Lenskart shares: Brokerages initiate coverage with macro tailwinds; upside remains capped

Lenskart shares: Recently listed new age eyewear retailer Lenskart Solutions has attracted fresh brokerage interest lately including Emkay Global Financial Services and Avendus Spark. Both the brokerages continue to remain mildly positive on this tech-enabled eyewear maker and see limited upside in it.

Lenskart Solutions Ltd rose to Rs 455 on Monday, commanding a total market capitalization of Rs 78,500 crore. The stock hit its all time high at Rs 495 on December 22. The stock hit its all time low at Rs 355.70 on its listing day itself. The stock has surged more than 28 per cent from all time lows so far.

Brokerage firms believe that the Indian eyewear industry has huge macro tailwinds—700bps GST cut, rising refraction error, and increasing adoptability as a fashion accessory— which should drive 13 per cent industry CAGR. Lenskart has led the disruption in eyewear retail through the manufacturer-to-consumer model, which solves key category and core business challenges.

Lenskart is India’s leading eyewear retailer (market share: 5%) and aspires to become a global giant, helped by technology being at the core across all business functions. It is an agile firm, aided by automation/vertical integration at the back-end, remote optometry/virtual try-ons at the front-end, and use of geo-analytics/Vision AI for identifying new locations/merchandising, said Emkay.

With scale-up, these moats are reflecting in the company’s superior value proposition (15-16% SSG), faster deliveries (the next day in 58 cities), accelerated network expansion (450 additions in FY26E), and leading share, even in international geographies such as Singapore/Dubai, it said.

"Lenskart enjoys an attractive store-level payback of 10 months, on the back of high throughputs and low investment required at the store level; the metric stands favorably across leading peers in the discretionary space. We initiate coverage on Lenskart Solutions with 'buy' and target price of Rs 525, based on DCF implied multiple of 56 times Dec-27E EBITDA," Emkay added.

Shares of Lenskart Solutions were listed on stock markets on November 10, 2025, as the company raised a total of Rs 7,278 crore via IPO by selling its shares of Rs 402 apeice with a lot size of 38 equity shares thereafter. The stock has remained rangebound since listing.

Lenskart is leveraging its proprietary technology to enhance its operational agility, network expansion, and customer conversion rate, the brokerage said, adding that it is replicating its India playbook to scale globally and expand into international markets such as Japan, Singapore, Thailand and the UAE, said Avendus Spark in its note.

Avendus expects Lenskart's consolidated revenue to grow at a Compounded Annual Growth Rate (CAGR) of 21% over financial year 2025-2028, along with an EBITDA margin expansion of 550 basis points during the same timeframe. Avendus Spark has initiated coverage on Lenskart with an 'add' rating and a price target of Rs 490 per share.