HSBC starts Lenskart at 'Hold' on stretched valuation despite 7,000-store expansion plan
HSBC initiated coverage on Lenskart with a 'Hold' rating and Rs 513 target, implying just 2% upside. The bank praised strong fundamentals — a 20% organised eyewear share, 13% annual market growth and sub-1-year store payback — but flagged valuation as its key concern. Lenskart plans to scale from 2,500 to 7,000 India stores.
HSBC initiated Lenskart coverage with 'Hold' and Rs 513 target, citing strong fundamentals and a plan to expand from 2,500 to 7,000 India stores, but flagging stretched valuation as the key concern.