Lenskart Solutions Limited shareholders approved the adoption of its FY26 financial statements and reappointed Ms. Neha Bansal as a director at the company’s 18th Annual General Meeting (AGM) held on August 19, 2026.

The meeting, conducted via video conferencing, saw participation from 75 members holding 30,25,39,325 shares. Out of 1,43,884 total shareholders on the record date of August 12, 2026, approximately 77.19% of outstanding shares voted on the resolutions.

Voting Results

All four ordinary resolutions were passed. The promoter group voted unanimously in favour of all items. However, dissent was noted among public institutional investors regarding the consolidated financial statements and the director’s reappointment.

Standalone vs Consolidated Financials

The adoption of the Audited Standalone Financial Statements for the year ended March 31, 2026, received overwhelming support with 99.99% of votes polled in favour. Only 50,854 votes were cast against this resolution.

In contrast, the Audited Consolidated Financial Statements faced slightly higher opposition. While still passing comfortably with 99.93% support, 9,28,995 votes were cast against it. The dissent primarily came from public institutional investors, who voted 92,89,42 shares against the resolution, representing 0.18% of their polled votes.

Director Reappointment

Ms. Neha Bansal (DIN: 02057007), who retired by rotation, was reappointed as a director. This resolution received 92.22% support overall. Notably, public institutional investors showed significant dissent here as well, casting 9,75,34,221 votes against her reappointment (19.19% of their polled votes). Non-institutional public shareholders supported the move with 98.70% approval.

Meeting Proceedings

Mr. Peyush Bansal, Chairman of the Board, chaired the meeting. Other key attendees included Mr. Amit Chaudhary, Executive Director; Mr. Abhishek Gupta, Chief Financial Officer; and Mr. Ashish Kumar Srivastava, Company Secretary & Chief Compliance Officer. Representatives from statutory auditors S.R. Batliboi & Associates LLP and secretarial auditors DPV & Associates LLP were also present.

Mr. Devesh Kumar Vasisht of DPV & Associates LLP served as the scrutinizer. The e-voting facility commenced on August 14, 2026, and remained open until 30 minutes after the AGM’s conclusion. The statutory and secretarial audit reports contained no qualifications or adverse remarks.

What the Numbers Show

The divergence in voting patterns between standalone and consolidated financial statements suggests specific concerns among institutional investors regarding group-level performance or disclosures, despite unanimous promoter support. The higher dissent rate for Ms. Bansal’s reappointment further indicates active engagement by large institutional holders on governance matters.

Lenskart Solutions reported a net profit of ₹228 crore for the quarter ended June 30, 2026, a 182% year-on-year increase from the previous year’s period. Consolidated revenue rose 34% YoY, driven by broad-based growth across domestic and international markets. The company’s post-rent EBITDA doubled, reflecting significant operating leverage as same-store sales growth (SSG) in India held steady at 18.3% despite aggressive store expansion.

Financial Performance

The financial results highlight a divergence between top-line growth and margin expansion, with profitability accelerating faster than revenue. India revenue grew 30.7% YoY to ₹1,531 crore, while the segment’s EBITDA pre-Ind AS 116 margin expanded by 2 percentage points to 15.4%. This margin improvement was fueled by product margin expansion to 64.2% and marketing efficiency gains, which fell from 5.7% to 4.8% of revenue.

Internationally, revenue grew 38% YoY to ₹1,203 crore (29% on a constant currency basis). The international segment achieved an EBITDA pre-Ind AS 116 margin of 10.6%, up from 4.5% last year, with absolute EBITDA tripling to ₹127 crore. This improvement stems from deeper supply chain integration for brands like Owndays and Meller, pushing product margins to 77.1%.

*Consolidated revenue figures derived from segment disclosures.

What the Numbers Show

A critical analytical observation is the disproportionate contribution of the international segment to consolidated profits despite lower absolute revenue compared to India. While India generated higher revenue (₹1,531 crore vs ₹1,203 crore), the international segment’s EBITDA of ₹127 crore represents a significantly higher margin yield (10.6%) compared to India’s implied EBITDA contribution relative to its larger base. Furthermore, the company generated ₹297 crore in operating cash flow, achieving an 82% EBITDA-to-cash conversion ratio. This strong cash generation funded ₹75 crore in store capex and ₹132 crore in plant capex, primarily for the Hyderabad facility, leaving a positive net cash inflow of ₹116 crore before M&A activities.

Operational Highlights

Same-store sales growth in India remained robust at 18.3%, broad-based across tiers. Same pin code sales growth reached 24%, outpacing SSG and indicating that densification strategies are generating incremental demand rather than cannibalizing existing stores. The company added 116 net new stores in India and entered 50 new cities. Eye tests grew 42.7% to 63 lakh, with remote optometry now available in 786 stores, up from 168 at the end of FY25.

Internationally, growth was volume-led, with eyewear units up 37.6% and transacting customers rising 27.8%. Sunglasses units surged 58.4% due to seasonal peaks. The company added only 16 net new stores internationally, highlighting the strength of its existing store network. Return on capital employed (ROCE) improved to 23% from 14.6% last year, reflecting disciplined capital allocation and improving profitability.

Strategic Initiatives

Management emphasized market creation over competition, noting that 78 crore Indians need vision correction, a number expected to rise to 94 crore by FY30. The company launched a ₹500 eyewear option through Hustlr Club, targeting price-sensitive consumers, while simultaneously pushing premiumization with high-end lenses from brands like Rodenstock and Tokai. Internationally, Owndays is tracking to become a $70 million brand, up from $35 million at acquisition. The company also piloted AI-driven self-eye tests to scale beyond optometrist constraints, aiming to serve the next billion people with vision care infrastructure.