Lenskart vs Titan EyeCare: manufacturing margins face off against optometrist-led omnichannel play
Post-IPO Lenskart posts Q2 revenue of Rs 2,146.6 cr (up 24%) with 19.8% EBITDA margin and 69.2% product margin, backed by 203 net new stores and 9.3M eye tests in H1 FY26. Titan EyeCare grows income to Rs 215 cr but sees segment EBIT slip to Rs 12 cr from Rs 24 cr. Both flag September demand delays ahead of GST cuts.
Post-IPO Lenskart and Titan EyeCare pursue divergent eyewear strategies. Lenskart leads on manufacturing margins, store expansion and eye tests; Titan focuses on optometrist-led dispensing and omnichannel. Both saw September demand delays ahead of GST cuts.