Overview

• FSN E-Commerce projects consolidated net revenue growth in the mid-20% range for Q1 FY26, with GMV also expected to cross the mid-20% threshold.
• The beauty segment is set to deliver mid-20% net revenue growth and high-20% GMV expansion, driven by house brands and multi-channel distribution.
• Fashion vertical recorded sequential improvements with mid-20% GMV growth and mid-teens net revenue gains while targeting EBITDA breakeven by FY26.
• Morgan Stanley sustained its overweight stance with a target price of ₹225, lifting Nykaa shares about 2% to trade near ₹200.
• Indo-Pak border tensions softened consumer participation in Nykaa’s Q1 flagship sale event, illustrating an external headwind to its growth.