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Nykaa’s Growth Roadmap Draws Split Broker Ratings

Analysts disagree on Nykaa’s valuation following a presentation of its FY30 growth targets alongside a roadmap for profitability

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Overview

  • FSN E-Commerce Ventures set a 25% CAGR target for beauty and personal care GMV through FY30 and plans to scale fashion GMV by three to four times in the same period.
  • The company aims for its fashion vertical to reach EBITDA breakeven by FY26 and achieve mid-to-high single-digit EBITDA margins by FY28.
  • Nykaa Now’s two-hour delivery service is live in over 40 stores across seven cities to bolster its quick-commerce offering.
  • The House of Nykaa owned-brand portfolio is projected to grow to Rs 60 billion in GMV by FY30 as a key margin driver.
  • ICICI Securities maintained an Add rating with a Rs 230 target price while HDFC Securities retained a Reduce rating at Rs 180 per share, citing fashion segment risks.