1QFY27F: Revenue growth accelerates further: BPC sustains strong momentum; Fashion revenue growth to near fifties; expect EBITDA margin at 8.5%

研报英文原文证据摘录

1QFY27F: Revenue growth accelerates further: BPC sustains strong momentum; Fashion revenue growth to near fifties; expect EBITDA margin at 8.5%

Global Markets Research

FSN E-Commerce Ventures FSNE.NS NYKAA IN 6 July 2026

EQUITY: CONSUMER RELATED

Rating1QFY27F: Revenue growth accelerates further Remains Buy

Target priceBPC sustains strong momentum; Fashion revenue growth Remains INR 317

to near fifties; expect EBITDA margin at 8.5%

Closing price INR 310 3 July 2026Nykaa provided an update (link) on its 1QFY27F performance. The key highlights were:

Beauty & Personal Care (BPC) category: Net revenue growth to be in the high 20s Implied upside +2.3%

• The company expects net sales value (NSV) and net revenue growth for the Beauty &

Personal Care (BPC) category to have grown in the high 20s in 1QFY27E(vs +27% Market Cap (USD mn) 9,331.6

in 4QFY26). Revenue growth to trail NSV marginally on higher contribution of House ADT (USD mn) 22.0

of Nykaa, which does not have any marketing income component.

• Channel performance: Store count increased to 324 at June-end (implying the addition of 11 Relative performance chart

new stores). The omnichannel beauty business continued to see accelerated growth, similar to

that in 4QFY26. Retail performance strengthened further, with mid-teens like-for-like growth.

• We estimate NSV/revenue growth of ~29% y-y / 27%y-y, similar to past trends.

Fashion category: Net revenue growth expected to accelerate to near fifties

• The company expects NSV growth to accelerate to the mid fifties and net revenue growth to

near the fifties, driven by expanding brand assortment and marketing investments, and a

reduction in leakages (from GMV to NSV).

• The Nike (NKE US, Not rated) partnership has delivered encouraging early results, while