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Lenskart’s Meller sunglasses are Ray-Ban of the future, says Jefferies. Here’s why Wall Street giant is bullish

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Lenskart’s Meller sunglasses are Ray-Ban of the future, says Jefferies. Here’s why Wall Street giant is bullish
Lenskart Solutions acquired Barcelona-based sunglasses maker Meller in 2025 to strengthen its premium and fashion eyewear portfolio. A year later, global brokerage Jefferies dubbed the subsidiary a potential ‘Ray-Ban of the future’ following its strong performance in the June quarter.

In its shareholders’ letter, Lenskart’s founders said Meller, which was a $35 million brand and is now on track to become a $70 million. The brand is also gaining a strong global following, with its boutique stores in Amsterdam, Barcelona and Paris establishing a presence in fashion-focused markets. Meller’s Paris store reportedly sees long queues on most days of the week.

Also read: Lenskart Solutions shares jump 7% after Q1 results; Jefferies, Goldman Sachs, 3 others raise target price

Jefferies, with a target price of Rs 680 (16% upside), suggests that international revenue grew 38% (constant currency growth of 29%), driven entirely by volumes, while the average selling price declined due to a higher mix of sunglasses.

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Gross margin improved further to over 77%, while the adjusted EBITDA margin expanded by more than 6 percentage points to 10.6%, with the international business now contributing 35% of consolidated adjusted EBITDA. “Sunglasses volumes grew at an even faster pace, partly supported by seasonality and Meller’s rapidly growing online sales,” the brokerage said in a note.


Analysts say the first quarter depicts how the company continues to build its story, with strong growth & sharp margin expansion. Market creation remains a top priority, with supply, rather than demand, being a key constraint in India, evidenced by over 70,000 daily eye tests. “The company now plays at the bottom end with a fully loaded Rs500 product, while a clear premiumization trend is visible.”
Strong network: Lenskart added 132 net stores during the quarter, including 116 in India, taking its domestic store count to 2,725, while its international network stood at 734 stores. The company sees scope to expand to more than 10,000 stores in India. Tier 2 cities continued to perform well, with monthly sales of around Rs 17 lakh per store only slightly below the average. Lenskart conducted 7 million eye tests in Q1, up around 40% YoY, with a meaningful contribution from first-time users. AI-enabled self-eye tests have also been introduced at pilot stores and could drive incremental tests and support customer acquisition.Ray-Ban Meta’s new rival: Lenskart’s smart glasses have received an encouraging response, with more than 80,000 sign-ups so far, Jefferies says. Shipments have started, while availability at stores is expected soon. The company also plans to expand the range with more styles. Early traction has been encouraging, with the brand resonating with both premium and value-conscious customers.

Mass plus premium: Lenskart is targeting both ends of the price spectrum, where it sees significant headroom for growth. Its Rs 500 proposition has managed to crack the cost equation, while at the premium end, Rs 30,000 progressive lenses generate around Rs 250 crore in annual sales.

Upbeat management commentary: Management remains confident about demand and sees supply-side constraints as the key limitation. AI-led eye tests, remote optometry and RFID are expected to support faster scaling, while the establishment of international profitability is allowing the company to shift its focus towards store additions. Talent, logistics and remote optometry will remain important for expanding into lower-tier cities. Lenskart also expects healthy same-store sales growth (SSSG) to continue despite rising store density.

Lenskart Q1 results

The company reported a 182.3% year-on-year (YoY) jump in net profit (PAT) to Rs 228 crore in the first quarter of FY27.

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The company’s revenue from operations rose 33.6% YoY to Rs 2,214 crore during the quarter, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 61.3% YoY to Rs 589 crore. The eyecare services provider said growth was broad-based, with revenue from India rising 30.7% YoY and international revenue increasing 38%.

Also read: Lenskart, Delhivery, among 10 stocks with highest increase in DII holdings in Q1. See full list

Consolidated product margin crossed the 70% mark for the first time, reaching 70.3% in Q1 FY27 compared with 68.7% a year earlier. EBITDA margin also improved to 21.7% from 18.0%, with margins at 21.4% in India and 21.9% in international operations.

