Nykaa stock rises nearly 3% after robust Q2 results show; brokerages bullish on growth momentum

Nykaa share price today: Brokerages maintain bullish view as Nykaa’s consolidated net profit jumps 244 percent year-on-year to Rs 34.4 crore in Q2 FY26 from Rs 10 crore a year ago, driven by strong traction in its beauty and fashion businesses.

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Shares of FSN E-Commerce Ventures Ltd, the parent firm of Nykaa, gained nearly 3 percent to Rs 252.9 on Monday morning after the company’s July-September quarter results showed strong growth in profit and revenue, with brokerages maintaining a bullish view on its performance.

Nykaa’s consolidated net profit jumped 244 percent year-on-year to Rs 34.4 crore in Q2 FY26 from Rs 10 crore a year ago, driven by strong traction in its beauty and fashion businesses. Revenue from operations rose 25 percent to Rs 2,346 crore, while EBITDA grew 53 percent to Rs 158.5 crore, lifting the EBITDA margin to 6.7 percent from 5.5 percent. Gross merchandise value (GMV) climbed 30 percent year-on-year to Rs 4,744 crore, led by robust 28 percent GMV growth in beauty and a sharp revival in fashion.

Brokerage views: Buy or Sell Nykaa shares?

Morgan Stanley shared an Overweight rating on Nykaa stock with a target price of Rs 271 per share, noting that Nykaa’s beauty segment maintained its momentum with 28 percent GMV growth and a 9 percent EBITDA margin. It said the fashion segment’s GMV rose 37 percent in Q2, with losses narrowing to 3.5 percent owing to improved operating leverage. The brokerage expects strong performance in Q3, aided by festive demand and Nykaaland, its flagship beauty event.

CLSA has an Outperform rating, while raising its target price to Rs 298 per share. It highlighted a 25 percent year-on-year revenue increase and a 125-basis-point expansion in EBITDA margin, with overall EBITDA coming in 4 percent above estimates. The brokerage noted improved profitability across both verticals, with beauty net sales value rising 27 percent and fashion margins expanding 550 basis points year-on-year. It raised FY26-28 earnings estimates by 2-3 percent.

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