month 9% ki girawat thi, toh is saal ab tak 10% se zyada ka gain bhi. April mein toh ₹557.65 ka all-time high bhi banaya tha. Toh ab sawal hai ki kya ye growth high valuation ko justify kar paayegi?
Problem ye hai ki Lenskart ka stock already bahut expensive hai. Iska P/E ratio peers ke comparison mein bahut zyada hai. Jahan Titan Company jaise competitors ka P/E 73-80 ke aas-paas hai, wahi Lenskart ka 273 tak hai! Price-to-Sales ratio bhi 10.3x hai, jabki peers ka average 2.9x aur industry ka 1x hai. India ka retail sector 11.40% CAGR se grow kar raha hai, par customers ab thoda soch samajh kar kharch kar rahe hain.
Kuch analysts ne 'Hold' se 'Sell' rating kar di hai kyunki unhe stock ka valuation aur technicals problematic lag rahe hain. ROCE bhi sirf 2.3% hai, jo capital ko efficiently use na karne ka signal de sakta hai. EV to Capital Employed ratio bhi 11.5-12 ke aas-paas hai. Kuch reports toh ye bhi keh rahi hain ki pichle saal stock ne 0% return diya hai!
Par, overall analysts recommendation abhi bhi 'Buy' hai, aur average price target ₹565-₹575 ke aas-paas hai. Lenskart ka IPO November 2025 mein aaya tha aur Q3 FY26 results ke baad stock 13% tak bhaga tha, par sentiment ab thoda mixed hai.
Company apni stores ka network badhane par focus kar rahi hai, target hai FY26 tak 450 naye stores kholna. Technology aur automation bhi important hain. Premiumization aur omnichannel strategy bhi growth ke liye key hain.
FY27 mein energy, logistics aur real estate costs badhne se margin par pressure aa sakta hai.
Toh overall, Lenskart ka Q4 results crucial hai. Dekhna hai ki kya company apni profitability aur growth se apne expensive valuation ko justify kar paati hai, ya phir analysts ke concerns sahi saabit hote hain.