Lenskart eyes 4,500 India stores by FY29

The note lifts FY27-28 pre-Ind AS EBITDA estimates by 4-8 percent on higher store additions and operating leverage in India and international markets. Revenue, EBITDA and adjusted PAT are modelled at 27 percent, 46 percent and 59 percent CAGR over FY26-29.

For an optical retailer or mall landlord this signals continued aggressive leasing of compact high-street and mall formats. Fast payback lets Lenskart keep opening even if same-store growth moderates, putting pressure on independent opticians’ pricing and assortment.

Store payback in under 10 months and 33 percent-plus store EBITDA margins support faster additions.

The ramp helps organised eyewear consolidate share in an under-penetrated category while international expansion provides a second growth engine. Limited organised competition remains a key thesis.

Watch the next quarterly store-addition number and Hyderabad plant utilisation. Any festive campaign or new city cluster will test whether the sub-10-month payback holds at higher scale.