New Delhi, Dec. 2 -- In Lenskart Solutions Ltd's first results post-listing, investor focus should be on the comparison of pro forma financials. Merger and acquisition activities have distorted the reported financials, and pro forma figures reflect what the base quarter would have looked like if those deals had been in place earlier.

While Lenskart's valuation comparison has been made with FSN E-Commerce Ventures Ltd (Nykaa), the crucial factor in its favour is that it enjoys a pretty high gross margin, i.e. the difference between the value of goods sold and the cost of goods sold.

For perspective: Lenskart's blended gross margin at the company level is 69% in the September quarter (Q2FY26), whereas it is around 45% for Nykaa.

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