Wednesday’s pre-market saw close to 5,000 crore in two separate block trades, and it tells you where the big money is moving in these sectors. In all, 25-odd crore shares of both companies were put through, and for all that volume, the price didn’t do much.
Pre-market block activity and price reaction
The numbers from the exchange before the open: 5.65 crore of Lenskart went down at 508.5, which is 2,873 crore. Then there was a side deal for 19.5 crore of GMR Airports at 97.75 on average, for 1,906 crore.
How the market took it? A bit of a mixed bag. Lenskart was 1.1% off at 518.2, GMR was up a fraction at 98.4. For the year, Lenskart is still 18% in the green, GMR 6% in the red. We don’t have names on the other end of the line yet.
Ownership structure signals where supply can emerge
It helps to look at who holds what. As of the March quarter, promoters have 17.55% of Lenskart, with the public at 62.29%. That kind of float can handle a large print without any trouble.
On the public side of Lenskart, you have PI Opportunities Fund with 4.48%, Kedaara Capital with 1.18%. If you are in the 3-4% bracket, there’s Alpha Wave Ventures Ii (3.7%), its Lp counterpart (3.43%) and Steadview Capital (3.32%).
GMR is a different story. The promoters have 66.33% of the company, leaving 33.67% to the public. So this last block is no small part of what is out there. The other side of the trade is not on record.
Lenskart: growth metrics draw coverage
With a block of this size, you can see why the brokerages are making a point of it. CLSA put an outperform on it on Tuesday with a 604 target. Bank of America has a buy and is looking at 575.
BofA is calling for 23% revenue, 39% EBITDA and 46% earnings CAGRs from FY26 to FY28. They are banking on more stores, some operating leverage and better results from their international arm.
The figures for the March quarter support that, with a few asterisks. Revenue was up 45.6% to 2,515.7 crore. EBITDA leapt 84% to 538.4 and you see 21.4% in margins. But net profit? That was 8.6% lower at 200 crore.
Key deal markers at a glance:
– Lenskart block size: 5.65 crore shares
– Lenskart deal value: 2,873 crore at 508.5
– GMR Airports block size: 19.5 crore shares
– GMR deal value: 1,906 crore at 97.75
GMR Airports: scale trade, modest move
19.5 crore of GMR changed hands, or 1.9% of the equity. Even with the 97.75 average on the block, the stock only inched to 98.4. Not much in the way of a stir for all the turnover.
Then you have the 66.33% promoter stake versus the 33.67% in the public’s hands. A trade like this can rework the investor base but doesn’t mean anyone is ceding control.
What to watch
Everyone will be on the lookout for the next round of disclosures to put a name to the counterparty and see if there is an overhang or some new institutional backing. In the meantime, the fact that the price is holding with this kind of volume says there is plenty of liquidity to be had.
Two very different stories here: one in consumer eyewear with some good earnings tailwinds, the other in airport infrastructure. This 5,000-odd crore in activity shows capital is out there and ready to make a move when it has the conviction.
