HSBC sees Lenskart’s India network scaling to 7,000 stores, but starts at Hold
HSBC has initiated coverage on Lenskart with a Hold rating and a Rs 513 target, citing limited near-term upside despite potential to grow its India store base from about 2,500 to 7,000. The broker points to sub-one-year store payback and rising organised eyewear adoption.
HSBC initiated Lenskart at Hold with a Rs 513 target, saying valuation captures much of its growth. It sees scope to expand from about 2,500 to 7,000 India stores, supported by integrated operations, fast payback, organised-retail adoption and eyewear demand.
Why this matters
The initiation echoes recent signals resurfacing HSBC's April 2026 call that Lenskart's India network could grow from 2,500 to 7,000 stores, while highlighting the broker's Hold stance despite the expansion potential.
Store-opening is steady, with 1,611 signals recorded in the past 90 days.