Lenskart Solutions: Vision to scale – initiate at Buy

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Lenskart Solutions: Vision to scale – initiate at Buy

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Lenskart Solutions

Vision to scale – initiate at Buy

Initiating Coverage: BUY | PO: 575.00 INR | Price: 521.00 INR

Lenskart addressing the big vision correction gap 29 May 2026

We initiate coverage on Lenskart, the leading specialty eyewear retailer from India, at Equity

Buy. Prescription eyewear remains highly underpenetrated (~50% of Indians need it, but

only ~35% of those use it) – given fragmented, complex supply chains and bottlenecks AdityaResearchMathurAnalyst>>

of diagnostics and access. Lenskart’s vertically integrated, tech enabled model across BofAS India

design, manufacturing, supply chain and omnichannel retail addresses these inherent +91aditya.mathur@bofa.com22 6632 8958

constraints and is expanding the category. Further, international markets (c.42%/25% of Pritesh Sonar >>

revenue/profit) including Japan, Southeast Asia and Middle East offer incremental Research Analyst

BofAS India

growth addressing similar gaps. We forecast 23%/39%/46% revenue/EBITDA (pre-IndAS pritesh.sonar@bofa.com

116)/earnings CAGR over FY26-28E, supporting the stock’s premium valuation. We see a Arashi Nishizawa >>

long runway, and derive a DCF-based PO of Rs575 (Mar-28E; WACC = 10.8%, g = ~5%). Research Analyst

BofAS Japan

Integrated operations drive advantage; Tech/AI an enabler arashi.nishizawa@bofa.com

Lenskart has built a scalable, integrated model that drives a structural advantage.

Centralized design, sourcing and manufacturing improve product quality, affordability

and assortment cycles, while the asset light stores act as experience and order booking Stock Data

nodes. Technology and specifically AI underpins execution across the business, enabling Price 521.00 INR