Whalesbook
Revenue Growth Ne Profit Ki Kami Ko Chhupa Diya!
Lenskart ne March quarter mein ₹2,516 crore ka revenue dikhaya hai, jo pichhle saal se 45.6% zyada hai. Ye growth eyewear units ki sales 25.2% badhne se hui hai, matlab ab 9.7 million units bik gaye hain.
Company ki premiumization strategy kaafi kaam kar rahi hai. India mein average selling price 15.9% badhkar ₹1,865 ho gaya hai. Lekin haan, is revenue expansion ke chakkar mein consolidated profit after tax 7.5% girkar ₹203.6 crore ho gaya. Ingredients, inventory aur employees par kharch badh gaya tha. Par ek acchi baat ye hai ki profit before tax thoda badhkar ₹256 crore ho gaya tha pichhle saal ke ₹241 crore se.
Company ka operating margin bhi sudhar kar 21.3% ho gaya hai. Overall, revenue growth ko zyada importance mil rahi hai profit mein thodi kami ke bawajood.
Expansion aur AI Ka Kamaal!
Lenskart ne FY26 mein stores ki expansion mein tezi laayi hai, 542 naye stores khule hain, jo pichhle saal se lagbhag double hai! Ye strategy Tier-2 aur chhote shehron par focus kar rahi hai aur kaam kar rahi hai. Plus, company AI par bhi bahut paisa laga rahi hai - remote optometry se lekar manufacturing tak sab jagah.
Aur haan, inka naya smart glasses line 'B by Lenskart' Google Gemini ke saath launch hone wala hai, jismein bahut interest dikh raha hai.
Brokerages Kya Keh Rahe Hain?
Bade brokerages abhi bhi Lenskart par bullish hain.
- Jefferies ne 'buy' rating rakhi hai aur target price badha kar ₹600 kar diya hai. Unko AI aur manufacturing control ka fayda dikh raha hai.
- Morgan Stanley ne 'overweight' rating aur ₹576 ka target price diya hai. Unko Q4 results expectations se better lage hain.
- Emkay Global Financial Services ne bhi 'Buy' rating ke saath target price ₹625 kiya hai, matlab 28% tak ka upside ho sakta hai.
Valuation ka Scene Thoda Alag Hai!
Sabse bada sawaal Lenskart ke valuation ka hai. P/E ratio 218 se 277x ke beech mein hai, jo industry average 97x se kaafi zyada hai. Price-to-Sales ratio bhi 10.3x hai, jabki industry average 2.9x hai. Matlab, stock price future ke strong growth par based hai.
Competitors jaise Titan Company Ltd. bahut kam multiples par trade karte hain. Lenskart ka organized eyewear market mein share 30-40% hai, par competition badh raha hai.
High Valuation Aur Margin Pressure Ka Risk
Itna high P/E ratio (>200x) aur Price-to-Book value (>13x) matlab stock price mein koi gadbad nahi honi chahiye. Agar ek bhi galat step liya toh badi correction aa sakti hai.
Kuch log partial profit book karne ki soch sakte hain, par long-term growth ke liye stake rakh sakte hain.
Company ka capital intensity bhi zyada hai, quarterly depreciation ₹287 crore hai, jo cash flow par effect karta hai.
Aage Kya?
Lenskart stores badhana aur AI use karna jari rakhega. Chhote shehron par focus karna future growth dega. Indian consumers bhi smart hain, budget aur aspiration dono ko balance kar rahe hain.
Agar Lenskart valuation aur competition ko manage kar paata hai, toh future acha dikh raha hai. Analysts ratings abhi bhi positive hain.