Lenskart’s shares rose nearly 4% on November 28, 2025, following an initiation of coverage by global brokerage Jefferies, which assigned a bullish buy rating and a price target of ₹500. This projection indicates a potential upside of 14% over the stock’s all-time high. The company, known for being India’s largest tech-driven eyewear retailer, is set to report its Q2 results.
By 10:56 AM, Lenskart shares traded at ₹421 on the NSE, peaking at ₹423.95, compared to a previous close of ₹407.70. The stock recently achieved a high of ₹438.85 on November 17, 2025, after its initial public offering (IPO) debuted below the ₹402 price on November 10.
Jefferies highlighted several factors contributing to Lenskart’s growth, including its expanding store network and vertical integration. The firm noted that Lenskart holds about a 5% market share in a fragmented sector predominantly occupied by unorganised players. Despite this leadership position, the brokerage believes there is ample growth potential, driven by rising demand for prescription eyewear and increased organized retail penetration.
The brokerage emphasized that Lenskart’s comprehensive control over design, manufacturing, logistics, and retail operations provides a cost efficiency that traditional opticians struggle to match. The company’s growing omni-channel presence and contributions from international markets are poised to enhance its long-term prospects.
Expectations for strong revenue growth over the next three years accompany projected significant improvements in profitability due to scale and operational leverage. Jefferies forecasts Lenskart’s revenue to see an annual compound growth rate (CAGR) of approximately 24% from FY25 to FY28, driven by rising transaction frequency and volume. Adjusted EBITDA is expected to grow at over 50% CAGR, with margins increasing by 600 basis points, and earnings per share anticipated to rise by around 44% annually.
In a more optimistic scenario, Jefferies assumes a stronger revenue CAGR of 26% from FY25 to FY28, with EBITDA margins potentially reaching 14% by FY28, valuing the company at 50 times its estimated March 2028 pre-Ind AS EBITDA, translating into a target price of ₹560.
Conversely, in a downside scenario, the stock could be valued at ₹320, assuming a slower 16% revenue CAGR through FY28 and EBITDA margins growing to approximately 12%, pegged at a 42 times multiple for March 2028’s pre-Ind AS EBITDA.
As market sentiment reflects this optimism, Lenskart’s stock has outperformed broader market indices. Investors are now focusing on the forthcoming quarterly results set for November 29, 2025, along with updates regarding expansion plans to evaluate how Lenskart aims to capitalize on this enhanced outlook.
