Lenskart Q2 FY27: consolidated PAT more than doubles YoY to ₹232 Cr, margins expand

Lenskart's consolidated revenue rose 35.7% YoY to ₹2,845 Cr (from ₹2,096 Cr) in Q2 FY27, with PAT (total, incl. minority interest) more than doubling to ₹232.45 Cr from ₹103.45 Cr — a 124.7% YoY jump, comfortably outpacing revenue growth. Sequentially the picture is milder: revenue grew 4.8% QoQ and PAT just 1.8% QoQ (from ₹228.43 Cr), consistent with the YoY-primary read this print should be judged on. No exceptional items sat in either the current or year-ago quarterly column, so the YoY growth is clean (unadjusted) — H1 FY26's ₹10.39 Cr one-off loss falls outside the quarterly comparison.

The margin story is an EBITDA bridge: consolidated EBITDA margin (EBITDA/revenue) rose to 21.86% from 19.77% a year ago, a ~210bps YoY expansion, while NPM (PAT/total income) widened to 8.02% from 4.86%. Sequentially EBITDA margin was roughly flat (+18bps vs Q1's 21.68%) while NPM actually dipped ~19bps QoQ, since total income grew faster (+4.2%) than PAT (+1.8%) this quarter. The real driver is segmental: international segment PBT jumped 212.7% YoY to ₹97.22 Cr (from ₹31.09 Cr) on revenue up 36.6% YoY, far outpacing the India segment's PBT growth of 65.3% YoY (₹208.42 Cr vs ₹126.07 Cr). That divergence also shows up between entities — standalone (largely India-entity) PAT grew 69.3% YoY to ₹167.85 Cr, materially slower than the 124.7% consolidated growth, underscoring that international subsidiaries (Owndays, and smaller stake additions in Le Petit Lunetier Paris and Dimension NXG this quarter) are now a growing share of group profit.

The stock went into the print at ₹693.65, up 0.1% over the past month of trading.

For context: this is the highest quarterly PAT in the last 5 quarters on our records; PAT has now risen for 4 consecutive quarters; revenue is at a 5-quarter high.

Basic EPS ₹1.31 vs ₹0.61 YoY (+114.8%) and ₹1.28 QoQ (+2.3%)

Management gave no formal FY27 revenue or margin guidance on the last call — only a long-term, aspirational ~25% EBITDA margin target, with quarterly margins flagged as likely to vary with seasonality and store-opening phasing; against that backdrop this quarter's 21.86% margin is continued progress but still below the aspirational level, so vsGuidance reads as unknown/not formally testable rather than a clean beat. No verified pre-result street consensus (PAT/revenue estimates) for this specific quarter turned up in search, so vsStreet is unknown — none should be assumed. No company press release commentary was available in the record to cross-check management's own framing of the print. Among the quarter's other disclosed developments, a ₹13.17 Cr customs duty and penalty order (Oct 16, 2026) is immaterial against the scale of this result, and the SVF II Lightbulb stake sale (4.5 Cr shares) and Platinum Jasmine Trust's 2.01% stake sale are shareholding-pattern events with no P&L bearing this quarter.