HSBC initiates 'Hold' on Lenskart at Rs 513 despite 7,000-store expansion plan
HSBC flags full valuation while acknowledging strong fundamentals: Lenskart leads India's organised eyewear with 20% share, plans to nearly triple its footprint to ~7,000 stores from 2,500, and touts sub-1-year store payback in a market growing 13% CAGR. Target implies just 2% upside.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong fundamentals. Lenskart, India's largest eyewear player with 20% organised share, plans expansion to ~7,000 stores from 2,500, supported by integrated model.