Avendus Initiates 'Add' on Lenskart, Sees Limited 10% Upside

• Avendus Spark initiated coverage on Lenskart with an "Add" rating and a ₹490 price target, implying only 10% upside.
• Lenskart's shares are up 12% from issue price but corrected 10% from post-listing high, closing at ₹448.95.
• The company disrupts eyewear retail via its M2C model, leveraging proprietary tech for agility and expansion.
• Lenskart is replicating its India success globally, expanding into Japan, Singapore, Thailand, and UAE.
• Avendus projects 21% revenue CAGR (FY25-28) and 550 bps EBITDA margin expansion for Lenskart.

Why It Matters: Avendus rates Lenskart "Add" with limited 10% upside, citing strong business model but capped growth.