Whalesbook
Revenue ki tez raftaar, par profit thoda peeche!
Lenskart Solutions ne Q4 FY26 mein zabardast revenue growth dikhaya hai, jo 45.62% badh kar lagbhag ₹2,516 crore ho gaya hai. Iska main reason eyewear unit sales mein 25.2% ka izafa raha, jismein total 97 lakh units bikne ka andaaza hai. Lekin, sabse badi baat ye hai ki company ka consolidated profit after tax 7.5% kam ho gaya aur ₹203.6 crore par aa gaya. Yeh kami components aur inventories par badhe kharche ki wajah se hui.
Poore fiscal year 2026 ki baat karein toh, Lenskart ka net profit 68% badh kar ₹501 crore ho gaya hai aur revenue 33% badh kar ₹8,814 crore ho gaya. May 20, 2026 tak company ki market cap lagbhag ₹84,500-86,900 crore thi.
Analysts ka bharosa abhi bhi barkarar!
Brokerage firms Lenskart par kaafi positive hain. Motilal Oswal Financial Services ne 'Buy' rating maintain rakhi hai aur price target ₹650 kar diya hai, jo 32.2% ka upside dikhata hai. Unhone FY27 aur FY28 ke liye revenue estimates bhi 5% aur 6% badha di hain.
Goldman Sachs ne bhi 'Buy' recommendation maintain karte hue target ₹625 rakha hai, matlab 27% ka upside. Unhone yeh bhi note kiya ki Q4 revenue growth estimate se 5% zyada tha aur EBITDA margins 12.8% tak badh gaye.
Emkay Global Financial Services ne bhi 'Buy' rating di hai aur target ₹625 rakha hai, jo 28% ka potential upside hai. Total 16 analysts mein se zyadaatar 'Buy' rating de rahe hain, average target ₹551.00 hai, matlab 17.42% ka potential upside.
Valuation ka kya scene hai?
Lenskart ka valuation thoda mehnga lag raha hai, iska Price-to-Earnings (P/E) ratio industry average se kaafi upar hai. P/E 273 se 218 ke beech hai, jabki industry average 97x hai aur Titan Company Ltd 73-80x par trade kar raha hai. Iska Price-to-Sales ratio bhi 10.3x hai, jo peers ke 2.9x average se zyada hai. Yeh high valuation dikhata hai ki market ko company se future mein bhi zabardast growth ki ummeed hai.
Lenskart India ke organized eyewear market mein 30-40% share ke saath sabse badi player hai. Iske competitors mein Titan Company Ltd, Specsmakers Opticians Private Ltd, aur GKB Opticals Ltd hain. High valuation hone ke bawajood, Lenskart FY25 mein profitable raha tha, ₹297.3 crore ka net profit kamaya tha aur EBITDA margin 16.9% tak pahuncha tha. Haal hi mein kuch analysts ne valuation ko lekar chinta jatayi hai, par growth metrics kafi strong hain. Stock mein volatility dikhi hai, pichhle mahine 9% girne ke baad abhi rise dikh raha hai.