Archive · 21 Sep 2026
Lenskart Nears $15 Billion as Brokers See Further Upside
Lenskart is an eyewear company whose shares have risen sharply since it became publicly listed.
Its market value is now close to the $15 billion level predicted by investor Ronnie Screwvala.
Some experts had thought the company was priced too expensively before its IPO.
Several brokerages now believe the company can grow much more.
They point to Lenskart’s stores, technology, manufacturing, and online-and-offline sales system.
Analysts think Lenskart could add more than 10,000 stores over time.
They also expect profits and margins to improve as the business becomes larger.
Different brokerages have set share-price targets that suggest further gains.
However, the article says future earnings will be important to the company’s long-term value.
Lenskart shares have risen nearly 80% since their listing last November, pushing its market capitalization above $14 billion.
Ronnie Screwvala had predicted before the IPO that Lenskart would reach a $15 billion valuation within 12 months or less.
Jefferies, Nomura, and Motilal Oswal have maintained Buy ratings, citing store expansion, earnings growth, and improving margins.
Brokerage price targets range from Rs 680 to Rs 888 per share, implying roughly 15% to 40% upside from current levels.
Analysts see potential for more than 10,000 additional stores, supported by underpenetration, technology, and Lenskart’s integrated retail model.
- Who
- Lenskart, investor Ronnie Screwvala, and brokerages including Jefferies, Nomura, and Motilal Oswal.
- What
- Lenskart’s shares have surged since listing, while analysts forecast additional growth and higher valuations.
- When
- Since Lenskart’s listing last November; the article also discusses forecasts through FY29.
- Where
- Lenskart operates in India and international markets.
- Why
- Analysts cite earnings growth, store-expansion potential, underpenetration in eyewear, integrated manufacturing, and possible margin improvement.
Valuation Skeptics
Bullish Brokerages
IPO pricing
Valuation Skeptics
Before the listing, some market experts considered Lenskart’s IPO valuation expensive and were apprehensive about its pricing.
Bullish Brokerages
Ronnie Screwvala argued that the IPO was priced roughly 20% below Lenskart’s intrinsic value, while current brokerages see further upside.
Future growth
Valuation Skeptics
Skeptics questioned whether the valuation could be justified by future performance.
Bullish Brokerages
Jefferies, Nomura, and Motilal Oswal say store expansion, demand creation, earnings growth, and margin improvement provide a substantial growth runway.
Valuation outlook
Valuation Skeptics
The earlier concerns centered on whether Lenskart could sustain a high valuation after listing.
Bullish Brokerages
The brokerages have issued Buy ratings and targets implying approximately 15% to 40% upside, while the market capitalization moves toward $15 billion.
- Share performance
- Lenskart shares have risen nearly 80% since their listing last November.
- Current valuation
- The company’s market capitalization is above $14 billion and approaching $15 billion.
- Jefferies target
- Rs 680 per share, with an approximately 15% upside and a Buy rating.
- Nomura target
- Rs 888 per share, implying about 40% upside and a Buy rating.
- Motilal Oswal target
- Rs 800 per share, implying close to 16% upside and a Buy rating.
- Store expansion
- Analysts see potential for more than 10,000 additional stores over the medium or long term.
- Motilal Oswal cash-flow estimate
- Approximately Rs 32 billion in cumulative free cash flow over FY26-FY29.