HSBC initiates Lenskart at 'Hold' despite 7,000-store expansion runway
HSBC starts coverage of India's largest eyewear player with a 'Hold' and Rs 513 target, implying only ~2% upside on full valuation. It flags strong fundamentals: an integrated model, sub-year store payback, ~20% organised market share and a path from ~2,500 to ~7,000 stores in a market growing 13% annually.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong growth. It sees India's largest eyewear player expanding to ~7,000 stores from 2,500, backed by integrated model, sub-year payback and omnichannel repeat purchases.