Resurfacing HSBC's April 2026 Hold call on Lenskart, citing limited upside despite 7,000-store runway
HSBC initiated coverage on Lenskart in April 2026 with a ₹513 target price, implying roughly 2% upside. The broker cited strong unit economics and an expansion path from about 2,500 to 7,000 India stores, but said valuation already reflects much of the opportunity.
HSBC initiated Lenskart with a Hold and Rs 513 target, citing limited valuation upside despite strong unit economics and a potential expansion from 2,500 to 7,000 India stores. Lenskart holds an estimated 20% share of organised eyewear and benefits from integrated omnichannel operations.
Why this matters
The signal reinforces recent coverage of Lenskart's 7,000-store India ambition and HSBC's April Hold initiation, both highlighting expansion potential constrained by valuation.
Store-opening is steady: 1,770 signals in 90 days; the input provides no QoQ change figure.