Lenskart has transformed from being a challenger to a market leader, Nomura said as it initiated coverage on the shares of the eyewear retailer with a ‘Buy’ call and a target price of Rs 888 apiece, implying around 40% upside potential from the stock’s previous closing price.
The international brokerage highlighted that Lenskart has a long runway of more than 10,000 planned stores, with only 27% of that potential tapped. It noted how the company holds a market share of 5%, double that of the second player, in a highly customised, fragmented and unorganised prescription eyewear category in India.
It has created a strong moat, a scalable and profitable business model with end-to-end vertical integration from centralised manufacturing to retailing and tech-data-AI-enabled operations, resulting in a cost structure that is 35-40% lower than the industry average, Nomura said.
While Lenskart started its operations in 2010, the international brokerage believes its growth journey has just started and has the potential and visibility to open 10,000 stores, from around 2,700 stores in FY26, over the next decade and a half.
Adding to the bullish momentum, Lenskart shares will be among the stocks set to be included in the MSCI index, potentially attracting inflows worth $352 million, according to a report by Nuvama Alternative and Quantitative Research.
Also read | From IPO mockery to Rs 1 lakh crore m-cap: Why investors are still betting on Lenskart’s vision
Shares of Lenskart Solutions debuted on the stock market in November 2025 after raising Rs 7,278 crore through a combination of a fresh issue and an offer for sale by promoters and existing investors. The company's shares listed at Rs 395 per share on NSE, representing a 1.75% discount to the issue price of Rs 402. On the BSE, the shares opened at Rs 390, a 3% discount to the issue price.
Also read | Lenskart Rs 1,857-crore block deal: Goldman Sachs, Morgan Stanley, ICICI Prudential, SBI MF among buyers as Alpha Wave exits
