Resurfacing HSBC's April Lenskart call: room for 7,000 stores in India, but initiated with Hold
HSBC initiated coverage of Lenskart in April 2026 with a Hold rating and a Rs 513 target, saying much of its growth is reflected in the valuation. The brokerage estimated India could support about 7,000 stores, versus Lenskart’s then-current network of roughly 2,500, citing sub-one-year store payback and organised-eyewear growth.
HSBC initiated Lenskart with a Hold and Rs 513 target, saying valuation captures much of its growth. It sees scope for roughly 7,000 Indian stores from 2,500, supported by strong unit economics, integrated supply chain and organised-eyewear adoption.
Why this matters
The April Hold call aligns with recent signals that Lenskart's store-led, vertically integrated model outpaces Titan EyeCare and that revenue rose 24% as its network reached 431 cities in Q2 FY26.
Store-opening is steady at 1,579 signals in 90 days; no QoQ signal-count comparison was provided.