Resurfacing HSBC's April 2026 move: Lenskart started at Hold as 7,000-store India runway meets priced-in growth
Resurfacing an April 2026 initiation, HSBC had begun coverage on Lenskart with a Hold rating and Rs 513 target, implying roughly 2% upside. The brokerage saw scope for the eyewear retailer to expand from about 2,500 to 7,000 Indian stores, supported by sub-one-year store paybacks, but said much of the growth outlook was already reflected in the valuation.
HSBC initiated Lenskart with a Hold and Rs 513 target, saying growth is largely priced in. It expects the eyewear leader’s integrated model, value pricing and customer services to support expansion from about 2,500 to potentially 7,000 Indian stores.
Why this matters
The resurfaced HSBC call aligns with recent signals on Lenskart’s potential to scale its India network to 7,000 stores, while emphasizing that valuation already reflects much of that expansion runway.
Store-opening is steady, with 1,776 signals recorded in the past 90 days; no QoQ change figure was provided.