Motilal Oswal Wealth Management has released its latest weekly analysis, highlighting the growth potential of Happy Forgings and Lenskart. While the listed manufacturing firm Happy Forgings is seeing a large order book expansion, the private retail chain Lenskart is focused on aggressive store scaling. Investors should distinguish between the two as one is a public stock and the other is a private entity.
Motilal Oswal Wealth Management has released its outlook for the week starting September 21, 2026, focusing on two distinct companies: the listed manufacturing firm Happy Forgings and the private retail chain Lenskart. The brokerage report emphasizes growth projections for both businesses, based on operational metrics and planned expansions.
Happy Forgings, which is publicly traded, has been highlighted for its order book visibility. The company currently reports an incremental order book valued at approximately ₹9.5 billion, which is expected to support revenue growth over the next two to three years. The brokerage suggests that a shift in the product mix, with higher contributions from passenger vehicles and industrial segments, could assist the company in achieving its goal of 33% EBITDA margins by FY29. Operational improvements, including energy cost savings from a captive solar plant, are expected to play a role in this margin expansion. For investors, the performance of companies in the auto components sector is often linked to broader automotive industry demand and raw material price stability.
Lenskart, on the other hand, is a private company and its shares are not currently traded on public stock exchanges like the NSE or BSE. The brokerage report focuses on its operational strategy, estimating that the company may reach 4,500 stores across India by FY29. The report highlights strong store economics, noting that store-level EBITDA margins exceed 33% with payback periods of under 10 months. International operations are also reported to be growing, with EBITDA margins reaching 10.5% in the first quarter of FY27.
When evaluating these updates, it is important for investors to consider the different nature of these entities. While Happy Forgings can be monitored through regular quarterly results and exchange filings, Lenskart remains a private entity, limiting direct investment options for retail shareholders. The primary business risks to track for companies in the manufacturing and retail sectors include the ability to execute large expansion plans without excessive debt, maintaining profit margins amid competition, and navigating sector-specific cycles that can impact demand.