HSBC initiates Lenskart at 'Hold' with Rs 513 target despite 7,000-store expansion plan
HSBC begins coverage on Lenskart with a 'Hold' rating and Rs 513 target, implying just ~2% upside on fair valuation. The bank flags Lenskart as India's largest eyewear player with ~20% organised share and an integrated-model moat, projecting growth to 7,000 stores from ~2,500 amid ~13% annual market expansion and sub-1-year store payback.
HSBC initiated 'Hold' coverage on Lenskart with a Rs 513 target, citing fair valuation. It calls Lenskart India's largest eyewear player with a 20% organised share and integrated-model moat, projecting expansion to 7,000 stores from 2,500.
Why this matters
HSBC's 'Hold' echoes recent notes citing stretched valuation capping Lenskart's 7,000-store expansion upside, while Macquarie recently added Lenskart to its India portfolio.
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