Resurfacing HSBC's April call: room for 7,000 Lenskart stores, but limited upside in the stock
HSBC initiated coverage on Lenskart back in April 2026 with a Hold rating and a Rs 513 target, implying about 2% upside at the time. The brokerage estimated India could support roughly 7,000 stores, versus Lenskart's then-current network of about 2,500, citing omnichannel execution, supply-chain integration and sub-one-year store paybacks.
HSBC initiated Lenskart with a Hold and Rs 513 target, citing limited valuation upside despite strong execution. The brokerage sees scope for roughly 7,000 India stores, supported by integrated supply chains, omnichannel retail, sub-one-year store payback and organised eyewear adoption.
Why this matters
The April 2026 view aligns with recent signals on Lenskart's 2,500-to-7,000-store India runway and a Hold call constrained by valuation. It contrasts with a separate signal on Lenskart growth and margins outpacing Titan EyeCare as Titan EBIT declines.
The retail-company theme is accelerating, up +992000% QoQ.