Nykaa hits 52-week high then fades as Citi-Jefferies divide deepens on record Q4
FSN E-Commerce posted its highest-ever 8.4% EBITDA margin, 28% revenue growth to ₹2,648 cr, and 313% PAT jump in Q4FY26, crossing $1 bn in annual revenue. Stock touched ₹285.60 before retreating to ₹272.85 as Jefferies (TP ₹350) and Citi (TP ₹225) split sharply over a 385x P/E.
Nykaa posted record Q4FY26 results with highest-ever 8.4% EBITDA margin, 28% revenue growth, and crossed $1 bn FY26 revenue. Stock hit 52-week high before retreating; analyst views split between Jefferies/CLSA/JM Buys and Citi Sell on rich valuation.
Why this matters
Third consecutive quarter of profit acceleration for Nykaa, with PAT now quadrupling and fashion vertical scaling. Yet broker divide widens — Jefferies bullish, Citi and Macquarie flag valuation stretch at 385x P/E.
Retail-company signals steady at 917 in last 90 days; Nykaa among most-tracked names.