FSN E-commerce Ventures: Investor Day: Beauty moat deepens; fashion flywheel builds

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FSN E-commerce Ventures: Investor Day: Beauty moat deepens; fashion flywheel builds

J P M O R G A N Asia Pacific Equity Research

19 June 2026

FSN E-commerce Ventures Neutral

FSNE.NS, NYKAA IN

Investor Day: Beauty moat deepens; fashion flywheel Price (18 Jun 26):Rs298.10

builds Price Target (Mar-27):Rs270.00

We attended Nykaa's investor day, where management laid out its medium-term Consumer, Retail, Media

ACroadmap targeting a $5bn+ GMV business by FY30 (~2.5–3x current scale), with 2.5– Latika Chopra, CFA

3x revenue growth, 4–5x EBITDA growth (low-to-mid-teens margin) anchored on (91-22) 6157-3584

continued category growth, deeper customer penetration, premiumization and latika.chopra@jpmorgan.com

improving operating leverage. Beauty remains a key growth and profitability driver, Himanshu Singh

with management targeting 25–30% GMV CAGR through FY30, supported by (91-22) 6157-3610

customer growth, premiumization, global brand expansion, store rollout and faster himanshu.x6.singh@jpmorgan.com

fulfillment. Fashion is being positioned as a broader lifestyle platform, with 3–3.5x Saransh S Gokhale

NSV growth targeted by FY30 and improving profitability through scale, retention (91-22) 6157 3578

saransh.gokhale@jpmchase.com

and marketing efficiency. House of Brands and B2B are expected to scale J.P. Morgan India Private Limited, J.P. Morgan

meaningfully while moving toward stronger unit economics. Despite a firm Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

competitive landscape, Nykaa’s focus remains on brand trust, superior assortment and

disciplined execution, prioritizing customer relevance over reactive discounting.

EBITDA margins are expected to expand to low-to-mid-teens by FY30, driven by Style Exposure