JPMorgan initiates Lenskart at Overweight with Rs 635 target; shares near 52-week high
Lenskart rose nearly 3% after JPMorgan began coverage with an Overweight rating and Rs 635 target. The brokerage cites a scalable, profitable model, strong India eyewear demand, premiumisation, Gold membership traction, international growth, and a domestic manufacturing push via the Mingfeng JV. FY26-FY30 EBITDA CAGR seen at 33%.
What happened
Lenskart shares rose nearly 3% after JPMorgan initiated Overweight coverage with a Rs 635 target, citing scalable profitable model, India eyewear demand,
Key facts
- +3%
- target Rs 635
- Rs 562.70 52-week high
- 42%/26% overseas Revenue/EBITDA FY26
- 33% EBITDA CAGR FY26-FY30
- Rs 2,000-crore stake sale
Why this matters
The Mingfeng JV and international expansion underscore Lenskart's vertical integration and geographic diversification thesis, flagging manufacturing-led partnerships and cross-border M&A as strategic levers.
What to watch
- Breakout and hold above Rs 562.70 52-week high
- Second broker initiation or target revision within 2-4 weeks
- FY26 quarterly EBITDA margin vs the 33% CAGR trajectory
- International segment same-store growth and store-opening cadence
- Any lock-up expiry or promoter/PE selling pressure
- Monitor for competing brokerage initiations aligning or diverging from Rs 635 target
- Watch institutional block deals and delivery volumes near 52-week high resistance
- Track management commentary on Mingfeng JV capex timeline and domestic manufacturing ramp
- Assess Gold membership renewal/retention metrics in next quarterly disclosure