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.
What happened
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:
Key facts
- $5 billion GMV by FY30
- GMV 2.5-3x
- Revenue 2.5-3x
- EBITDA 4-5x
- EBITDA margin low-to-mid teens
- JPM TP Rs 270
- Macquarie TP Rs 210
- Jefferies TP Rs 350
- MS TP Rs 321
- CMP Rs 298.1
Why this matters
A 4-5x EBITDA ambition signals Nykaa will lean harder on private labels and offline tuck-ins, opening windows for beauty brand acquisitions and category-adjacent partnerships over the next 18 months.