HSBC sees runway for 7,000 Lenskart stores in India, but starts coverage at Hold
HSBC has initiated Lenskart with a Hold rating and a Rs 513 target, citing limited near-term upside despite a potential expansion from about 2,500 to 7,000 Indian stores. The broker points to sub-one-year store paybacks, value pricing and integrated supply chains as growth enablers.
HSBC initiated Lenskart with a Hold and Rs 513 target, saying valuation captures much expected growth. It sees scope for roughly 7,000 Indian stores from 2,500, supported by integrated supply chains, value pricing, strong store economics and expanding eyewear demand.
Why this matters
Lenskart's recent signals have focused on its 7,000-store India ambition and its store-led, vertically integrated model outperforming Titan EyeCare on growth and margins. HSBC's Hold call adds a valuation constraint to that expansion narrative.
Store-opening is steady, with 1,585 signals recorded over the past 90 days.