Resurfacing HSBC's April 2026 call: Lenskart seen scaling India network from 2,500 to 7,000 stores
Resurfacing HSBC's April 2026 initiation, the brokerage gave Lenskart a Hold rating and Rs 513 target, saying limited near-term valuation upside offsets strong fundamentals. HSBC expects store-led growth, fast payback and margin gains from Lenskart's integrated omnichannel model.
HSBC initiated Lenskart with a Hold rating and Rs 513 target, citing limited valuation upside despite strong fundamentals. The brokerage expects store-led growth, margin improvement and expansion from about 2,500 to 7,000 India stores, supported by its integrated omnichannel model.
Why this matters
The call reinforces Lenskart's recent expansion pattern, including its H1 203-store India push and an intensifying eyewear-market rivalry with Titan. It also echoes a recent resurfaced HSBC note on room for 7,000 Indian stores.
Store-opening is steady at 1,320 signals over the past 90 days; no quarter-over-quarter change was provided.