Lenskart Solutions (LENSKART IN) Hold: Expansion and execution continues

研报英文原文证据摘录

Lenskart Solutions (LENSKART IN) Hold: Expansion and execution continues

ting the pull factor of brand. 52-WEEK PRICE (INR)

Key highlights: (1) ASP grew c17% in to cINR1,865, driven by a product mix shift 570.00

towards premium products and normalization of last year’s base (new lens 475.00

replacement offering decreased ASP). (2) Demand in existing markets is accelerating

380.00

and not plateauing, and Tier 2+ is a wider opportunity than what the company had 05/25 11/25 05/26

Target price: 538.00

estimated. (3) Online continues to grow as a demand-generation channel, with c50% High: 549.20 Low: 400.15 Current: 486.85

of FY26 India revenue influenced by digital. (4) The company highlighted that annual Source: LSEG IBES, HSBC estimates

volume growth of 25% is the “cleanest yardstick of underlying market expansion”.

Nihal Mahesh Jham*, CFA

Healthy estimate increase but valuation factors the same; maintain Hold rating: Senior Analyst, India Consumer & Retail

A better-than anticipated Q4FY26 for both India and international drives our 7-8% HSBCLimitedSecurities and Capital Markets (India) Private

increase in EBITDA estimates for FY27-28e, primarily driven by revenue (on higher nihal.m.jham@hsbc.co.in

+91 22 66283771

store addition estimates and better revenue productivity). Despite its industry-leading

Nupur Vyas*

performance, our target FY30 EV/EBITDA multiple of 45x/30x for India/international, Associate, India Consumer & Retail

respectively, factors the opportunity, business model strength, and execution. We HSBC Securities and Capital Markets (India) Private

Limited

retain a Hold rating with a revised TP of INR538 (from INR513), using a sum-of-the- nupur.vyas@hsbc.co.in

parts approach. Upside risks include SSSG beats and better-than-expected earnings +91 22 40891584