Lenskart’s Meller sunglasses are Ray-Ban of the future, says Jefferies. Here’s why Wall Street giant is bullish
Lenskart’s strong Q1 FY27 performance, marked by sharp profit growth, revenue expansion and improving margins, has strengthened the bullish case among brokerages. Jefferies sees further potential from international growth, premiumisation, store expansion and Meller, which it believes could become a major global brand.
Jefferies, a prominent global brokerage, has lauded Lenskart’s Meller sunglasses subsidiary as the "Ray-Ban of the future," crediting its robust performance in the most recent quarter. Lenskart, an Indian eyecare services provider, acquired Meller, a Barcelona-based sunglasses maker, in 2025 to bolster its premium and fashion eyewear lineup.
Meller, which began as a $35 million brand, is now projected to reach a $70 million valuation. The company's founders observe that Meller has established a strong presence in fashion-focused markets, such as Amsterdam, Barcelona, and Paris, with boutique stores often experiencing long queues. Jefferies estimates a 38% international revenue growth (constant currency growth of 29%) and an improved gross margin of over 77% in the quarter, with adjusted EBITDA margin expanding by more than 6 percentage points to 10.6%.
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