HSBC starts Lenskart with 'hold'; says valuation is key debate

Lenskart Solutions

27/03/2026 04:25

** HSBC initiates coverage of eyewear retailer Lenskart Solutions LENS.NS with "hold", PT of 513 rupees

** Says co's tech-led, vertically integrated model driving rapid share gains and looks hard to replicate

** Expects Lenskart's market share gains to continue (24% organised share by FY30)

** Says key debate is valuation, not business quality, with strong growth, margin expansion already visible across India, international operations

** Adds strong store-led growth, margin gains driving profits, shifting attention to valuation

** Notes co should be valued as high-growth retailer with strong technology backbone, rather than pure internet platform

** Says upside risks include same-store sales growth, margin-led earnings upside; downside risks are slower growth, delayed margin expansion

** LENS up 0.2% at 496 rupees

** Stock rated "buy" on average; median PT is 550 rupees, per data compiled by LSEG

** YTD, LENS up ~9%

 (Reporting by Yagnoseni Das in Bengaluru)

 ((Yagnoseni.Das@thomsonreuters.com;))