HSBC initiates 'Hold' on Lenskart at Rs 513 as valuation prices in growth
HSBC sees only ~2% upside for Lenskart despite structural strengths: a 20% organised eyewear share, integrated model moat, and sub-year store payback. It flags room to grow from ~2,500 to 7,000 stores against 13% annual market growth, but says much of that is already in the price.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, saying valuation prices in much growth. It cites Lenskart's 20% organised eyewear share, integrated model moat, sub-year store payback, and potential to expand to 7,000 stores from 2,500.