HSBC initiates Lenskart at 'Hold' with Rs 513 target despite 7,000-store expansion roadmap
HSBC starts coverage on Lenskart with a 'Hold' rating and Rs 513 target (~2% upside), citing full valuation. The eyewear retailer plans to scale from ~2,500 to 7,000 India stores, holds 20% organised market share, and benefits from an integrated model with sub-year store payback.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite plans to grow from ~2,500 to ~7,000 India stores. Notes 20% organised eyewear share, integrated model moat, sub-year store payback, and strong revenue/EBITDA growth ahead.