HSBC initiates Lenskart at 'Hold', TP Rs 513 as valuation caps near-term upside
HSBC flags Lenskart's eyewear moat, 20% organised market share and sub-one-year store payback, but sees only ~2% upside at current levels. The chain plans to nearly triple its India footprint from 2,500 to roughly 7,000 stores against a 13% annual market growth backdrop.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite the eyewear leader's strong moat and plan to expand from 2,500 to about 7,000 stores in India over time.