BUZZ-Nykaa's strong FY30 growth outlook, margin expansion lift analysts' optimism

Citigroup Inc.

Citigroup Inc.

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** Shares of Nykaa FSNE.NS climb 1.2% to 305.70 rupees

** Analysts highlight strong long-term growth visibility and improving profitability after the company's shareholder meeting

** CLSA says scale, personalisation and AI are improving conversion and strengthening its competitive moat

** Investec highlights stronger-than-expected EBITDA outlook and premiumisation tailwinds

** Citi sees FY30 EBITDA rising 4–5x, implying ~45% CAGR, ahead of its estimates

** Brokerages say key drivers include the company's premiumisation, entry into wellness portfolio, faster delivery and rising ad income

** However, they caution elevated valuations could cap upside despite strong structural growth outlook

** Avg rating of 23 analysts on FSNE at "hold"; median PT is 315 rupees - LSEG-compiled data

** YTD, Nykaa stock gains ~15%


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