Mumbai, December 19, 2025: Lenskart Solutions Ltd. shares rallied sharply on Friday after global brokerage Macquarie initiated coverage with an “Outperform” rating and a target price of ₹530, flagging what it sees as a strong runway for growth, margin expansion and market share gains in India’s still-fragmented eyewear market. [1]
The bullish initiation helped extend momentum in the newly listed stock, with intraday moves ranging from an early spike of about 4% to ₹427 to a broader breakout later in the session as volumes picked up. [2]
Lenskart share price today: what the stock did on December 19
Early trade saw Lenskart Solutions climb to ₹427 (up nearly 4%) after Macquarie’s note hit the street, according to The Economic Times. [3]
As the session progressed, Business Standard reported the stock hit an all-time high of ₹448.90, rising as much as 10% intraday amid heavy volumes. By 2:23 PM IST, it was quoted around ₹444 (up about 8%) while the BSE Sensex was up only modestly, pointing to stock-specific buying. [4]
Moneycontrol’s live market feed also highlighted the brokerage-triggered move and noted an intraday range that included a high near ₹428 around late morning, along with a jump in volumes versus recent averages. [5]
By mid-afternoon, Business Standard’s market page showed Lenskart Solutions trading around ₹471.95 (up 15.18% versus the prior close) and indicated a 52-week high of ₹478.05 on December 19, underscoring how quickly the rally intensified through the day. [6]
Why Lenskart shares rose: Macquarie’s ‘Outperform’ call and the ₹530 target
Macquarie’s initiation put a spotlight on Lenskart’s integrated operating model—covering manufacturing, design and distribution—which the brokerage believes translates into cost efficiency, faster design cycles and stronger execution than peers in an otherwise fragmented market. [7]
The brokerage set a target price of ₹530, implying close to 30% upside from levels around the time of publication, and anchored its thesis on the idea that Lenskart can keep compounding store-led growth while lifting profitability through better utilisation of its supply chain. [8]
“Eye-conic Growth”: the key pillars behind Macquarie’s thesis
In a note titled “Eye-conic Growth”, Macquarie argued that Lenskart’s end-to-end control creates a structural advantage on cost, speed and efficiency—and that these strengths should help it consolidate share in an under-branded category. [9]
Here are the main building blocks, as described across reports on December 19:
1) Market share runway: from ~5% toward “category leader” levels
Macquarie pointed to Lenskart’s estimated ~5% share of India’s eyewear market and contrasted it with 40%+ penetration often seen for category leaders in mature markets—suggesting significant headroom if organised retail keeps gaining ground. [10]
2) Store expansion remains central
Macquarie expects Lenskart to add roughly 450–600 stores per year, supported by data-driven site selection and quick store paybacks, helping drive a sales CAGR of ~26% over FY25–FY28 in its projections. [11]
3) Margin and returns: the big debate
One of the most market-moving parts of the initiation was the profitability trajectory. Macquarie expects improved utilisation of Lenskart’s supply chain to support store-level economics, with commentary pointing to store-level EBITDA margins approaching ~33% and ROIC rising to 20%+ over FY26–FY28. [12]
4) Valuation and “most bullish” target framing
NDTV Profit reported that Macquarie’s ₹530 target values the company at about 49x operating EBITDA, and described it as the highest price target among analysts tracked by Bloomberg (as cited by NDTV Profit). [13]
5) Catalysts: margin expansion, overseas execution, and smart glasses optionality
NDTV Profit also highlighted catalysts Macquarie sees as key to further upside: faster-than-expected margin expansion in India and overseas, stronger international execution, and quicker adoption of smart glasses. [14]
Heavy volumes: what the trading action suggested
A defining feature of Friday’s move was participation. Business Standard said average trading volumes more than doubled, with a combined 8.64 million shares changing hands across NSE and BSE by early afternoon. [15]
That kind of turnover matters for a recently listed stock: it signals that the move wasn’t just a low-liquidity spike, but a repricing attempt with broader market involvement—especially as multiple brokerages have begun publishing initiation notes in quick succession.
