HSBC initiates Lenskart at ‘Hold’, Rs 513 target as valuation caps upside despite 7,000-store runway
HSBC begins coverage on Lenskart with a Hold rating and Rs 513 target price (~2% upside), flagging full valuation even as it credits an integrated moat, ~20% organised-segment share, 13% annual market growth, and scope to expand from ~2,500 to 7,000 stores in India with store payback under a year.
HSBC initiated coverage on Lenskart with a Hold rating and Rs 513 target, citing full valuation despite strong fundamentals, integrated moat, and potential expansion to 7,000 stores in India from about 2,500 currently.
Why this matters
HSBC's debut coverage follows the post-listing scorecard pitting Lenskart against Titan EyeCare in India's $9.2bn eyewear market, echoing prior notes on limited upside despite a 7,000-store runway.
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