Lenskart Shares In Focus: Nomura Sees 40% Upside, Initiates Buy
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Lenskart’s next phase of growth could be driven by a large store expansion opportunity, increasing market penetration and operating efficiencies. Nomura sees the company’s vertically integrated model and international presence adding to its long-term earnings potential.
Lenskart Solutions is drawing fresh attention from investors as Nomura begins coverage of the eyewear retailer, describing its growth journey as still being in the early stages. The brokerage expects the company to benefit from a largely fragmented prescription eyewear market, while its integrated manufacturing, retail and technology operations could support scalability.
Lenskart Share Price: 10,000-Store Opportunity
Nomura sees potential for Lenskart to expand its network to more than 10,000 stores over the next decade and a half. The company had around 2,700 stores in FY26, meaning only about 27% of the estimated opportunity has been tapped.
The brokerage firm believes this leaves significant room for Lenskart to expand its footprint in India’s eyewear market.
Market Share And Cost Advantage
Lenskart currently has around 5% share of India's prescription eyewear market, according to Nomura. That is about twice the share of the second-largest player, highlighting the company's strong position in a category that remains fragmented and largely unorganised.
Its business model is another part of the brokerage's thesis. Lenskart operates across centralised manufacturing, retail and technology-enabled operations. Nomura estimates that this vertical integration gives the company a cost structure that is 35-40% lower than the industry average.
Nomura Sets ₹888 Target For Lenskart
Nomura has assigned a Buy rating to Lenskart with a target price of ₹888, implying around 40% upside from the stock's previous close. The brokerage's view is based on the company's store expansion potential, market positioning and scalable business model.
The stock has already delivered strong gains this year. Lenskart shares have risen around 46% in 2026, according to Economic Times. The company listed on the stock exchanges in November 2025 after raising ₹7,278 crore through its IPO.
MSCI Inclusion Could Add Institutional Demand
Lenskart is also set to benefit from its inclusion in the MSCI India Index, which takes effect from 31 August. According to Nuvama Alternative and Quantitative Research, the inclusion could attract around $352 million in passive inflows.
The index addition comes shortly after a ₹1,857-crore block deal in which several domestic and global institutional investors bought Lenskart shares at ₹630 apiece.
On Monday, 31 August 2026, Lenskart’s share price was up 3.53% at ₹658.60 on the National Stock Exchange (NSE) at 1:39 PM.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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