HSBC starts Lenskart at 'Hold' with Rs 513 target as valuation caps 7,000-store expansion upside
HSBC initiated coverage on Lenskart with a 'Hold' rating and Rs 513 target price, implying just ~2% upside. The firm flags full valuation despite runway to grow from ~2,500 to ~7,000 India stores. It calls Lenskart the country's largest eyewear player with a ~20% organised-segment share, a ~13% growing market, sub-year store payback, and a durable integrated-model moat.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite plans to grow from ~2,500 to ~7,000 India stores. Firm calls Lenskart India's largest eyewear player with a ~20% organised-segment share and sustainable integrated-model moat.