Nykaa targets $5B GMV by FY30; brokerages split on margin, Dot & Key scale-up risks
FSN E-Commerce unveiled an FY30 roadmap pegging GMV at $5B+, with revenue rising 2.5-3x and EBITDA 4-5x across beauty, fashion, offline and private labels. Jefferies (TP Rs 350) and Morgan Stanley (Rs 321) back the plan; JPMorgan stays neutral at Rs 270 while Macquarie's Rs 210 underperform flags margin and Dot & Key execution risks. CMP Rs 298.1.
Nykaa unveiled an FY30 roadmap targeting $5B+ GMV, 2.5-3x revenue and 4-5x EBITDA growth across beauty, fashion, offline and private labels. Brokerages split: Jefferies/Morgan Stanley bullish, JPMorgan neutral, Macquarie underperform citing margin and Dot & Key scaling concerns.