Resurfacing HSBC's April call: Lenskart started at Hold as 7,000-store India runway meets valuation limits
HSBC's early-April initiation of Lenskart coverage is resurfacing: a Hold rating and Rs 513 target price, implying about 2% upside. The brokerage sees long-term room for the eyewear retailer to grow its India network from roughly 2,500 stores to around 7,000, backed by an underpenetrated market and omnichannel model.
HSBC initiated Lenskart with a Hold rating and Rs 513 target, citing limited valuation upside despite strong growth prospects. The eyewear retailer could expand from about 2,500 to 7,000 India stores, supported by its integrated omnichannel model and underpenetrated market.
Why this matters
The resurfaced HSBC call follows signals on Lenskart's 7,000-store India plan, 203 new stores and 19.8% EBITDA margin, and widening growth and margin performance versus Titan EyeCare.
Store-opening is steady, with 1,375 signals in the past 90 days; no QoQ comparison was provided.