FSN E-Commerce Ventures FSNE.NS NYKAA IN: Strong FY30 guidance – Growth to accelerate

Research evidence excerpt

FSN E-Commerce Ventures FSNE.NS NYKAA IN: Strong FY30 guidance – Growth to accelerate

Global Markets Research

FSN E-Commerce Ventures FSNE.NS NYKAA IN 18 June 2026

EQUITY: CONSUMER RELATED

RatingStrong FY30 guidance – Growth to accelerate Remains Buy

Target priceGuides revenue to grow by 2.5-3x and expand EBITDA Remains INR 317

margins to early/mid teens by FY30E; maintain Buy

Closing price

18 June 2026 INR 298We attended FSN E-Commerce’s Investor Day 2026. Key takeaways are below:

• Nykaa’s revenue and margin guidance was ahead of our estimates. Revenue guidance Implied upside +6.4%

for FY30E at INR250-300bn (vs Nomura INR248bn) and early-to-mid teen margin (vs Nomura:

~11%) were driven by: 1) premiumization, 2) increasing brand partnerships and scale-up of Market Cap (USD mn) 9,050.2

own brands, and 3) focus on physical expansion in Tier 2/3 cities. Industry: according to ADT (USD mn) 18.4

management, Beauty, Personal Care (BPC), and Fashion industries will likely record a CAGR

of ~12%+ over FY26-FY31E, driven by GenZ and millennials who account for over 70% of

Relative performance chart BPC consumption.

• BPC: The segment targets a total of USD40bn+ TAM by FY31, with an aim to record

USD5bn+ GMV by FY30E (2.5x current scale), with revenue growing ~2.5-3x in FY30E from

FY26, while capitalizing on high-margin segments and emerging categories.

• House of Nykaa: Its brand portfolio is currently at INR17bn net sales value (NSV), which the

company expects to triple to INR50bn NSV by FY30E.

• Fashion: Revenue is expected to grow to 3-3.5x in FY30E from FY26 levels driven by brand

assortment, continued customer acquisition and retention. Margins are expected to rise to high

single-digit in FY30E (from -2.6% in FY26) and steady state margin of ~10%.