The brokerage has assigned a price target of ₹635 per share, implying an upside of nearly 16% from Thursday’s closing price of ₹547.10.
JPMorgan believes Lenskart has built a scalable and profitable business model that addresses India’s growing eyewear and vision care market, while also expanding its presence in select international markets.
The brokerage expects the company to deliver a strong long-term compounding story, driven by sustained revenue growth through category expansion and market share gains, which it believes will translate into disproportionately higher earnings growth.
According to JPMorgan, Lenskart’s customer-centric approach, backed by investments in technology and data analytics, has created durable competitive advantages that justify its premium valuation.
The brokerage expects multiple growth drivers to support the company’s performance over the next few years.
These include an expansion of its store network to more than 5,600 outlets by FY30, from over 3,300 currently, continued premiumisation through products such as progressive lenses, premium frames and smart glasses, a growing base of high-retention Gold members, and operating leverage.
As a result, JPMorgan forecasts a 21% revenue CAGR and 41% earnings per share (EPS) CAGR between FY26 and FY30, alongside improving free cash flow generation and return ratios.
The brokerage noted that the key risk to its investment thesis would be execution challenges as the company scales its operations.
According to Bloomberg data, 21 analysts currently track the stock. Of these, 17 have a ‘Buy’ recommendation, three recommend ‘Hold’, while one has a ‘Sell’ rating.
Lenskart shares closed 1.97% higher at ₹547.10 on Thursday and have gained nearly 25% so far in 2026.
