Resurfacing HSBC's April 2026 view: Lenskart could scale India stores from 2,500 to about 7,000
HSBC's April 2026 initiation on Lenskart set a Hold rating and Rs 513 target, citing limited near-term valuation upside despite a long-term expansion runway. The brokerage expected the eyewear retailer's India network to grow to roughly 7,000 stores, supported by sub-one-year store payback and integrated manufacturing.
HSBC initiated Lenskart at Hold with a Rs 513 target, citing limited valuation upside despite strong growth prospects. The brokerage expects India stores to rise from roughly 2,500 to 7,000, supported by integrated manufacturing, efficient store economics and eyewear-category expansion.
Why this matters
The HSBC view reinforces recent Lenskart signals on its 7,000-store India runway, while growth and margins have pulled ahead as Titan EyeCare's EBIT declines. It also adds a valuation constraint to the expansion narrative.
Store-opening is steady, with 1,376 signals in the past 90 days; QoQ change was not provided.