Nomura has reaffirmed its 'Buy' rating on FSN E-Commerce Ventures (Nykaa), citing sustained strong revenue growth in Beauty & Personal Care and accelerating fashion growth, forecasting 2QFY27 revenue growth of 29% year-on-year with EBITDA margin at 8.7% and calling its valuation at around 5.5x FY28F EV/sales attractive.

FSN E-Commerce Ventures said its Nykaa business expects consolidated Q2 FY27 net revenue growth in the late twenties, with GMV growth close to the thirties and net sales value growth in the early thirties. Fashion is expected to lead with net sales value growth in the late forties and net revenue growth in the early forties, while Beauty is expected to grow in the late twenties, supported by 14 net new stores to 338 total and like-for-like growth in the early twenties.

FSN E-Commerce Ventures Limited, operator of Nykaa, has begun its festive push into tier-2 and tier-3 markets by setting up two-five local stores in every such town and plans to double its total outlet count to more than 600 by 2030.

FSN E-Commerce Ventures Limited's Nykaa Fashion vertical has launched an accelerator programme under its Hidden Gems proposition to scale high-potential homegrown brands across Indian wear, Western wear, jewellery, bags and footwear, offering zero commission for the first six months plus preferential visibility, marketing support, mentorship, fast-track onboarding and simplified cataloguing.