LENSKART

share price in focus: Motilal Oswal initiates with 'Buy', hikes target price by 27%

Category creator in a significantly underpenetrated eyewear market with strong structural growth tailwinds. India eyewear penetration at 35 per cent versus 53 per cent population need; Lenskart holds 5 per cent domestic share and less than 2 per cent internationally. Vertically integrated model with centralized automated manufacturing and in-house lenses & frames drives superior unit economics. Tech-led omnichannel platform with 2,439 India stores and 705 international stores. Strong store economics: 33 per cent store-level EBITDA and 10-month payback period. Forecast 25 per cent revenue CAGR and 53 per cent pre-Ind AS EBITDA CAGR over FY25–28. 625bps margin expansion expected, led by operating leverage, mix improvement, and scale benefits. Potential to add over 1,480 plus stores in India by FY28 with calibrated international expansion. India market share projected to rise to 8.3 per cent by FY30, supported by repeat purchases and house-of-brands strategy.