Lenskart has projected that India’s eyewear market will grow from $9.2 billion in FY25 to $17.2 billion by FY30, driven by rapid expansion in eye-testing infrastructure, a surge in first-time users, and rising demand for prescription eyewear as penetration improves across both urban and non-metro regions.
In a letter to shareholders, shared alongside its Q2 FY26 results, the company said it conducted 13 million eye tests in FY25, up sharply from 5 million in FY23, marking a 63 percent CAGR over two years. For the first half of FY26 alone, it has already conducted 9.3 million tests, surpassing the full-year FY24 total of 8.6 million.
How do Lenskart’s estimates compare with rivals?
Lenskart’s projections are significantly higher than estimates shared by competitors. Titan, while announcing its quarterly results earlier this month, said the current Indian eyewear market is about Rs 30,000 crore (roughly $3.37 billion) and is expected to grow to around Rs 45,000 crore (roughly $5 billion) by 2030 — far lower than Lenskart’s forecast of a $17.2 billion market by FY30.
How much of Lenskart's demand is coming from first-time users?
Lenskart said 46 percent of all eye tests were first-time exams, indicating that nearly half the people it screened had never undergone an eye test before. This, the company said, reflects new demand creation rather than market share shifts, as expanded access to testing continues to unlock a large previously undiagnosed population.
What does Lenskart’s bottom-up market build show?
The company’s bottom-up market model estimates that 242 million eyewear pairs were sold in India in FY25, a number expected to rise to 389 million pairs by FY30. Purchase frequency is projected to increase from 0.87 pairs per user per year in FY24 to 1.01 pairs by FY30, aided by shorter replacement cycles and higher adoption of multiple-use eyewear.
How is eyewear penetration expected to change?
Penetration — defined as the share of people actually using corrective eyewear — is expected to improve from 34 percent in FY24 to 41 percent in FY30. With India’s population projected to reach 1.516 billion by FY30 and the proportion needing vision correction rising to 62 percent, the number of Indians requiring correction is estimated to grow to 943 million.
How large is the prescription eyewear segment?
The prescription eyewear market is forecast to expand from $5.9 billion in FY24 to $12.6 billion in FY30, while the broader eyewear category including contact lenses and sunglasses is expected to nearly double from $8.2 billion to $17.2 billion over the same period.
What are Lenskart’s expansion plans?
Alongside its market projections, Lenskart outlined an aggressive offline expansion strategy in India. The company opened 203 net new stores in H1 FY26, sharply higher than the 86 stores added in the same period last year, reflecting a 136 percent increase in expansion pace.
Its presence grew from 399 cities in March 2025 to 431 cities by September 2025, with new additions including Gurdaspur, Shivpuri and Jamnagar.
Tier 2-plus markets saw a particularly strong push, with 93 new stores added in H1 FY26 compared to just 14 in H1 FY25. Lenskart said revenue per store in these markets remains as healthy as Tier 1 cities, with better profitability profiles.
As of September 2025, the company’s India store count stood at 2,270, up from 1,871 a year earlier. Metro stores grew to 791, an increase of 168 outlets. Tier 1 cities expanded to 509 stores, up 97 over the year. Tier 2-plus markets recorded the sharpest rise, with the footprint increasing to 970 stores, a net addition of 134 locations.
The company also added stores across major metros like Mumbai and Bengaluru, Tier 1 markets such as Lucknow, Surat and Rajkot, and Tier 2-plus regions including Aizawl, Kadi and Imphal.
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