Street View: Brokerages positive on growth outlook for India's Nykaa

FSN E-Commerce Ventures

19/06/2026 07:54

** India's beauty and fashion retailer Nykaa FSNE.NS aims to exceed $5 billion in gross merchandise value (GMV) by fiscal 2030
** Shares rise 1.5% to 302.65 rupees, hitting a more than four-year high

MARGIN EXPANSION KEY DRIVER 
     
** Nomura ("buy," PT: 317 rupees) says Nykaa likely to sustain strong growth with margin expansion "through its trusted platform, content ecosystem and owned brands, enabling it to capture a disproportionate share of premium lifestyle spending," 
** Jefferies ("buy," PT: 350 rupees) expects margins to rise to high single digits by FY30 and exceed 10% over the long term, driven by curated premium assortment, expanding brand portfolio, and partnerships with global brands
** BofA Global Research ("neutral," PT: 315 rupees) says increased spending by competitors will expand the overall beauty products market, which will also benefit Nykaa
** Macquarie ("underperform," PT: 210 rupees) says slow pace of acceleration in rest-of-beauty GMV growth momentum implied in co's guidance remains a concern

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.Parmar@thomsonreuters.com;))