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Motilal Oswal Report
Lenskart Ltd. shares may remain in focus as domestic brokerage firm Motilal Oswal has reiterated its 'Buy' rating on the stock and raised its target price to Rs 800 from Rs 705, implying a potential upside of about 16% from the current market price of Rs 692.
The brokerage believes the eyewear retailer's strong fundamentals, industry-leading store economics, expanding margins and long runway for growth justify continued optimism despite the stock having rallied nearly 70% since its listing in November 2025.
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According to Motilal Oswal, the stock's outperformance has been driven primarily by earnings upgrades rather than valuation re-rating. Since listing, consensus estimates for FY28 profit after tax have risen roughly 30%, while the company's robust earnings momentum and operating leverage have continued to exceed expectations.
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Valuation and view
Lenskart has built strong moats in a difficult-to-scale category through:
- a centralised, highly automated manufacturing facility;
- strong backward integration;
- large omnichannel presence;
- leveraging technology to ease constraints in scaling up; and
- house-of-brands architecture spanning mass to premium eyewear
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