HSBC initiates 'Hold' on Lenskart at Rs 513, says valuation already prices in 7,000-store runway
HSBC calls Lenskart India's largest eyewear firm with ~20% organised-segment share and an integrated moat, but sees only ~2% upside to its Rs 513 target. It flags room to expand from ~2,500 to 7,000 stores, aided by sub-year store payback and ~13% annual eyewear market growth.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, saying valuation prices in growth. It calls Lenskart India's largest eyewear firm (~20% organised share) with an integrated moat and potential to expand from 2,500 to 7,000 stores.