HSBC's April 2026 note resurfaces: Lenskart's India network seen scaling from 2,500 to 7,000 stores over time
Resurfacing an April 2026 call, HSBC initiated coverage on Lenskart with a Hold rating and a Rs 513 target price, citing limited near-term upside despite strong long-term store economics. The broker expects the eyewear retailer's integrated model and sub-one-year store payback to support a potential 7,000-store India network.
HSBC initiated Lenskart with a Hold and Rs 513 target, saying growth is largely priced in. It expects the eyewear retailer’s integrated model, strong store economics and market tailwinds to support expansion from roughly 2,500 to 7,000 India stores over time.
Why this matters
After Lenskart added 203 India stores as Q2 FY26 revenue rose 24%, HSBC's outlook supports the expansion case. The call also arrives as Lenskart and Titan remain key rivals in India's eyewear market.
Store-opening is steady at 1,505 signals in the past 90 days; no QoQ comparison was provided.