Is the Lenskart valuation justified and Are You applying?

Extremely High P/E Ratio: The most cited metric is the Price-to-Earnings (P/E) ratio, which stands at approximately 235 times its FY25 earnings. This is exceptionally high and prices in years of future growth, leaving little room for any mistakes.

Questionable Profit Quality is a major concern. While Lenskart reported a net profit of Rs 297 crore for FY25, a large portion of this (about Rs 167 crore) was a one-time, non-cash accounting gain related to its Owndays acquisition. This means the actual operating profit from the core business is "wafer-thin."

Weak Peer Comparison: Lenskart's main organized competitor, Titan Eye+, operates with much healthier core profit margins (around 10.7% EBIT) compared to Lenskart's adjusted net margin (around 1.96%).

The 8x Valuation Jump: Critics point to the fact that co-founder Peyush Bansal acquired shares in July 2025 (just 3-4 months ago) at a price of Rs 52 per share. The IPO is now being priced at Rs 382-402, an 8x jump in a very short period, leading to accusations that the IPO is "overpriced" for retail investors.

With all things said, i think there are better ways to loose money than applying in IPO's of so called Indian "Tech enabled" companies, matter of fact any tech company from india is beyond the imaginable Valuation plot.

I hopeas a Retailer you pay caution and if you still fall for this then that's totally on you!.