Nykaa's FY30 growth targets 'overly aggressive,' says HDFC Securities

Fsn E-Commerce Ventures

23/06/2026 05:36

** HDFC Securities says Nykaa FSNE.NS FY30 ambitions look overly aggressive and difficult to deliver
** Brokerage maintains "sell" rating on parent FSN E-Commerce Ventures' stock with a PT of 220 rupees
** Expects slower growth than guidance in core beauty business, while also flagging execution risks in fashion, where management is targeting 32–37% growth and high-single-digit margins, 
** Calls assumptions around customer adds and cost cuts optimistic, and flags likely moderation in in-house brand momentum
** Adds, planned margin expansion may be hard to achieve without hurting growth, especially given high marketing and fulfillment costs
** Rich valuations and rising competition further underpin the cautious stance - HDFC Securities
** Avg rating of 23 analysts on FSNE at "hold"; median PT is 317 rupees - LSEG-compiled data
** Stock up 0.4% on Tuesday, taking YTD gains to 15.2%


 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))