Nomura sees 10,000-store runway for Lenskart as global expansion builds

Nomura initiated coverage on Lenskart with a Buy rating and Rs 888 target, citing India store-expansion potential, omnichannel scale and international growth through Owndays-led markets. The brokerage estimates Lenskart has tapped only about 5% of its potential store footprint.

— Source publishedMon, 31 Aug, 2026, 08:17 IST·First seen Mon, 31 Aug, 2026, 08:52 IST·Source NDTV Profit

What happened

Nomura initiated Lenskart with a Buy rating, citing substantial Indian store-expansion headroom, centralized manufacturing and omnichannel capabilities. It sees

Key facts

  • Nomura target price: Rs 888
  • Nearly 40% implied upside
  • Over 10,000-store headroom
  • More than 6,000 Indian pincodes
  • Only 5% of store headroom accessed
  • INR1.7 trillion addressable opportunity
  • Two-thirds of India’s population may ignore vision-correction needs

Why this matters

Owndays-led international expansion strengthens Lenskart’s case for market-entry partnerships and selective acquisitions that accelerate regional scale in eyewear.

What to watch

  • Quarterly net store additions versus management guidance and evidence of sustained opening cadence.
  • Same-store sales growth, store maturity curves and payback periods for new locations.
  • EBITDA margin movement as expansion-related rent, staffing, logistics and marketing costs scale.
  • Owndays revenue growth, international store additions and profitability contribution by geography.
  • Online-to-offline conversion, repeat purchase rates and share of higher-margin lenses or private-label products.
  • Competitive pricing and expansion actions from Titan Eye+, Specsmakers, local optical chains and online eyewear platforms.
  • Accelerate store openings in underpenetrated Indian tier-2 and tier-3 clusters while using nearby hubs for faster omnichannel fulfillment.
  • Increase capital allocation toward Owndays-led expansion in East and Southeast Asian markets, likely emphasizing localized assortments and digital acquisition.
  • Highlight store-level economics, same-store sales growth, repeat-customer behavior and omnichannel conversion in upcoming investor communications.
  • Expand private-label, lens, subscription and eye-testing offerings to lift average order value and gross-margin mix.
  • Use the favorable analyst framing to support future fundraising, strategic partnerships or acquisition opportunities in adjacent optical markets.