HSBC initiates Lenskart at 'Hold' with Rs 513 target despite 7,000-store runway
HSBC sees India's largest eyewear firm as a structural winner—20% organised market share, 13% annual market growth, sub-1-year store payback and a 7,000-store expansion path from 2,500 today. But it flags full valuation, pegging just ~2% upside to its Rs 513 target.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong growth. It views Lenskart as India's largest eyewear firm with a 7,000-store expansion runway and integrated model as a sustainable moat.
Why this matters
HSBC's 'Hold' reinforces the debate over Lenskart's valuation as it scales stores, echoing prior coverage comparing it with Titan Eyewear in India's Rs 30,000 crore market.
Retail-company signals are accelerating, up +875500% QoQ.