Nykaa shares near 52-week high after 5% jump in reaction to Q2 results

Shares of FSN e-commerce Ventures, parent company of beauty and fashion e-tailer Nykaa, surged as much as 5% on Monday, November 10, in response to its September quarter results.

Nykaa's net revenue growth was in the mid-20s for the 12th quarter in a row, while the company's gross margins were also at the highest levels in 12 quarters.

The company's EBITDA margin of 6.8% from 5.5% last year, and net profit of ₹32.98 crore, which implied a 154% growth from the same quarter last year.

Brokerage firm Morgan Stanley has maintained its "overweight" rating on the stock with a price target of ₹271. The brokerage highlighted that the company was confident of maintaining its growth momentum across both businesses.

Morgan Stanley also expects Nykaa's beauty business performance to be strong in Q3, aided by Nykaaland and Sale.

CLSA also has an "outperform" rating on Nykaa with a price target of ₹298. The brokerage has raised its financial year 2026-2028 earnings per share (EPS) estimates by 2% to 3%.

25 analysts have coverage on Nykaa, out of which 12 have a "buy" rating, four say "hold", while nine others have a "sell"

Shares of FSN E-Commerce Ventures or Nykaa are trading 4.9% higher on Monday at ₹257.7. The stock has risen 57% so far in 2025, but has declined nearly 3% in the last one month. The stock is also trading close to its 52-week high level of ₹268.