Jefferies has initiated coverage on Lenskart with a buy rating and a target price of ₹500 per share, stating that the company is uniquely positioned as India’s largest tech-led eyewear retailer with a structurally attractive growth runway. The brokerage noted that despite its dominant brand presence and rapid execution capabilities, Lenskart holds only about 5% market share in a highly underpenetrated eyewear market, implying significant scope for long-term expansion.
According to Jefferies, Lenskart’s vertically integrated and omni-channel business model—spanning in-house manufacturing, supply chain control, online channels and a fast-growing store network—provides it with a strong cost advantage and industry-leading delivery timelines. This allows the company to maintain competitive pricing while also offering a superior customer experience, thereby driving high repeat usage.
The brokerage highlighted that India remains the company’s profit engine, contributing more than 85% to EBITDA, while emerging international markets such as Southeast Asia and the Middle East offer future optionality with improving brand recall. Attractive unit economics, fast paybacks and disciplined cost structures are expected to support over 50% adjusted EBITDA CAGR between FY25 and FY28, Jefferies said.
With category formalisation increasing and eyewear adoption rising due to lifestyle and demographic trends, Jefferies believes Lenskart is positioned for long-duration growth, supported by scale benefits and execution strength.
Disclaimer: The views and recommendations above are those of Jefferies. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
