J.P. Morgan India FTM 10 Jul 26 Lenskart Solutions; India Internet; India Insurance; Dixon Technologies; Tata Consultancy Services and More

Research evidence excerpt

J.P. Morgan India FTM 10 Jul 26 Lenskart Solutions; India Internet; India Insurance; Dixon Technologies; Tata Consultancy Services and More

Asia Pacific Equity Research

India First to Market 10 July 2026

Top Stories

Init | Lenskart Solutions (Latika Chopra, CFA) (LENSKART IN, OW)

A Vision for Compounding; initiate at Overweight

We initiate on Lenskart with an Overweight rating and a Sep'27 PT of Rs635. Lenskart has evolved into a scalable, profitable

operating model serving widespread and rising eyecare needs across India and select overseas markets (Japan, SE Asia,

Middle East; overseas Revenue/EBITDA salience: 42%/26% in FY26). We see a powerful compounding story: a long runway

for revenue growth (category creation plus share gains) translating into disproportionately higher profitability. Its relentless

customer-centricity, backed by a technology- and data-intensive approach, builds durable moats that make the investment case

compelling despite premium valuations. Volume growth (store count rising to 5.6k+ by FY30 from 3.3k+, with densification

creating rather than cannibalizing demand, and a broadening portfolio), premiumization (progressive lenses, premium frames,

smart glasses), the rising salience of high-retention Gold members, and operating leverage can all work in tandem to drive a

Revenue/EPS CAGR of 21%/41% over FY26-30E, alongside improving FCF and return ratios. Key risk is execution missteps

at scale.

| India Internet (Ankur Rudra, CFA/Bhavik Mehta, CFA)

1QFY27 preview: Mixed prints with acceleration in QC & fintechs over travel/edtech

In Internet prints, we expect seasonal strength with margin expansion across food delivery (FD)/quick commerce (QC) and

value commerce, softer-than-seasonal growth in travel and some acceleration in fintechs.