Company snapshot: what Lenskart Solutions does and where it earns
Business Standard described Lenskart as a leading D2C eyewear player in India with select international presence, selling prescription eyewear, sunglasses and contact lenses. It also reported that India contributes about 60% of revenue while international markets contribute 40%. [16]
That mix is increasingly important to the investment narrative: the domestic story is about formalising a fragmented market; the international story is about replicating the playbook while defending margins.
The fundamental backdrop: first post-IPO earnings stayed in focus
While Friday’s immediate trigger was Macquarie’s initiation, the stock’s broader setup has also been shaped by its first earnings report after listing.
The Economic Times reported that Lenskart’s consolidated profit after tax rose ~20% year-on-year to ₹102.22 crore, marking the company’s first earnings report since listing. It also said revenue from operations rose 20.8% YoY to ₹2,096.14 crore for the quarter, with total income of ₹2,129.40 crore. [17]
Business Standard, referencing like-for-like numbers for Q2FY26, reported revenue of ₹2,147 crore (up 24% YoY) and EBITDA of ₹425.8 crore (up 34.3% YoY), with an EBITDA margin of 19.8% versus 18.3% in Q2FY25. [18]
Taken together, the narrative being priced in is clear: investors are betting that Lenskart can keep compounding growth while demonstrating that scale and supply-chain control can lift profitability over time.
IPO context: where the stock came from and why coverage matters now
Lenskart made its stock market debut on November 10, 2025 at an issue price of ₹402. The Economic Times reported the IPO raised ₹7,278 crore and was subscribed 28 times overall, with strong demand from institutional investors. [19]
Business Standard added that, as of Friday afternoon during the rally, the stock was trading about 12% above its issue price (based on the levels it cited at that time). [20]
In practical terms, this is the phase when broker initiations often have the most impact: the market is still discovering the “right” valuation band, liquidity is improving, and each new institutional research note can reshape expectations for growth and margins.
What happens next: the key markers markets will track
With Lenskart’s share price now reacting sharply to research coverage, here are the variables likely to dominate the conversation in the coming quarters—based on what brokerages highlighted on December 19:
- Store rollout pace: whether the company can execute the expansion cadence projected by Macquarie without diluting returns. [21]
- Supply-chain utilisation and margin progression: whether the operating model can deliver the step-up implied in store-level EBITDA margins and ROIC expectations. [22]
- International scaling: execution abroad is positioned as a catalyst—but also a risk if unit economics diverge from the India model. [23]
- Product innovation and smart glasses: optional upside exists, but adoption speed will matter. [24]
- Valuation discipline: Macquarie’s valuation framing (as reported) implies investors are paying up for growth; any growth or margin disappointment could increase volatility. [25]
Bottom line
On December 19, 2025, Lenskart Solutions became one of the market’s most watched new-age consumer names as Macquarie’s Outperform initiation and ₹530 target helped trigger a sharp re-rating. The stock pushed into fresh highs on heavy volumes as investors weighed a compelling “organised retail + vertical integration” story against the reality of premium valuations and execution risk. [26]
References
1. m.economictimes.com, 2. m.economictimes.com, 3. m.economictimes.com, 4. www.business-standard.com, 5. www.moneycontrol.com, 6. www.business-standard.com, 7. m.economictimes.com, 8. m.economictimes.com, 9. www.ndtvprofit.com, 10. www.ndtvprofit.com, 11. www.ndtvprofit.com, 12. m.economictimes.com, 13. www.ndtvprofit.com, 14. www.ndtvprofit.com, 15. www.business-standard.com, 16. www.business-standard.com, 17. m.economictimes.com, 18. www.business-standard.com, 19. m.economictimes.com, 20. www.business-standard.com, 21. www.ndtvprofit.com, 22. m.economictimes.com, 23. www.ndtvprofit.com, 24. www.ndtvprofit.com, 25. www.ndtvprofit.com, 26. m.economictimes.com
