The Lenskart Financial Story: Lenskart FY25 Revenue & Profit

Overview and Background

Lenskart is one of India’s largest omnichannel eyewear retailers, founded in 2010 by Peyush Bansal (along with Amit Chaudhary and Sumeet Kapahi) as an online-focused venture (India Retailing). Over the years, it has combined a strong digital presence with an expanding network of physical stores to sell prescription glasses, sunglasses, contact lenses, and eyewear accessories. The company introduced innovations like virtual try-on and home eye tests, helping to build its brand and customer base. As of late 2024, Lenskart serves around 5 million customers and operates more than 2,500 stores worldwide, with approximately 2,000 of those outlets located in India (India Retailing). This scale makes Lenskart the country’s largest eyewear retailer by far, surpassing older chains in both footprint and sales.

Five-Year Growth Trajectory (2019–2024)

Over the past five years, Lenskart has seen rapid financial growth, transforming from a mid-sized startup to a dominant market leader. The company’s revenue surged from about ₹967 crore in FY2020 (Inc42) to over ₹5, 427 crore in FY2024 (EnTrackr). This represents Lenskart’s aggressive expansion strategy. Notably, FY2023 was a breakout year – consolidated operating revenue more than doubled from ~₹1,502 crore in FY2022 to ₹3,788 crore in FY2023, a ~150% jump year-on-year (Economic Times). This explosive growth continued, albeit at a more moderate pace, in FY2024: Lenskart’s revenue from operations grew 43% to ₹5,427.7 crore in FY24, up from ₹3,788 crore the previous year (EnTrackr). Such consistent high growth rates underscore the increasing demand for Lenskart’s eyewear offerings and its successful omnichannel model.

However, this expansion was accompanied by heavy investments and rising costs, which impacted profitability in earlier years. After staying modestly profitable in its early days, Lenskart moved into losses during the growth spurt – for instance, it recorded net losses of ₹102 crore in FY2022 and ₹64 crore in FY2023 (Economic Times). The company focused on scaling up its supply chain, store network, and marketing, which drove expenses higher. By FY2024, losses narrowed significantly as revenue scaled: net loss shrank to just ₹10 crore in FY2024, an 84% reduction from the prior year’s loss (EnTrackr). In other words, Lenskart was nearly at breakeven by 2024, reflecting improved operating efficiency even as it grew.

Recent Financial Performance (FY2024–FY2025)

The most recent year has been pivotal for Lenskart’s financial performance, especially from an investor’s perspective. FY2025 marked the first full year of profitability for the company’s consolidated operations (Inc42). Lenskart’s operating revenue jumped 22.5% to INR 6,652.5 Cr during the year from INR 5,427.7 Cr in FY24. Importantly, this growth, combined with disciplined cost management, translated into a net profit of about ₹297.3 crore in FY2025 – a dramatic turnaround from the ₹10 crore net loss in the previous year.

This profit milestone indicates that Lenskart’s expansion strategy is beginning to pay off in financial terms. Total expenses did continue to rise in FY2025 (reaching ₹6,619.4 Cr, up 19.3% from ₹5,549.5 Cr in the previous fiscal year) as the firm invested in new stores, talent, and marketing (Inc42). Yet, revenue growth outpaced expense growth, improving margins. On a per-unit basis, Lenskart spent about ₹0.99 to earn each ₹1 of revenue in FY2025 (EnTrackr). The EBITDA margin remained modest (a few percent) but positive, and return on capital employed (ROCE) also improved alongside profitability.

In summary, the last fiscal year has seen Lenskart solidify its financial foundation: Revenue continued its strong upward trajectory, and the company shifted into the black after years of reinvestment-driven losses. For investors and traders, the key takeaway is that Lenskart is now scaling with improving efficiency – achieving profitability without sacrificing growth. The company’s FY2025 net margin (~4–5%) remains relatively low, but the trend is positive, suggesting room for further profit expansion if revenue growth sustains.

