Nomura starts Lenskart at Buy with ₹888 target, flags global growth runway
Nomura has initiated coverage on Lenskart with a Buy rating and ₹888 per-share target, citing share gains, scalable low-cost operations and international potential. The outlook also points to overseas operations nearing EBITDA breakeven as the eyewear retailer expands in India and abroad.
What happened
Nomura initiated Lenskart with a Buy rating and ₹888 target, citing market-share gains, scalable low-cost operations and international potential. Market expert
Key facts
- ₹888 per share target price
- international business approaching EBITDA breakeven
Why this matters
Lenskart’s expanding global runway strengthens the strategic case for overseas partnerships, local market capabilities and selective expansion investments.
What to watch
- Quarterly revenue growth versus store-count growth and same-store sales trends.
- Evidence that overseas EBITDA losses are narrowing, including store-level profitability and fulfillment-cost improvements.
- India market-share gains against organized optical chains, marketplaces and local opticians.
- Gross-margin performance amid promotions, lens/input costs and premium-product mix.
- New country launches, international store-opening pace and any pullback in underperforming markets.
- Any IPO, secondary-sale, fundraising or valuation disclosures that test the ₹888 target framework.
- Accelerate selective store openings in high-density Indian cities and proven overseas clusters rather than broad-based geographic expansion.
- Increase use of centralized manufacturing, automated lens production and local fulfillment to protect low-price positioning as volumes grow.
- Use the favorable analyst narrative to strengthen institutional engagement and potential future capital-market positioning.
- Prioritize international markets with repeatable customer economics, local optical compliance readiness and clear paths to store-level profitability.
- Expand higher-margin categories such as premium frames, contact lenses, subscriptions and vision-care services to lift mix.