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Motilal Oswal Report
FSN E-Commerce Ventures Ltd. (Nykaa) shares could remain in focus after the beauty and fashion platform reported a strong set of Q1 FY27 numbers, driven by robust growth in both its beauty and personal care (BPC) and fashion businesses.
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While Motilal Oswal has raised its earnings estimates following the earnings beat, the brokerage has retained its 'Neutral' rating and target price of Rs 370, citing valuation concerns despite improving fundamentals.
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Motilal Oswal believes BPC should continue to deliver mid-to-high 20% NSV growth, supported by premiumisation, improving average order values, owned brands, and healthy customer additions, while margins should gradually improve despite continued reinvestment.
Fashion is also showing structural improvement, with stronger growth and sustained Ebitda breakeven.
The brokerage now expects Nykaa to report a PAT margin of 3.7%/4.8% in FY27/28E, and raises its estimates by ~14.8%/17.8% for FY27/FY28, driven by stronger fashion growth and better margin expectations across both neauty and fashion.
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