Market Presence: India Focus with a Growing Global Footprint

India remains Lenskart’s core market and primary revenue driver. In FY2024, about 58% of the company’s revenue (₹3,154 crore) came from India (EnTrackr). Lenskart has built an extensive domestic retail network, leveraging a franchise model to rapidly penetrate tier-2 and tier-3 cities. As of 2024, it had roughly 2,000 stores in India, compared to around 1,500 stores a year earlier in 2023 (Economic Times). This omnichannel approach (online platform plus physical outlets for eye tests and fulfillment) has been key to Lenskart’s growth in India’s price-sensitive, service-oriented eyewear market.

While India drives volume, Lenskart’s international expansion is increasingly significant. The company entered overseas markets in the past few years and has seen notable success abroad. By FY2024, around 42% of Lenskart’s revenue was coming from overseas markets such as Japan, Singapore, Taiwan, and Thailand (EnTrackr). Lenskart made a major move in 2022 by acquiring Japan-based eyewear chain Owndays, which accelerated its presence across East Asia (Inc42). It also launched operations in the Middle East (for example, opening its first store in Riyadh, Saudi Arabia) and scaled up in Southeast Asia (India Retailing). As of late 2023, Lenskart had 70 stores in Singapore and announced plans to open 300–400 stores across Southeast Asia (including Thailand and the Philippines) over the next two years (Economic Times).

This global foray appears to be working well for the company. In FY2025, international markets contributed about ₹2,638 crore in revenue (roughly 40% of the total), up 17% from the previous year (Marketing Maverick). Lenskart added 52 new overseas stores in that year, expanding its international customer base to 2.5 million (Marketing Maverick). The fact that almost half of the revenues now come from outside India demonstrates strong acceptance of Lenskart’s model in other markets. The overseas business has helped increase the company’s scale and diversify its growth, although India remains the largest single market. Lenskart’s management has indicated that success in markets like Japan (via Owndays) has been encouraging, and they continue to invest in global growth (e.g., through its subsidiary Neso Brands, which took stakes in international eyewear startups (Economic Times). For investors, the key point is that Lenskart is no longer just an India play – it has evolved into a multinational retail brand, which can potentially tap into large eyewear markets beyond India while leveraging efficiencies from its India-based supply chain and manufacturing (including a new facility in Rajasthan (Times of India).

Competitive Landscape in the Indian Eyewear Market

• Market Leader: Lenskart leads India’s organised eyewear segment with ~2,000 stores and a net profit of about ₹297.3 crore in FY2025.

• Closest Competitor: For FY24, Titan Eye+ (TATA Group) recorded ₹707 crore in earnings and saw a 10% year-over-year growth in its eye care division, though specific performance details like EBIT were low for Q3 FY24 (Economic Times).

• Positioning: Lenskart focuses on affordable, private-label eyewear. Titan Eye+ offers a mix of in-house and licensed international brands.

• Competitive Advantage: Large omnichannel network, vertically integrated supply chain, and significant capital support.

Conclusion

The retailer enjoys a strong market position with thousands of touchpoints to customers, and it benefits from economies of scale in procurement and technology. While the eyewear business can be competitive, Lenskart’s financial trajectory suggests it has built a resilient model – one that is scaling profitably in India and abroad. All these figures and trends form a factual basis for evaluating Lenskart’s business health, without any rose-tinted promises: the company’s recent performance reflects solid execution and market appetite, making it a noteworthy player in India’s retail growth story. Investors will watch how Lenskart capitalises on its lead and manages competition, but for now, its numbers speak for themselves – a rare combination of high growth and emerging profitability in the retail sector.

For investors, the takeaway is that Lenskart has transitioned from a high-growth startup to a scaled retailer approaching sustainable profitability. With FY2025 net profit at ₹297 crore and global operations contributing nearly 40% of revenue, it is now a mature player in both Indian and international markets. Its ability to grow revenue while improving margins suggests a business on firmer financial ground.

Sources:

India Retailing
Inc42
EnTrackr
Economic Times
Marketing Maverick
Times of India