Macquarie adds Lenskart, Phoenix Mills to India portfolio; drops Reliance, M&M
Macquarie reshuffled its India model portfolios, adding Lenskart and Phoenix Mills to its Rising Stars basket (replacing MakeMyTrip and Amber) while retaining Titan. Reliance Industries and M&M were removed from tactical and large-cap baskets. Axis Bank flagged at 24% YoY FY27 earnings growth.
Macquarie reshuffled its India model portfolios, adding Lenskart and Phoenix Mills to Rising Stars (replacing MakeMyTrip, Amber), retaining Titan, and removing Reliance Industries and M&M from tactical/large-cap baskets.
Why this matters
Macquarie's Rising Stars inclusion follows HSBC initiating Lenskart at 'Hold' with a Rs 513 target, tempered by a 7,000-store expansion roadmap. The two calls show diverging institutional conviction on the eyewear retailer.
Retail-company signals accelerating, up +464700% QoQ.