Nykaa's strong FY30 growth outlook, margin expansion lift analysts' optimism

FSN E-Commerce Ventures

22/06/2026 05:18

** Shares of Nykaa FSNE.NS climb 1.2% to 305.70 rupees
** Analysts highlight strong long-term growth visibility and improving profitability after the company's shareholder meeting 
** CLSA says scale, personalisation and AI are improving conversion and strengthening its competitive moat
** Investec highlights stronger-than-expected EBITDA outlook and premiumisation tailwinds
** Citi sees FY30 EBITDA rising 4–5x, implying ~45% CAGR, ahead of its estimates
** Brokerages say key drivers include the company's premiumisation, entry into wellness portfolio, faster delivery and rising ad income  
** However, they caution elevated valuations could cap upside despite strong structural growth outlook 
** Avg rating of 23 analysts on FSNE at "hold"; median PT is 315 rupees - LSEG-compiled data
** YTD, Nykaa stock gains ~15%
     

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