Whalesbook
Aasman Chhooti Valuation Par Sawal?
Arre bhai, is lock-in expiry ka matlab hai ki Lenskart ke 104.7 crore shares, jo lagbhag ₹51,000 crore ke hain, ab market mein trade ho sakte hain. Iske alawa, ek badi block deal ki bhi afwah hai jisme company ke 4% shares bik sakte hain. Ye sab mil kar stock par selling pressure bana rahe hain. Lagta hai market ab Lenskart ke bade valuation ko test karne wala hai.
Valuation Ka Pressure
Samajh lo, Lenskart ki market value abhi ₹84,000 se ₹89,000 crore ke beech hai. Aur inka P/E ratio jo last 12 mahine ka hai, woh 224 se 295 ke beech hai! Ye apne competitors se kaafi zyada hai, jinka average P/E sirf 81.44 hai. Return on Equity (ROE) bhi bas 1.16% se 4.32% ke beech raha hai pichhle 3 saal mein. Q3 FY26 mein net profit margin 5.58% tha. Jab valuation itna high ho, toh investors future growth se bahut umeed karte hain, jo zyada shares available hone par difficult ho jaata hai.
Market Aur Sector Ka Mood
Dekho, 2026 ki shuruaat mein tech aur consumer sector dono mixed mood mein hain. AI aur digital changes ki wajah se tech growth toh expected hai, lekin global uncertainties aur high valuations ki wajah se sab cautious hain. Lenskart, consumer discretionary segment mein hai, toh ye pressures unpar bhi feel ho rahe hain. India mein, aise bade IPO lock-in expirations ke baad stocks mein 5-15% tak ki girawat aam baat hai. Isse Lenskart ke liye manage karna mushkil ho sakta hai, especially jab valuation itna high ho.
Lenskart ka mukabala Titan Eye Plus, EssilorLuxottica jaise bade players se toh hai hi, saath mein Specsmakers aur GKB Opticals jaise online-offline retailers bhi hain. Lenskart ke gross margins 68.1% acche hain, lekin net margins kam hain, jisse revenue growth ko profit mein convert karna mushkil hota hai jo current stock price ko support kar sake.
Bears Kyun Pareshan Hain?
Asli risk toh valuation ka hi hai. 200 se upar ka P/E ratio, low ROE aur moderate net profit margins ke saath bahut zyada hai. Ye assume karta hai ki company future mein exceptional growth karegi. IPO lock-in ka khatam hona, jisse ₹51,000 crore ke shares unlock ho rahe hain, seedha is forecast ko challenge karta hai. Plus, Lenskart promoters ke paas sirf 17.55% shares hain, jo long-term commitment par sawaal uthate hain. Company ne 12 mahine jo December 2025 mein khatam hue, usme ek bada ₹2.2 billion ka one-off gain bhi report kiya tha, jisse earnings boost hue the. Aur uss din hui block deal bhi market ki worries confirm karti hai.
Analyst Views Aur Next Steps
Haan, current challenges ke bawajood, analysts Lenskart Solutions par generally positive hain aur 'Buy' recommend kar rahe hain, target price bhi positive signs de raha hai. Lekin is optimism ko company ke high valuation aur immediate supply pressure ke saath balance karna hoga. Lenskart apna Q4 FY26 results May 20, 2026 ko announce karne wala hai, jisse performance aur outlook par aur clarity milegi. Investors yahi dekh rahe hain ki management is increased supply ko kaise handle karta hai aur growth maintain karke apna premium valuation justify karta hai ya nahi.