Lenskart’s Q3 Results Reveals the Economics Behind AI-Led Retail Scale

Lenskart Solutions Limited (NSE: LENSKART) has reported a strong Q3 FY26, signalling a shift from rapid expansion to profitable scale. The AI-powered omnichannel eyewear platform posted consolidated revenue of ₹23,077 million, while Profit After Tax (PAT) more than tripled year-on-year to ₹1,327 million.

EBITDA for the quarter stood at ₹4,624 million, with margins expanding sharply to 20%, up from 14.5% a year ago. The numbers point to operating leverage kicking in as store density, supply chain integration and data-led decision-making mature together.

Store Expansion, Without the Usual Retail Pitfalls

One of the standout aspects of the quarter was Lenskart’s ability to expand aggressively without diluting performance at existing stores. India delivered 27.8% same-store sales growth (SSSG) and 35.8% sales per store growth (SPSG), suggesting incremental demand rather than internal cannibalisation.

During Q3 FY26, the company added 195 net new stores, more than double the additions in the same quarter last year. Of these, 169 were in India and 26 in international markets. Site selection continues to be guided by its GeoIQ algorithm, which helps optimise catchments and manage overlap.

This data-led approach is reflected in a 15% CAGR in revenue per new store in India between FY24 and 9M FY26, even as expansion pushes deeper into Tier 2 and smaller markets.

Unlike traditional eyewear retail, Lenskart continues to build demand through infrastructure rather than promotions. The company conducted 6.3 million eye tests in Q3, up 54% year-on-year. India alone accounted for 5.5 million tests, with nearly half being first-time eye exams.

This matters because it reframes growth as market creation. The 29.7% year-on-year volume growth in Q3 was closely tied to the expansion of eye-testing capacity, reinforcing the idea that access, not price cuts, is driving adoption.

AI, Loyalty and Retention Economics

Technology is increasingly visible in Lenskart’s customer economics. Net Promoter Score (NPS) in India reached 80.9, its highest level so far, supported by AI-enabled personalisation across the customer journey.

The Gold membership program also continues to anchor repeat demand. Active members reached 8.1 million by the end of Q3, with 37% of quarterly sales coming from Gold members acquired before the quarter began. This retention-led mix is helping stabilise revenues while lowering acquisition costs.

International Markets Start to Mirror India

International operations are beginning to show operating maturity faster than earlier cycles. EBITDA margins overseas reached 18.4% in 9M FY26, up from 15.7% last year, and are tracking ahead of India at a comparable stage of expansion.

Higher product margins and tighter execution appear to be narrowing the gap between domestic and global performance, strengthening the case for calibrated international scale-up.

Lenskart’s Q3 FY26 performance suggests that the company is moving into a phase where growth, profitability, and technology execution are reinforcing each other. The combination of AI-led store planning, loyalty-driven demand, and integrated operations is reshaping how large-format omnichannel retail can scale without margin erosion.

As competition intensifies across consumer tech and physical retail, Lenskart’s numbers underline a broader lesson: in modern retail, data discipline and infrastructure depth increasingly matter more than expansion speed alone.