On Thursday, Lenskart shares rallied as much as 7% to their day’s high of Rs 627 on the BSE.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

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InvestingPro’s Fair Value spotted UTI’s 46% drop before it happened

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InvestingPro’s Fair Value spotted UTI’s 46% drop before it happened

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BofA cuts WeRide stock price target to $10.70 on valuation

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BofA cuts WeRide stock price target to $10.70 on valuation

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Yorkshire and Humber economy buoyed by stablisation of orders, survey finds

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The NatWest survey of private businesses has the region’s economy close to growth

Leeds city centre

Leeds city centre

The Yorkshire and Humber private sector is close to a return to growth after a stabilisation of new orders during July, a new survey suggests.

The NatWest Regional Growth Tracker, which measures the output of the region’s manufacturing and service sectors, rose to 49.1 in July from 45.5 in June. Scores above 50 denote when the economy is in growth.

New orders were little changed in Yorkshire and Humber during July, the survey found, with a number of respondents indicating that customer confidence remained subdued amid market uncertainty. Non-replacement of departing staff as part of efforts to limit costs resulted in a further fall in employment, now marking 20 months of decreases in the regional workforce.

Companies reported sharp rises in input costs, particularly fuel oil and raw materials. The rate of inflation slowed markedly from the previous month, however.

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Business confidence in Yorkshire and Humber fell slightly in July amid ongoing uncertainty and worries about geopolitics. But firms in the region were broadly optimistic overall for the prospects in the coming year, which was reflected in investment plans, the survey found.

Malcolm Buchanan, chair of the NatWest North regional board, said: “There were some encouraging signs from the latest Yorkshire and Humber Growth Tracker, particularly with regards to customer demand which stabilised following a period of decline amid geopolitical issues. Although still muted, the inflow of new orders was such that firms posted softer reductions in output and employment levels as the second half of the year began. Adding to the alleviation of headwinds facing firms, inflationary pressures also cooled.

“While conditions looked to be moving positively in July, firms remained only cautiously optimistic regarding the future as geopolitics continues to loom over the global economy and has the potential to throw the nascent recovery off course.”

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Meta glasses banned from courts in England and Wales

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Meta glasses banned from courts in England and Wales

His Majesty’s Courts and Tribunals Service has banned Meta smart glasses from court buildings across England and Wales, with security staff instructed to confiscate the devices on entry and return them when the wearer leaves.

“There are clear restrictions on taking images or videos within courts and tribunals which is why the use of Meta glasses is prohibited,” an HMCTS spokesperson said.

HMCTS runs the criminal, civil and family courts in England and Wales. Smartphones remain permitted in court buildings, provided they are not used to record hearings. HMCTS is not extending that exception to smart glasses because the glasses can record while being worn.

Section 41 of the Criminal Justice Act 1925 prohibits taking a photograph, or making a portrait or sketch, of judges, jurors, witnesses or parties to proceedings. The prohibition applies in the courtroom, in the building, in the precincts of the building and to images of a person entering or leaving. Section 9 of the Contempt of Court Act 1981 covers sound recordings made in court. Unauthorised recording can result in contempt of court proceedings.

The issue has already surfaced in a UK courtroom. Earlier this year a claimant in a High Court case was accused of using smart glasses to receive coaching while giving evidence under cross-examination. He denied the allegation and said the glasses were not connected to his phone.

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The HMCTS decision follows a comparable restriction introduced by New York’s court system last month.

Meta’s Ray-Ban glasses take photographs and record video while worn. Meta says a pulsing LED activates during recording and that tamper-detection technology stops users covering it. The company has shipped more than seven million pairs, and the devices account for more than 80 per cent of the global AI eyewear market, figures reported as the glasses became the centre of a widening privacy row.

Clara Westbrook, partner and head of privacy at Arbor Law, said the ban points to a gap between the technology and the rules governing it. Westbrook has more than 20 years’ experience advising organisations on European and English data protection law, was previously a director in the international privacy centre at Warner Bros. Discovery, and has held senior data protection roles at Yum! Brands and Richemont. She holds a part-time senior counsel position at Burberry.

