Resurfacing HSBC's April 2026 call: Lenskart seen scaling India network from 2,500 to 7,000 stores
Resurfacing a April 2026 move, HSBC initiated coverage on Lenskart with a Hold rating and Rs 513 target, citing limited near-term upside despite a long-term path to roughly 7,000 Indian stores. The brokerage pointed to sub-one-year store payback, integrated manufacturing and a consolidating eyewear market.
HSBC initiated Lenskart at Hold with a Rs 513 target, saying valuation captures much of its growth. It sees Lenskart expanding from about 2,500 to 7,000 Indian stores, supported by integrated manufacturing, strong unit economics and eyewear-market consolidation.
Why this matters
The note aligns with recent signals that Lenskart widened its eyewear lead through faster store growth, 24% revenue growth and a 19.8% Q2 EBITDA margin, while another update reiterated the 7,000-store India target.
Store-opening is steady, with 1,360 signals in the past 90 days; no QoQ change was provided.