Lenskart projected to reach 4,500 India stores by FY29 as MOFSL raises target
Motilal Oswal expects Lenskart to accelerate its India network to 4,500 outlets by FY29, up from an earlier 4,300-store forecast, citing store economics, omnichannel operations and manufacturing integration. The brokerage retained Buy and lifted its target price to Rs 800.
What happened
Lenskart Solutions · Lenskart shares fell after a 2% block deal, while MOFSL retained Buy and lifted its target to Rs 800. The brokerage forecasts accelerated
Key facts
- 4,500 India outlets projected by FY29 versus 4,300 previously
- FY26-FY29 revenue CAGR: 27%
- FY26-FY29 pre-IND AS EBITDA CAGR: 46%
- FY26-FY29 adjusted PAT CAGR: 59%
- FY29 India EBITDA margin projected: 19.4%
What changed
Lenskart shares fell after a 2% block deal, while MOFSL retained Buy and lifted its target to Rs 800. The brokerage forecasts accelerated Indian store additions to 4,500 outlets by FY29, supported by store economics, omnichannel operations and manufacturing integration.
Why this matters
Lenskart’s projected 4,500-store India network by FY29 raises the bar for site selection, staffing and omnichannel execution while validating its unit-economics model.
What to watch
- Quarterly net store additions, split between company-operated and franchise outlets.
- Same-store sales growth and revenue per store as network density rises.
- Store-level EBITDA/payback disclosures and evidence of cannibalization in mature cities.
- Optometrist hiring, eye-test volumes and appointment conversion rates.
- Manufacturing utilization, lens delivery turnaround times and inventory availability.