MOFSL lifts Lenskart’s India store forecast to 4,500 by FY29

The brokerage’s revised estimate adds 200 outlets to its earlier forecast of 4,300. Separately, Morgan Stanley raised its price target to Rs 718 from Rs 666; Lenskart shares rose 3.54% to Rs 698. The network outlook is an analyst forecast, not a company expansion commitment.

By ·Devil's-advocate pass

Source published First seen Source Business Today · Latest

The development

Lenskart shares rose 3.54% to Rs 698 after Morgan Stanley raised its target price to Rs 718 from Rs 666. MOFSL expects Lenskart's India network to reach 4,500 outlets by FY29, up from its earlier estimate of 4,300 stores.

The numbers

  • nearly 4%
  • Rs 718
  • Rs 666
  • FY27 to FY30
  • 0 to 2 percent
  • 3 to 7 percent
  • two months
  • October 2027
  • Rs 1,154
  • Rs 1,048
  • Rs 641
  • Rs 600
  • Rs 304
  • Rs 290
  • 3.54%
  • Rs 698
  • Rs 674
  • Rs 1.20 lakh crore
  • Rs 800
  • Rs 705
  • 27%
  • 46%
  • 59%
  • FY26
  • FY29
  • 4,500 outlets
  • 4,300 stores
  • FY27-28E
  • 4%
  • 8%
  • 19.4%
  • 13.5%

Why it matters to operators and investors

Stress-test eyewear acquisition and partnership candidates against MOFSL’s projected 4,500-store Lenskart India network by FY29, treating greater competitive density as a scenario rather than confirmed expansion.

What to watch next

  • Company-issued store guidance and net additions versus the trajectory needed to reach 4,500 India outlets by FY29.
  • Same-store sales, revenue per store and new-store payback as network density increases.
  • Store closures, relocations and geographic mix, distinguishing new-market penetration from catchment overlap.
  • Occupancy costs, staffing availability, capacity utilization and fulfillment times.
  • Whether earnings and cash-flow forecasts rise alongside store estimates and valuation targets.
  • Investors are likely to seek management confirmation of the expansion trajectory; the 4,500-store figure remains an analyst forecast, not a company commitment.
  • If expansion accelerates, recruitment, training and lens-processing capacity would likely need to scale alongside site acquisition.
  • Competing optical chains and independents could respond selectively with promotions, faster fulfillment and stronger eye-testing services in overlapping catchments.