HSBC's April 2026 Hold Call on Lenskart Resurfaces, Citing Potential for 7,000 India Stores
Resurfacing a note from April 2026, HSBC had initiated coverage on Lenskart with a Hold rating and Rs 513 target, implying about 2% upside. The brokerage saw its integrated omnichannel model and store economics supporting a potential expansion from roughly 2,500 to 7,000 India stores, but flagged valuation as a constraint.
HSBC initiated Lenskart with a Hold and Rs 513 target, citing valuation despite strong unit economics. It expects the eyewear retailer’s integrated omnichannel model and rising organised demand to support expansion from about 2,500 to 7,000 India stores.
Why this matters
The resurfaced call aligns with recent signals on Lenskart's 2,500-to-7,000 India-store runway and HSBC's view that expansion potential may not translate into significant near-term upside.
Store-opening is steady, with 1,706 signals in 90 days; QoQ change was not provided.