HSBC initiates 'Hold' on Lenskart with Rs 513 target despite 7,000-store expansion plan
HSBC starts coverage on Lenskart at 'Hold' with a Rs 513 target implying ~2% upside, flagging full valuation even as India's largest eyewear firm eyes growth from ~2,500 to 7,000 stores. Lenskart holds ~20% organised market share in a market growing ~13% annually, with sub-1-year store payback.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong growth. It calls Lenskart India's largest eyewear firm with a 20% organised share and potential expansion to 7,000 stores from 2,500.