HSBC sees Lenskart’s India network scaling from 2,500 to about 7,000 stores, but starts with Hold
HSBC initiated coverage on Lenskart with a Hold rating and Rs 513 target, citing limited near-term upside despite strong store economics. The brokerage sees room for major expansion as organised eyewear adoption grows, with new stores reportedly paying back in under a year.
HSBC initiated Lenskart with a Hold and Rs 513 target, saying valuation limits upside despite strong unit economics. It expects growth from organised eyewear adoption, omnichannel operations and potential expansion from 2,500 to about 7,000 India stores.
Why this matters
HSBC's Hold call follows Lenskart adding 203 India stores in Q2 FY26 as revenue rose 24%, and echoes HSBC's April 2026 view that the network could reach about 7,000 stores.
Store-opening is steady, with 1,508 signals recorded in the past 90 days.