The goal is to grow GMV by 2.5x to $5 billion by FY30, with 2-3x revenue growth and 4-5x Ebitda growth. Nomura Global Markets Research doesn’t expect much impact of inflation on demand, and sees Ebitda margin improvement from 7.5% in FY26 to an estimated 8.9%/10% in FY27/28 as a key catalyst. But following 56% gains in the last one year, Nykaa trades at 117x FY28 estimated price-to-earnings, per Bloomberg. So, execution is crucial.
