HSBC's Hold call on Lenskart resurfaces, reiterating runway to 7,000 India stores
Resurfacing HSBC's April 2026 initiation of coverage on Lenskart with a Hold rating and a Rs 513 target, the broker said much of its growth is reflected in the valuation. HSBC sees scope for the eyewear retailer to expand from about 2,500 to around 7,000 stores in India, supported by sub-one-year store payback.
HSBC initiated Lenskart with a Hold and Rs 513 target, saying valuation captures much of its growth. It highlighted Lenskart’s integrated model, sub-one-year store payback and potential expansion from roughly 2,500 to 7,000 Indian stores.
Why this matters
The HSBC call follows signals on Lenskart's 203-store opening sprint and its intensifying eyewear-market rivalry with Titan EyeCare, framing expansion as a central growth lever despite valuation concerns.
Store-opening is steady, with 1,549 signals recorded in the past 90 days.