Lenskart shares climbed nearly 3% on Friday after JPMorgan initiated coverage on the eyewear retailer with an "Overweight" rating and a target price of Rs 635, lifting the stock close to its 52-week high.
The stock rose as much as 2.72% to an intraday high of Rs 560, just below its 52-week high of Rs 562.70. At around 10 a.m., the shares were trading 1.50% higher at Rs 553.35 apiece. The BSE Sensex was up 1.05% at 77,544.
The brokerage said Lenskart has built a scalable and profitable business model that is well placed to benefit from growing demand for eyewear in India while expanding its international business. It expects operating leverage and growth across markets to support earnings growth over the coming years.
JPMorgan Sees Scope For Further Growth
"We initiate on Lenskart with an Overweight rating and a September '27 price target (PT) of Rs 635. Lenskart has evolved into a scalable, profitable operating model serving widespread and rising eyecare needs across India and select overseas markets (Japan, SE Asia, Middle East; overseas Revenue/EBITDA salience: 42%/26% in FY26)," analysts Latika Chopra, Himanshu Singh and Saransh S Gokhale said in a note dated July 9, 2026.
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JPMorgan said Lenskart has "A Vision For Compounding" and described its business as one that is positioned to gain market share in the eyewear industry.
The brokerage expects the company's international operations to emerge as a second growth engine and said operating leverage could help deliver a 33% compound annual growth rate in earnings before interest, tax, depreciation and amortisation between FY26 and FY30.
It identified volume growth, premiumisation, the increasing contribution of high-retention Gold members and operating leverage as key positives. It added that execution at scale remains the main risk.
Company Expands Manufacturing Plans
Last week, Lenskart approved the merger of two wholly owned subsidiaries into the parent company and announced a joint venture with China's Mingfeng Glassesworld Ltd to manufacture metal spectacle frames in India as part of its plans to strengthen domestic manufacturing and localise its supply chain.
In a stock exchange filing, the company said its board approved a scheme of amalgamation under which Dealskart Online Services Pvt. Ltd. and Lenskart Eyetech Pvt. Ltd. will merge with Lenskart Solutions Ltd.
Founded in 2010 by Peyush Bansal, Lenskart operates an omnichannel eyewear business in India. The company follows a direct-to-consumer model, managing its supply chain from manufacturing to retail, and also has operations in Southeast Asia and the Middle East.
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