Lenskart vs Titan EyeCare: margins and manufacturing tilt the eyewear battle
Post-listing at Rs 390, Lenskart posts Q2 FY26 revenue of Rs 2,146.6 crore (+24% YoY) with 19.8% EBITDA margin and 69.2% product margin, aided by in-house frame production. Titan EyeCare income edged up to Rs 215 crore but segment EBIT fell to Rs 12 crore from Rs 24 crore in India's ~$9.2bn market.
Comparison of Lenskart and Titan EyeCare in India's ~$9.2bn eyewear market post-Lenskart listing. Lenskart shows stronger margins and in-house manufacturing cost advantage; Titan's EyeCare profit fell despite higher footfall. GST cut affected September demand.