Siddhartha Khemka, head of research for wealth management at Motilal Oswal Financial Services, named Lenskart and Meesho among his preferred retail stocks after Nashik store checks showed differing sales trends across retail formats.
In an Oct. 24 column for The Economic Times, Khemka said his early-October visits found double-digit like-for-like growth at some value-fashion stores and 20% to 25% growth at top eyewear outlets. He also described demand in Nashik as softer in September and October, and cautioned that regional checks may not represent India as a whole.
Retailers Association of India (RAI) Business Survey Round 75 showed 8% year-over-year retail sales growth in September, down from 10% in August, Indian Retailer reported. The outlet said a later festive calendar left September 2026 mostly pre-festive, unlike September 2025, when festive buying had already begun. The survey and Khemka’s local visits cover different periods and scopes.
Among the segments in his FY26–29 outlook, Khemka put value retail at about 22% sales compound annual growth and 29% profit growth. His estimates for traditional retailers were 13% and 24%, respectively; footwear was at 10% and 16%. He also gave target prices of ₹800 for Lenskart and ₹240 for Meesho.
Company disclosures provide separate measures of the businesses. Lenskart reported India same-store sales growth of 20.8% for FY26 and 24.2% in Q4 FY26. Meesho’s investor-relations page lists more than 274 million annual transacting users and more than 2.83 billion orders placed in the 12 months ended June 30, 2026.
Khemka linked differences in store performance to inventory and location. He described warehouse delays and difficulty obtaining merchandise for some franchise operations, while company-run and mall-based outlets performed better.
Khemka also flagged rural purchasing power as a possible constraint on discretionary spending. The India Meteorological Department (IMD) reported 759.4 millimeters of southwest monsoon rainfall from June through September, equal to 87% of its long-period average. ICRA separately cited uneven monsoon conditions and lower kharif acreage as risks to farm incomes.
Khemka had expected retail momentum to improve around mid-October, with the main festive buying period in early November.
