Indian companies Lenskart and Meesho added a combined $394 million to the fair value of SoftBank Group’s public investment portfolio during the September quarter, highlighting their growing contribution to the Japanese investment giant’s holdings.
According to SoftBank Group’s Q2 FY26 investor presentation, the fair value of its investment in Lenskart increased by $273 million during the quarter ended September 30, while Meesho contributed another $121 million. Both investments are held through SoftBank Vision Fund 2 (SVF2).
The gains came even as SoftBank’s overall public investment portfolio recorded a quarterly fair-value decline of $900 million. The performance of the two Indian companies helped offset some of the losses from other holdings.
Key Highlights
- Lenskart and Meesho added a combined $394 million to SoftBank’s portfolio value during the September quarter.
- Lenskart’s investment fair value increased by $273 million, reaching $900 million.
- Meesho added $121 million, taking its investment fair value to $800 million.
- Lenskart’s share price rose 31%, while Meesho’s increased 17% during the quarter.
- SoftBank’s overall public investment portfolio declined by $900 million in fair value during the same period.
Lenskart and Meesho Drive Gains in SoftBank’s Indian Investments
The September quarter marked a strong period for SoftBank’s investments in Lenskart and Meesho. Both companies recorded increases in their fair values, supported by rising share prices and improvements in their reported business performance.
Lenskart contributed the larger share of the combined increase. Its investment fair value rose by $273 million during the quarter, while Meesho added $121 million.
| Company | Quarterly Fair-Value Increase | Fair Value at September 30 | Share Price Change |
|---|---|---|---|
| Lenskart | $273 million | $900 million | +31% |
| Meesho | $121 million | $800 million | +17% |
| Combined | $394 million | $1.7 billion |
The figures show that the two Indian companies together represented $1.7 billion in fair value for SoftBank at the end of the quarter. Their contribution is particularly notable because the wider public investment portfolio moved in the opposite direction.
Lenskart’s Fair Value Rises 31%
Lenskart was the larger contributor to SoftBank’s quarterly portfolio gains. Its share price increased by 31% during the September quarter, while the fair value of SoftBank’s investment rose by $273 million to $900 million.
The company’s operating performance also showed improvement. Lenskart reported 34% year-on-year revenue growth in its first quarter. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 95%, while profit after tax rose by more than 180%.
These operating results indicate that the company recorded growth across revenue and profitability measures during the reported period. Improving financial performance, alongside its share-price movement, contributed to the positive valuation development reflected in SoftBank’s presentation.
Meesho Adds $121 Million to SoftBank’s Portfolio
Meesho also recorded a positive quarter for SoftBank’s investment portfolio. Its share price increased by 17%, while the fair value of SoftBank’s investment rose by $121 million to $800 million as of September 30.
SoftBank’s presentation highlighted Meesho’s 34% year-on-year revenue growth. The company also reduced its losses by 68%, supported by improving margins and operational efficiencies.
The combination of revenue growth and narrowing losses is an important development for an internet business seeking to improve its financial performance. However, a reduction in losses does not necessarily mean that a company has reached profitability.
SoftBank’s Overall Public Investment Portfolio Declines
Despite the gains from Lenskart and Meesho, SoftBank’s public investment portfolio recorded an overall fair-value decline of $900 million during the September quarter.
The portfolio had an aggregate unrealised fair value of $20.1 billion as of September 30, according to the investor presentation. Gains from the two Indian companies were offset by declines in several other investments.
SoftBank’s public investment portfolio included 44 companies at the end of the quarter. Its aggregate unrealised fair value represented approximately 11% of the combined funds’ total unrealised fair value.
The figures demonstrate that individual companies can make positive contributions even when the broader investment portfolio experiences a decline. Portfolio performance depends on the movement of all holdings rather than the results of only a few major investments.
What Fair Value Means for SoftBank Investors
The increase in Lenskart and Meesho’s fair values should not be interpreted as cash profits already received by SoftBank. Fair value represents the estimated value of an investment at a particular reporting date.
When the market price of a publicly traded company rises, the reported value of an investor’s stake may increase. However, the investor generally needs to sell some or all of its shares to realise gains from that investment.
SoftBank’s quarterly fair-value calculations include realised and unrealised gains and losses from public investments, along with dividends and other income. The figures are reported before taxes and expenses.
Consequently, the $394 million increase reflects the change in the reported value of the two investments rather than an equivalent amount of cash income received by SoftBank during the quarter.
Why Lenskart and Meesho Matter to SoftBank’s Portfolio
Lenskart and Meesho represent two different segments of India’s consumer internet economy. Lenskart operates in the eyewear and optical retail market, while Meesho has built its business around e-commerce and online marketplace services.
Their positive share-price movements and reported operating improvements contributed to SoftBank’s portfolio performance during the September quarter. Their public-market performance also provides investors with greater visibility into how the value of these holdings changes over time.
For SoftBank, the two investments demonstrate the importance of its Indian portfolio within a broader collection of global technology and internet businesses. However, future valuation changes will depend on market conditions, company performance and investor expectations.
Conclusion
Lenskart and Meesho added a combined $394 million to SoftBank’s public investment portfolio value during the September quarter. Lenskart contributed $273 million, while Meesho added $121 million, taking their combined fair value to $1.7 billion at the end of the period.
The gains coincided with revenue growth and improving profitability indicators at both companies. However, they were not enough to prevent SoftBank’s overall public investment portfolio from recording a $900 million quarterly fair-value decline.
The latest figures highlight the growing importance of Lenskart and Meesho within SoftBank’s Indian investment holdings while also showing why investors need to distinguish between changes in reported fair value and profits actually realised through share sales.
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