“This week’s court ban shows how far behind the law is on this technology,” Westbrook said. “Most people in a meeting, a client office or a public space have no way of knowing someone nearby is recording, these glasses look like ordinary eyewear. That’s a real problem for data protection: if personal data is captured and stored without people’s knowledge, that’s potentially unlawful processing under UK GDPR, and it can breach a company’s own confidentiality and IT policies.”

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She added: “It also creates a headache few organisations have thought through, footage sitting on someone’s wearable is personal data too, and it could fall within scope of a subject access request. Courts moving to ban them outright is a sign other institutions and employers need to get ahead of this now, not after something goes wrong.”

Under the Information Commissioner’s Office guidance on the right of access, organisations must provide personal information held on staff personal equipment where they remain the controller, and must supply a copy of footage containing a requester’s data unless an exemption applies. The ICO says footage that identifies other people will usually need to be redacted.

The court ban lands in a year in which UK firms have been warned about tightening rules on data and AI, and follows the introduction of a statutory data protection complaints process under the Data (Use and Access) Act 2025, which took effect on 19 June 2026.

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Bullish 2026 Q2 – Results – Earnings Call Presentation (NYSE:BLSH) 2026-08-14

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

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Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team

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Royal Show cuts poultry competition over bird-flu concerns

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Royal Show cuts poultry competition over bird-flu concerns

The Royal Agricultural Society of WA has moved to cancel the Perth Royal Show’s poultry competition over concerns it could become a bird flu super-spreader event.

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Cloudflare: I Was Wrong, A 'Palantir' Moment Is Coming (Upgrade)

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Cloudflare: Flawless Execution Meets Mathematically Impossible Valuation (NYSE:NET)

Cloudflare: I Was Wrong, A 'Palantir' Moment Is Coming (Upgrade)

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Why is AP Moeller – Maersk stock surging today?

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Formica narrows losses as sales rise in UK and Europe

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Formica near North Shields, North Tyneside

Formica near North Shields, North Tyneside

Plastic manufacturer Formica has reported an improving financial picture despite falling to a fifth consecutive year of losses.

The North Shields company – which has been a fixture on the Coast Road for more than 70 years – has released accounts for 2025 in which its revenues increased from £35.7m a year earlier to £41.4m. Over the same period, the company’s operating loss narrowed from £8.3m in 2024 to £5.7m.

A breakdown of sales shows that more than half the company’s income (£28.1m) came from exports to Europe, with £13.2m of sales in the UK.

Formica has been restructuring its operations in the North East over the last few years, with headcount at the factory more than halving since 2018. The new accounts put the company’s employee numbers at 232, a slight rise on the previous period.

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The company has also been remodelling the Coast Road site, knocking down a number of buildings that are no longer in use. Restructuring costs of £300,000 are recognised in the accounts that relate to the demolition of the Finished Goods Warehouse at North Shields.

In the accounts, the company says it is “continuing to focus on its North Shields facility”, adding that “whilst reducing the factory footprint we believe through modernisation and centralisation we will be able to support future growth in a controlled manner and therefore benefit from an improved operating leverage.”

The directors add: “Formica Limited has completed a number of projects as part of a significant investment programme at its North Shields site, resulting in a reduced cost footprint. Meanwhile, the company has taken steps to strengthen its commercial margin.

“Along with other actions such as administrative cost reductions and commercial and operational synergies with sister companies in the group, the financial run-rate of the company is improving and is expected to continue to improve, driven by the market demand as well as ongoing commercial and marketing initiatives.”

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The Formica product dates back to 1913 when an employee of US-based Westinghouse filed a patent for process to make laminated insulators.

The North Shields plant has been part of the Dutch Broadview Holdings group since 2018 after it was bought in an $840m deal from previous owners Fletcher Building, which is based in New Zealand. In March, Formica’s third party UK sales business was also sold to Broadview.

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Two Cottesloe homes to sell for $23m

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Two Cottesloe homes to sell for $23m

Homes in the western suburbs of Perth continue to sell at a rapid pace, with one Cottesloe mansion set to sell for $11.75 million and another selling for $11 million.

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