HSBC initiates 'Hold' on Lenskart with Rs 513 target despite 7,000-store expansion push
HSBC flags full valuation with only ~2% upside even as Lenskart leads India's organised eyewear at ~20% share. The brand plans to nearly triple its footprint from ~2,500 to 7,000 stores, backed by sub-1-year store payback and 13% annual market growth.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong growth. It calls Lenskart India's largest eyewear player (~20% organised share) with plans to expand from 2,500 to 7,000 stores.