Motilal Oswal raises Lenskart target to Rs 800 on store-addition, margin outlook

Motilal Oswal retained its Buy rating on Lenskart and lifted its target price from Rs 705 to Rs 800, implying about 16% upside. The brokerage expects faster store additions and operating leverage, forecasting 27% revenue CAGR and 46% pre-Ind AS EBITDA CAGR between FY26 and FY29.

— Source publishedSat, 12 Sept, 2026, 06:00 IST·First seen Sat, 12 Sept, 2026, 06:06 IST·Source Financial Express · BrandWagon

What happened

Motilal Oswal retained Buy on Lenskart, raising its target to Rs 800 on expectations of faster store additions and operating leverage. The report also

Key facts

  • Lenskart target price: Rs 800, raised from Rs 705
  • Lenskart implied upside: around 16%
  • Lenskart FY26-FY29 revenue CAGR estimate: 27%
  • Lenskart FY26-FY29 pre-Ind AS EBITDA CAGR estimate: 46%
  • Lenskart FY26-FY29 adjusted PAT CAGR estimate: 59%
  • Adani Airport Holdings funding: around Rs 9,800 crore

Why this matters

The outlook reinforces Lenskart’s scale advantage in organized eyewear, potentially strengthening its position for expansion partnerships, selective acquisitions, and landlord negotiations.

What to watch

  • Quarterly net store additions, closures and the split between company-owned and franchise locations.
  • Same-store sales growth, revenue per store and the payback period for newly opened outlets.
  • Pre-Ind AS EBITDA margin progression versus growth in rent, employee and marketing expenses.
  • Private-label and premium-product mix, which will determine gross-margin expansion.
  • Online-to-offline conversion, repeat purchase rates and contact-lens subscription/recurring revenue trends.
  • Competitive pricing actions from Titan Eye+, Specsmakers, local optical chains and online marketplaces.
  • Accelerate company-owned and franchise store additions in tier-2 and tier-3 cities, where organized eyewear penetration remains low.
  • Increase localization of assortments, eye-testing capacity and rapid delivery to improve store productivity and omnichannel conversion.
  • Use higher earnings expectations to strengthen supplier negotiations, private-label mix and automated lens-manufacturing utilization.
  • Competitors may respond with promotions, marketplace partnerships and faster offline expansion, raising customer-acquisition and discounting pressure across the category.