According to reports from Motilal Oswal research dated September 09, 2026, the domestic brokerage has reiterated its 'Buy' rating on Lenskart Ltd. shares and raised its target price to ₹800 from ₹705, implying a potential upside of about 16% from the current market price of ₹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. The target price is based on a 49x Sep'28 blended pre-Ind AS EBITDA multiple (55x for India, ~37.5x for International).
Recent technical analysis from Ventura Securities shows Lenskart has demonstrated strong recovery momentum after hitting a low of ₹2,154.60 on August 26, 2026. The stock has since formed higher bottoms and given a Symmetrical Triangle Breakout on the daily chart with bullish candles, reaching a high of ₹2,819 on September 26, 2026. Technical indicators including MACD, KST and Aroon suggest positive crossover signals. The stock is currently trading above the 200 SMA with a target of ₹3,800 and lower support levels at ₹2,692-₹2,610 to ₹2,490-₹2,415 in case of intermediate decline. A stop loss at ₹2,300 is recommended for the trade.
As reported by 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. The brokerage attributes this strong performance to the company's ability to exceed market expectations through its operational efficiency and growth trajectory. Lenskart has consistently surprised with international segment margins achieving 10.5% pre-IND AS EBITDA margin in 1QFY27 (vs. initial estimate of ~9.2% by FY28), despite a sharp ~45% YoY growth in marketing spends during the last two quarters.
According to Motilal Oswal's latest research, Lenskart is expected to ramp-up store additions and reach ~4.5k stores in India by FY29 (vs. ~4.3k stores earlier), supported by its best-in-class store economics with store payback in <10 months and 33%+ store EBITDA margin. The company's robust FCF generation despite front-ended capex for Hyderabad plant provides financial flexibility for expansion. The brokerage models 27%/46%/59% CAGR in revenue/pre-IndAS EBITDA/adj. PAT over FY26-29E, driven by ~29%/25% revenue CAGR in India/International. Pre-IND AS EBITDA margin is expected to expand to 19.4%/13.5% in India/International by FY29.
According to the report, Lenskart has built strong moats in a difficult-to-scale category through several key factors: 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. These competitive advantages position the company well in the eyewear retail market despite the challenging scaling environment.
