HSBC starts Lenskart at 'Hold' with Rs 513 target despite 7,000-store expansion runway
HSBC initiated coverage on Lenskart at 'Hold' with a Rs 513 target implying just ~2% upside, flagging full valuation even as it backs the growth story. The eyewear leader holds ~20% organised share and could scale from ~2,500 to 7,000 India stores, aided by an integrated manufacturing-retail model and store paybacks under one year.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong growth. It sees potential to scale from ~2,500 to 7,000 India stores, backed by an integrated manufacturing-retail model and market leadership.
Why this matters
The 'Hold' call follows Lenskart's high-profile IPO and repeated comparisons with incumbent Titan across India's $9.2bn eyewear market, testing whether tech-led scaling can justify a full valuation.
Retail-company signals are accelerating, up +639900% QoQ.