Lenskart Q1FY27: consol. PAT triples YoY to ₹228 Cr as int'l ops turn profitable

Consolidated (primary) revenue was ₹2,714.18 Cr, up 43.3% YoY and 7.9% QoQ, with profit after tax (total, including minority interest) of ₹228.43 Cr — up 273.4% YoY and 12.2% QoQ from ₹203.62 Cr. Basic EPS was ₹1.28 versus ₹0.36 a year ago and ₹1.17 last quarter. Standalone PAT of ₹151.48 Cr is far smaller and actually fell 7.4% QoQ despite 3.7% revenue growth — the standalone-vs-consolidated gap (>50%) reflects profitable international operations (Owndays and other overseas units) that sit outside the standalone entity, and readers should treat the consolidated figures, not standalone, as the primary read.

The headline YoY jump is flattered by two factors worth separating from the underlying trend: the year-ago quarter carried a ₹10.39 Cr exceptional impairment loss that depressed the base (adjusted PAT growth ex this one-off is ~219.2%, still large); and the current quarter consolidates two FY26 acquisitions — Meller (sunglasses import/sale, 84.21% stake from August 2025) and Quantduo Technologies (geo-analytics, stake increase September 2025) — that weren't in the year-ago numbers. The company's own proforma statement, prepared specifically for like-for-like comparison, puts adjusted revenue growth at 33.6% (₹2,032.25 Cr proforma base) and adjusted PAT growth at 182.4% (₹80.89 Cr proforma base) — both still strong. The real driver beneath the comps is a genuine turnaround: the International segment swung from a ₹(11.40) Cr loss a year ago to a ₹103.67 Cr profit this quarter (+41.8% QoQ from ₹73.09 Cr), while India segment PBT grew a steadier 53.3% YoY to ₹183.28 Cr. Operating margin (EBITDA basis, excluding other income) expanded to 21.68% from 17.74% YoY and 21.40% QoQ; net margin rose to 8.21% from 3.14% reported (3.68% adjusted for the one-off) YoY and 7.94% QoQ. At the standalone level, employee benefits expense more than doubled sequentially to ₹225.79 Cr from ₹110.63 Cr, the main drag on standalone profitability this quarter.

The stock went into the print at ₹585, up 8.8% over the past month of trading.

For context: this is the highest quarterly PAT in the last 4 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 4-quarter high.

No quarter-specific street consensus for Q1 FY27 could be confirmed via search; broader market commentary cites FY27 full-year PAT growth expectations in the 15-20% range, well below this quarter's pace, but that is an annual, not quarterly, figure and not strictly comparable. Against management's own May 2026 guidance — net store additions around FY26 levels and a long-term steady-state EBITDA (pre-Ind AS) margin near 25%, with quarterly margins expected to swing on store-opening phasing and seasonality — this quarter's 21.68% OPM is progressing toward that target (+394 bps YoY) but hasn't reached it, consistent with management's own framing that short-term linearity isn't the goal; call it on-track rather than a beat. Corporate activity this quarter centered on international manufacturing control: the board approved raising the stake in China JV Baofeng Framekart Technology (which supplies over 30% of Group eyewear production) from 51% to 70% for ~RMB 7.5 Mn, alongside new step-down subsidiaries in South Korea (OWNDAYS Korea) and China (Wenzhou Framekart Trade), plus a separately-reported JV with Mingfeng Glassesworld for metal-frame manufacturing — all consistent with the prior call's backward-integration and long-term-value language. The board also carried forward the previously approved merger of two wholly-owned subsidiaries (Dealskart Online Services, Lenskart Eyetech) into the parent, still pending NCLT approval with no P&L impact yet, and allotted 5,85,561 ESOP shares. No standalone management press release was available in the context to check against these numbers.