Macquarie retains Lenskart in Rising Stars, sees premiumisation and store growth
Macquarie has retained Lenskart in its India Super 6s Rising Stars basket, citing premiumisation and the opportunity to expand large-format stores. The brokerage forecasts FY26-FY28 revenue and EPS CAGRs of 29% and 54%, respectively, while setting a Rs 625 target price.
What happened
Lenskart Solutions · Macquarie retained Lenskart, Delhivery, Phoenix Mills and Lemon Tree Hotels in its India Super 6s Rising Stars basket. It cited Lenskart’s
Key facts
- 18 stocks rated Outperform
- Lenskart target price: Rs 625; 5% total shareholder return
- Lenskart FY26-FY28 revenue CAGR: 29%; EPS CAGR: 54%
- Delhivery target price: Rs 570; 22% return
- Titan target price: Rs 5,600; 11% return
- Phoenix Mills target price: Rs 2,100; 11% return
- Lemon Tree Hotels target price: Rs 180; 65% return
- GE Vernova T&D India target price: Rs 5,470; 27% return
Why this matters
The growth outlook strengthens the strategic case for partnerships or acquisitions that add premium eyewear brands, store-format capabilities, supply-chain capacity or access to underserved markets.
What to watch
- Quarterly same-store sales growth, new-store openings and the share of large-format outlets.
- Average selling price trends and premium-product mix, especially premium lenses and branded frames.
- Gross-margin progression versus rent, employee and store-launch costs.
- EBITDA and EPS delivery relative to the implied 29% revenue CAGR and 54% EPS CAGR through FY28.
- Online-to-offline conversion, repeat purchase rates and customer acquisition costs.
- Competitive pricing or store-expansion responses from Titan Eye+, Specsmakers, local optical chains and online-first competitors.
- Consumer discretionary spending trends and any deterioration in urban demand for premium eyewear.
- Accelerate large-format store rollout in high-income urban clusters and underserved tier-2 cities.
- Increase premium lens, progressive lens, contact lens and branded-frame assortment, supported by in-store optometry consultations.
- Use loyalty, subscription and repeat-replacement programs to raise customer lifetime value and improve premium conversion.
- Invest in supply-chain capacity, lens turnaround times and store staff training to protect service levels during expansion.
- Potentially use stronger market sentiment to support fundraising, strategic partnerships or selective acquisitions in adjacent optical categories.