Lenskart Share Price Could Rise Another 40%? Nomura Sees ₹888 Target After Strong Outperformance
Lenskart share price is back in focus after global brokerage Nomura initiated coverage on Lenskart Solutions with a Buy rating and a ₹888 price target. From the stock's recent closing level of around ₹636, the target implies potential upside of nearly 40%. Lenskart shares also gained as much as 3% on August 31 after the brokerage call.
The bullish call is notable because Lenskart has already delivered a strong run since its November 2025 market debut. The question now is whether another large leg of gains is realistic—or whether the stock's premium valuation has already priced in much of its growth story.
Why Nomura Is Bullish on Lenskart
Nomura's investment thesis goes beyond Lenskart's recent financial performance. The brokerage believes the company has successfully evolved from a challenger into a market leader in eyewear and still has significant room to expand.
One of the biggest opportunities is the company's potential store network.
According to Nomura, Lenskart could have the headroom to build a much larger physical retail footprint, supported by its combination of centralised manufacturing, remote optometry and an asset-light store model. The brokerage also sees international expansion as an important part of the company's longer-term growth opportunity.
This is important because the Lenskart story is no longer simply about selling spectacles online. The company has built an integrated eyewear ecosystem spanning physical stores, digital channels, eye testing, manufacturing and brands.
Strong Q1 FY27 Performance Supports the Story
The latest quarterly numbers provide evidence behind the bullish argument.
Lenskart reported Q1 FY27 revenue of ₹2,714 crore, while consolidated profit attributable to owners rose sharply year-on-year. EBITDA also increased strongly, reflecting improving operating leverage and profitability.
The Q1 performance was strong enough to trigger positive reactions from several brokerages. Jefferies, Morgan Stanley, Goldman Sachs and Motilal Oswal remained constructive on the stock, while Citi maintained a more cautious stance because of valuation.
For investors, the important point is that Lenskart's investment case is increasingly supported by earnings growth, rather than relying only on expectations about future expansion.
International Business Is Becoming More Important
Another part of the Lenskart share price story is its international business.
The company has been expanding outside India, including through its Owndays operations. Recent quarterly performance indicated that international operations were an important contributor to the earnings beat.
HSBC noted that Lenskart's Q1 EBITDA came in above consensus expectations, with international operations playing a significant role. The brokerage subsequently raised its EBITDA estimates, although it remained cautious about the stock's valuation.
If international operations continue to scale profitably, they could become an increasingly important driver of Lenskart's earnings.
The ₹888 Target Is Much More Bullish Than Most Other Estimates
This is where investors need to be careful.
Nomura's ₹888 target is currently an outlier among brokerage estimates.
A recent comparison of six brokerage calls showed targets ranging from approximately ₹650 to ₹888. Motilal Oswal had a ₹705 target, Jefferies ₹680, Macquarie ₹675, Morgan Stanley ₹666 and Citi ₹650. Nomura's ₹888 target therefore stands substantially above the next-highest target in that group.
ICICI Securities has also maintained a Buy view with a ₹750 target, citing Lenskart's strong operational performance and expectations for substantial store expansion in India.
That difference in targets is significant. It suggests that Nomura is making a more aggressive assumption about Lenskart's long-term growth, margins and market opportunity.
What Makes Lenskart's Valuation a Key Risk?
Lenskart's biggest challenge for investors may not be its business—it is the price investors are paying for that business.
The stock has already performed strongly. Market data showed Lenskart at ₹636.15 on August 28, with the stock up more than 41% since the beginning of 2026.
A strong share-price performance raises the expectations embedded in the valuation.
Citi has argued that the company's growth and profitability are strong but that much of the expected improvement is already reflected in the stock price. HSBC similarly highlighted the premium valuation as a concern.
This creates an important distinction for investors:
A good company is not automatically a good buy at every price.
Lenskart can continue growing rapidly and still experience a share-price correction if earnings fail to meet the market's high expectations.
Institutional Activity Adds Another Layer
Lenskart also saw significant institutional activity recently.
On August 28, shares worth around ₹1,857 crore changed hands in a block deal at ₹630 per share. Several large domestic and international institutions were among the buyers, while Alpha Wave was reported as a seller. Lenskart closed that session at ₹636.15.
The transaction demonstrates that large investors remain active around the stock, but investors should not interpret a block deal as a guaranteed bullish signal. Large institutions buy and sell for many reasons, including portfolio rebalancing, liquidity requirements and changes in investment strategy.
What Investors Should Watch Next
For anyone tracking the Lenskart share price, the next few quarters could be more important than the ₹888 headline.
Revenue growth
The company needs to maintain strong growth while expanding its store network and customer base.
Profit margins
Margin expansion will be crucial. If revenue grows rapidly but profitability fails to improve, the premium valuation could come under pressure.
Store productivity
Adding stores is only useful if new locations generate attractive sales and returns. Investors should therefore track not just store count, but also productivity and same-store growth.
International profitability
Owndays and other international operations could become an increasingly important growth engine. Continued improvement here would strengthen the long-term thesis.
Valuation
This may be the most important factor. As the stock rises, future earnings need to grow sufficiently fast to justify the higher valuation.
Lenskart Share Price Outlook: Can It Really Reach ₹888?
Nomura clearly believes there is substantial room for Lenskart to grow. Its ₹888 target represents nearly 40% upside from the recent reference price and reflects confidence in the company's long-term expansion opportunity.
But investors should not treat ₹888 as a guaranteed destination.
The wider brokerage picture is more mixed. Five other recent targets sit substantially below Nomura's estimate, while the broader analyst data also shows a much lower median target than ₹888.
That makes Lenskart an interesting growth stock, but also one where expectations and valuation deserve close attention.
The bullish scenario depends on continued high revenue growth, improving margins, successful international expansion and a much larger store network. The bearish scenario would involve slower growth, weaker store economics, margin pressure or a valuation de-rating.
Bottom Line
The latest Nomura call gives Lenskart shareholders another bullish data point, with a Buy rating and ₹888 target suggesting nearly 40% potential upside. The brokerage believes Lenskart's expansion opportunity is much larger than what the market currently reflects.
However, the stock has already delivered strong returns, and Nomura's target is considerably higher than most other brokerage estimates. That makes valuation, earnings delivery and execution the three factors investors should watch most closely.
For investors considering Lenskart shares, the key issue is not simply whether the stock can reach ₹888. It is whether the company's future earnings growth can justify the premium investors are currently paying.
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This article is for informational and educational purposes only and should not be considered investment advice.
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