HSBC initiates Lenskart at 'Hold', Rs 513 target despite 7,000-store expansion roadmap
HSBC began coverage of Lenskart with a 'Hold' rating and Rs 513 target, implying ~2% upside. It flagged full valuation while praising the integrated manufacturing-retail model as a durable moat. Lenskart plans to scale from 2,500 to 7,000 stores in a 13%-growing, largely unorganised eyewear market with sub-1-year store payback.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite a planned expansion to 7,000 stores from 2,500. It praised Lenskart's integrated manufacturing-retail model as a sustainable moat in India's largely unorganised eyewear market.