UBS believes Lenskart has transformed the organised eyewear market through its technology-driven, vertically integrated business model, which enables it to offer prescription eyewear at lower prices without compromising on quality.
According to the brokerage, Lenskart’s products are comparable to those of peers but are often priced at roughly half the cost, creating a compelling value proposition that is difficult for competitors to replicate.
The brokerage said that this strategy has helped Lenskart establish a dominant position in the Indian eyewear market. UBS estimates that the company’s India business is nearly six times larger than that of industry pioneer Titan Company in the eyewear segment.Lenskart’s scale has also translated into strong profitability metrics. UBS highlighted that the company generates consolidated gross margins of around 69% and a pre-Ind AS EBITDA margin of 11%, with both metrics expected to improve further as the business expands.
The brokerage expects operating leverage and continued market share gains to drive robust earnings growth over the coming years.
UBS forecasts earnings per share (EPS) to grow at a compound annual rate of 44% between FY26 and FY31, including growth of 64% in FY26.
According to Bloomberg consensus data, 20 analysts currently track the stock. Of these, 16 have a ‘Buy’ recommendation, three have a ‘Hold’ rating and one analyst recommends ‘Sell’.
Lenskart shares ended Friday’s session 1.64% lower at ₹494. The stock has gained nearly 13% so far in 2026.
