Lenskart’s 2,725-store base has a mapped path to 10,000+ locations, brokers say
Brokerages remain bullish on Lenskart despite its market value rising above $14 billion, citing underpenetrated eyewear demand, vertically integrated omnichannel operations and a mapped opportunity spanning 6,400 pincodes. Targets imply roughly 15% to 40% upside.
What happened
Lenskart’s valuation has risen from $8 billion at listing to above $14 billion. Jefferies, Nomura and Motilal Oswal retain bullish views, citing underpenetrated
Key facts
- Shares surged nearly 80% since listing
- Market capitalisation above $14 billion, nearing $15 billion
- IPO listing valuation: $8 billion
- Jefferies target price: Rs 680; about 15% upside
- Nomura target price: Rs 888; about 40% upside
- Motilal Oswal target price: Rs 800; about 16% upside
- 2,725 stores currently
- Potential to add over 10,000 stores
- Mapped opportunity: 10,000+ stores across 6,400 pincodes
- 70,000 daily eye tests
- Rs 500 entry-level product
- Rs 30,000 progressive lenses generated Rs 2.5 billion annual sales
- FY26 EBITDA margin: 11%; long-term target: 25%
- Estimated FY26-FY29 EPS CAGR: 49%
- Estimated FY26-FY29 cumulative free cash flow: Rs 32 billion
Why this matters
Lenskart’s expansion runway strengthens its strategic position for partnerships, acquisitions and market-entry moves that accelerate access to new pincodes while reinforcing supply-chain and omnichannel advantages.
What to watch
- Quarterly net store additions, mix of company-owned versus franchise locations, and closure rates.
- Same-store sales growth and evidence of cannibalization as the footprint expands.
- New-store break-even period, revenue per store, EBITDA contribution and working-capital intensity.
- Growth in tier-2/tier-3 store mix and pincodes served relative to the 6,400-pincode opportunity.
- Capacity additions in lens manufacturing, delivery infrastructure and optometrist staffing.
- Promotional activity and expansion plans from Titan Eye+, Specsmakers, local optical chains and online competitors.
- Cluster openings around tier-2, tier-3 and underserved urban pincodes before adding dense metro capacity.
- Expand franchise and partner-led formats to accelerate geographic coverage while preserving capital for labs, technology and supply chain.
- Add regional lens labs, last-mile inventory nodes and optometrist hiring pipelines to support faster store rollout.
- Use store-level eye-test data and omnichannel purchase histories to target repeat replacement cycles, upgrades and subscriptions.
- Increase localized assortment, including value frames and regional fit preferences, to raise conversion outside major cities.