- A unique opportunity in glasses for young engineer Piyush Bansal
- Lenscart was founded in 2010
- Lenskart posted revenue of ₹6,653 crore in FY25
From salt to Air India, industrialist Ratan Tata has expanded his business into many sectors. Ratan Tata made the name ‘Tata’ a brand worldwide. Over the years Titan has set new standards in workmanship, reliability and design. The company’s retail business rapidly grew to ₹60,000 crore, with jewelery accounting for the largest share. But in one area, Ratan Tata had to be beaten flat. Unfortunately, he never set foot in a business again.
Almost two decades later, Piyush Bansal, a young engineer, saw a unique opportunity in glasses. In 2010, he founded Lenscart. Combining fashion and technology, their mission was to make eyewear accessible to everyone. Lenskart not only sold glasses but also changed the way they were bought in India forever. As a result, they now dominate the range that Titan only dreamed of.
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Titan Eyewear Revenue
Despite being one of the oldest organized optical retail chains in the country, Titan Eyewear accounts for less than 2% of Titan’s total revenue. In FY25, they reported ₹796 crore and EBIT of ₹85 crore. In comparison, the jewelery segment accounts for 88% of Titan’s topline. On the other hand, Lenskart reported revenue of ₹6,653 crore in FY25, which is 8 times higher than Titan i+. They also earned an operating profit of Rs 975 crore.
Their revenue has grown at a CAGR of 30-60% over the last three years. On the other hand, the Titan i+ has an increase in the range of 10-13%. Operationally, Lenskart operates around 2,100 stores, more than double Titan Eye’s 900. But it’s not the number of stores that matters, but how Lenskart integrates them into their digital funnel. Almost 70% of its customers come through digital channels and more than half of its transactions still happen in-store.
Profitability of Lenskart
This perfect omnichannel balance has helped Lenskart grow much faster than traditional retail companies. Titan i+ is strong in physical retail and optician-based services, but lags behind in technology-driven customer acquisition, private labels and global reach. Titan’s eyewear business is of little value to investors. Analysts estimate that even if Titan i+’s valuation doubles overnight, it will add less than 2% to Titan’s total market cap.
Because eyewear is a very small segment in Titan’s portfolio and its designs are very traditional. Based on the traditional business model, the estimated valuation of this segment is around ₹4,000-4,800 crore. Experts say the market has always given the Titan i+ too little standalone value. Abhinav Tiwari, research analyst at Bonanza, says it is a small retail vertical under ₹60,000 crore.
How will Titan benefit?
Gaurav Garg of Lemon Markets said Lenskart’s ₹70,000 crore IPO shows investors how it values innovation, scalability and a data-driven business model. In comparison, the Titan i+ is a stable but old-fashioned business. Both companies reflect different sports. While Titan i+ is a legacy retail brand built on trust, precision and service, Lenskart is a technology-first disruptor. Still, Lenscart’s success offers a glimmer of hope for Titan. Lenscart’s listing will redefine investors’ perception of the eyewear market and could benefit Titan in the long term.
