HSBC starts Lenskart at 'Hold' with Rs 513 target despite 7,000-store plan
HSBC initiated coverage on Lenskart with a 'Hold' rating and Rs 513 target (~2% upside), flagging full valuation even as the eyewear leader plans to grow from ~2,500 to 7,000 India stores. It cites a 20% organised-eyewear share, 13% market growth and sub-1-year store payback as moat drivers.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite plans to expand from ~2,500 to ~7,000 India stores. It calls Lenskart India's largest eyewear player with a sustainable integrated-model moat.
Why this matters
HSBC's cautious 'Hold' contrasts with Lenskart's aggressive 7,000-store runway, echoing prior comparisons where its tech-led, automation-driven model outpaced Titan EyeCare on margins in India's $9.2B eyewear market.
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