India, Feb. 12 -- Ever since its inception two decades ago, Lenskart has remained a capex-heavy business - building manufacturing capacity, developing proprietary tech, expanding offline footprint, and testing international markets.

While these long-term bets have helped the company achieve significant scale, it also kept its margins under pressure. However, Q3 FY26 suggests this equation is now beginning to shift on the back of operating leverage kicking in and improving margins.

The company reported a consolidated profit after tax (PAT) of Rs.132.7 Cr in the December 2025 quarter, marking an over 70X YoY surge from Rs.1.9 Cr PAT reported in the year-ago period. On a sequential basis, PAT rose 28% from Rs.103.5 Cr in Q2 FY26. Operating...