HSBC's April call resurfaces: Lenskart's India network seen scaling to 7,000 stores, but starts at Hold
Resurfacing HSBC's April 6, 2026 initiation with a Rs 513 target, arguing Lenskart's valuation already reflects much of its growth runway. The broker estimated the eyewear retailer could expand from about 2,500 to 7,000 Indian stores, citing sub-one-year store payback and an integrated supply chain.
HSBC initiated Lenskart with a Hold and Rs 513 target, saying valuation captures much expected growth. It forecasts long-term expansion from about 2,500 to 7,000 Indian stores, supported by strong unit economics, integrated supply chain and eyewear-market formalisation.
Why this matters
The call returns as Lenskart and Titan spotlight intensifying India eyewear competition, while recent signals have linked Lenskart's 7,000-store ambition to HSBC's Hold stance and ₹513 target.
Store-opening is steady, with 1,523 signals in 90 days; no QoQ comparison was provided.