Lenskart vs Titan Eye: How the two eyewear players stack up ahead of Lenskart's IPO

The eyewear market has seen rapid evolution from a fragmented space to a more organised industry. Lenskart has been at the forefront of this transformation over the last decade, expanding aggressively through both digital channels and physical stores.

According to Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, "Lenskart has successfully built a formidable market share in the eyewear segment, leveraging a hybrid business model. With India's large consumption base, such models can thrive. However, valuations appear stretched for the short- to medium-term. Investors should watch how profit growth unfolds over the next two to three years. It is a fully priced IPO (initial public offering) and earnings performance will be the key trigger going forward."

Bathini further highlighted that Titan Eye, though backed by the Tata Group, holds a relatively smaller presence in the eyewear market. "Titan Eye+ is part of Titan Company Ltd, a subsidiary of the Tata Group. Lenskart, however, enjoys a much stronger market share compared to Titan Eye," he said.

Abhinav Tiwari, Research Analyst at Bonanza, noted that eyewear forms a minor portion of Titan's diversified business portfolio. "In FY25, Titan's eyewear segment generated Rs 796 crore in revenue and Rs 85 crore in EBIT, accounting for less than 1.5 per cent of its consolidated revenue of Rs 60,456 crore. In Q1 FY26, the segment reported Rs 236 crore in revenue with an EBIT margin of 8.9 per cent. In contrast, jewellery contributes about 88 per cent of Titan's total revenues. Therefore, eyewear is not a major growth driver for Titan," Tiwari explained.

On the other hand, Lenskart reported revenues of Rs 6,653 crore and a net profit of Rs 297 crore in FY25 -- nearly eight to nine times Titan's eyewear revenue. Between FY23 and FY25, Lenskart's revenue grew at a compound annual growth rate (CAGR) of 32.5 per cent, compared to Titan's eyewear growth of around 10–13 per cent.

"Lenskart's strengths lie in vertical integration, AI-powered virtual try-ons, omnichannel reach and expanding global presence, with nearly 40 per cent of its sales coming from international markets," Tiwari added. "While the impending IPO of Lenskart will set a benchmark for eyewear valuations in India, the two businesses are very different. Lenskart is a fast-growing, tech-driven global eyewear company, while Titan Eye+ remains a small, traditional retail segment within a diversified conglomerate. Hence, we are unlikely to value Titan's eyewear business at the same high multiples as that for Lenskart. Even if we start valuing Titan's eyewear business higher after Lenskart's listing, it won’t make much difference to Titan's overall stock price."

Meanwhile, Lenskart has generated strong buzz among investors ahead of its IPO, slated to open on October 31, 2025. SBI Optimal Equity Fund (AIF) and SBI Emergent Fund (AIF), managed by SBI Mutual Fund, invested Rs 100 crore through a pre-IPO transaction at Rs 402 per share.

Billionaire investor Radhakishan Damani, founder of Avenue Supermarts, also invested around Rs 90 crore recently. Other key investors in Lenskart include Alpha Wave Ventures, Bay Capital Holdings, Chiratae Trust, IDG Ventures, Kedaara Capital and MacRitchie Investments.