Avendus has initiated coverage on Lens card with a buy rating and a target price of ₹490 per shareciting the company’s disruptive direct-to-consumer model and its ability to solve long-standing challenges in the eyewear retail category. The brokerage said Lenskart has fundamentally reshaped eyewear retail through its manufacturer-to-consumer (M2C) approach, which improves affordability, ensures product quality, and enhances customer experience in a category traditionally plagued by fragmentation and inefficiencies.
According to Avendus, Lenskart’s integrated operating model, spanning design, manufacturing, logistics and retail, allows it to maintain tight control over execution while scaling efficiently. The brokerage highlighted that the company’s proprietary technology stack plays a central role in driving operational agility, improving store network expansion predictability, and boosting customer conversion rates across both online and offline channels.
Avendus noted that Lenskart has successfully built a repeatable playbook in India and is now replicating this model in international marketsincluding Japan, Singapore, Thailand and the UAE. The brokerage believes the company’s strong brand recall, technology-led execution and disciplined expansion strategy position it well to scale profitably outside India, while leveraging its manufacturing and supply chain strengths.
On the financial front, Avendus expects Lenskart to deliver a consolidated revenue CAGR of 21% over FY25–28supported by steady store additions, improving same-store productivity and rising penetration of premium and private-label products. The brokerage also forecasts a consolidated EBITDA margin expansion of around 550 basis points over the same period, driven by operating leverage, supply chain efficiencies and improving contribution from mature stores.
Avendus said the combination of category leadership, scalable technology, and expanding global footprint underpins its positive view on the stock, with the risk-reward skewed favourably as Lenskart continues to transition from a high-growth disruptor to a more profitable global eyewear platform.
Disclaimer: The views and recommendations above are those of Avendus. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
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