Business snapshot
- 75% of revenue still comes from India; Middle East and SEA stores are in early ramp phases.
- Subscription lenses and in-house manufacturing protect gross margins when volumes stay high.
IPO walkthrough
Lenskart IPO fundamentals & governance checklist
Lenskart blends offline retail with subscription lenses. The IPO hinges on private valuations holding up while expansion outside India remains efficient.
Back to IPO hub
2024-10-05 Retail, D2C
Disclaimer
Research use only - Not SEBI investment advice
Valuation snapshot
Rumoured valuation of USD 5B+ equates to ~6x FY24 revenue, richer than Titan Eye+ and other optical peers despite lower profitability.
- Working capital turns are improving but still below listed peers.
- International expansion requires capex-heavy stores and training.
- Founder control remains high even after listing; investors must monitor related-party exposure.
Key metrics to verify
- Same-store sales growth, average order value, and net promoter scores in the last 12 months.
- Store economics by format (mall, high street, franchise) and payback periods.
- Inventory aging and write-off policies for frames and lenses.
Risks and red flags
- Aggressive store additions could stretch working capital and training bandwidth.
- Any governance issues surfaced in overseas subsidiaries could spill over into the group brand.
- Heavy marketing spend may be required to keep D2C flywheel spinning if new entrants discount heavily.
Questions to ask PortoAI
If AOV drops 10% while rent goes up mid-year, how much buffer does EBITDA have?
Post-listing focus
Monitor global store productivity, subscription renewal rates, and promoter pledging data every quarter.
PortoAI does not provide subscribe or skip calls. Use these notes as prompts for your own research and ask follow-up questions inside the app before placing orders with your broker.