Morgan Stanley starts Lenskart at 'equal-weight', sees strong growth

Lenskart Solutions

15/12/2025 06:07

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** Morgan Stanley initiates coverage on Lenskart Solutions Ltd LENS.NS with "Equal-weight" rating, price target of 445 rupees - a 10% upside to last closing price

** Says Lenskart is a distinctive play on shifting lifestyle dynamics, largely insulated from macro headwinds; compares potential to EssilorLuxottica ESLX.PA globally

** Morgan Stanley expects India business revenues to grow 23% annually in FY27-30, with EBITDA margins expanding from 16% to 22%

** Says at current levels the stock is fairly valued and notes stock trades at 37x FY28 EV/EBITDA, in line with best-in-class discretionary peers

** Upside risks include higher market share gains and global smart glasses adoption, while downside risks stem from slower expansion or China import restrictions - MS

** LENS up 0.6% on Monday

 (Reporting by Brijesh Patel in Bengaluru)

 ((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))