Nykaa shares jump on FY30 GMV target above $5bn

Investor day targets push the stock higher

Shares of FSN E-Commerce Ventures Ltd, the parent of Nykaa, rose over 7% on Thursday after the company outlined long-term targets at its investor day. Management said it is targeting gross merchandise value (GMV) of more than $1 billion by FY30, up from nearly ₹20,000 crore in FY26. The stock traded at a new 52-week high of ₹301 at around 11:40 am, up more than 7% from the previous close.

The company said it expects its overall business to grow 2.5x to 3x from current levels over the next four years. It attributed the expected scale-up to expansion across its core beauty platform, its fashion business, its retail store network and its owned brands portfolio.

Beauty remains the core growth driver

Nykaa said it plans to more than double its beauty customer base to 100 million by FY30 from about 45 million customers in FY26. Beauty GMV stood at nearly ₹15,000 crore in FY26, roughly double the level recorded three years earlier. The investor day commentary positioned beauty as the company’s anchor category while it builds out newer growth engines.

The company also shared longer-term customer mix expectations: women are expected to remain the core customer base at 65%-70%, with men and kids expected to contribute 20%-25% and 5%-7% respectively over the long term. Nykaa also said it aims to scale its content engine by 3x to 4x over the next 4-5 years, driven by AI, brand collaboration and new customer acquisition.

Fashion, Superstore and in-house brands in focus

Nykaa expects its fashion business to expand significantly over the next four years. While fashion remains smaller than beauty, the company described it as a fast-growing segment alongside its business-to-business platform Superstore and its portfolio of in-house brands.

On owned brands, the company outlined an ambition to grow House of Nykaa’s organic portfolio at a 30% CAGR to ₹6,000 crore GMV by FY30. It also said its fashion vertical is targeted to grow 3x to 4x over five years. Separately, Nykaa said its own-label portfolio has already clocked ₹2,100 crore in GMV across 12 brands.

Industry backdrop: discretionary categories expected to expand

Nykaa highlighted that India’s beauty and personal care (BPC) and fashion categories are expected to be among the fastest-growing discretionary consumption segments. Both categories are forecast to grow at more than 12% CAGR between FY26 and FY31, according to figures cited by the company.

Combined spending on beauty and fashion is expected to nearly double to about $100 billion by FY31 from $110 billion in FY26. Nykaa also cited projections that India’s e-commerce shopper base could exceed 400 million by FY30 and that online beauty and fashion could reach $10-$15 billion.

Retail network expansion and quick commerce ambitions

The company said its retail network is expected to grow substantially by FY30, without specifying store counts in the provided details. Nykaa also disclosed that Nykaa-Now is available in seven cities and has a target to expand to ten cities.

These initiatives add to the company’s multi-channel strategy, combining online assortment with offline retail and faster delivery in select markets.

Quarterly performance and segment growth signals

In a separate market update, FSN E-Commerce Ventures shares rose nearly 7% to a high of ₹275.97 after the company’s consolidated net profit rose over two times year-on-year and 84% quarter-on-quarter to ₹63.31 crore (₹633.10 million). Consolidated top line grew 27% year-on-year and 23% quarter-on-quarter to ₹2,873 crore (₹28.73 billion), compared with expectations of ₹2,876 crore (₹28.76 billion) mentioned in the same update.

The net sales value of the beauty and personal care segment grew 29% year-on-year, and the same metric for the fashion segment rose 25% year-on-year. A brokerage note cited a 28% year-on-year rise in GMV, led by 31% growth in fashion GMV, attributing the increase to a recovery in demand.

Management commentary on near-term growth guidance

On another trading day, shares rose as much as 3.04% to ₹272.9 after the company said it expects to deliver net revenue growth at the upper end of the mid-twenties. The stock later pared gains to trade about 1.8% higher at ₹270, while the Nifty 50 was down 0.16% at that time.

Nykaa also reported that consolidated GMV and net sales value growth were expected to be in the late twenties, pointing to a slight acceleration versus the mid-twenties growth sustained in recent quarters.

Key numbers at a glance

Broker targets and ratings mentioned in the updates

Why the FY30 targets matter for investors

The investor day guidance sets a clear scale ambition: more than $1 billion GMV by FY30 and a 2.5x to 3x expansion over the next four years. The plan leans on measurable operating levers that management discussed, including expanding the beauty customer base to 100 million, scaling owned brands and growing fashion.

At the same time, the market updates show investors are tracking both profitability and execution. The quarterly numbers cited include net profit of ₹63.31 crore and top line of ₹2,873 crore, while broker notes highlight segment-level momentum in beauty and fashion. The diversity of target prices and ratings indicates differing expectations on how much growth is already reflected in the stock.

Conclusion

Nykaa’s shares rallied after management set a FY30 GMV goal of more than $1 billion and reiterated plans to scale beauty, fashion, retail and owned brands. The next set of datapoints for investors will be continued tracking of customer growth, fashion trajectory and progress on initiatives such as retail expansion and Nykaa-Now’s rollout from seven to ten cities.