The responses were positive from analysts. Although some analysts pared FY25 and FY26 estimates, the bulk continued to issue 'buy' calls after the stock rose 2.5 per cent.
The management expects the Beauty & Personal Care (BPC) business to grow at a 25 per cent compound annual growth rate (CAGR) during FY24-28.
The ambition is to grow the fashion business's net sales value by 2.5-3x in the next three years.
Nykaa is also targeting holding BPC margins close to the current levels while fashion is expected to hit breakeven by FY26.
Domestic capex has peaked in FY23.
The GCC thrust will need $3-5 million in capex to support growth. The guidance is also that gross margins will expand 1.4x by FY26 over FY24.
Abreakeven at earnings before interest, taxes, depreciation, and amortisation (Ebitda) level in the fashion business by FY26 would be a big improvement versus ₹100 crore loss in FY24.
But Ebitda margin expansion expectations for the BPC segment need to be reduced on management guidance of near current levels, although 25 per cent CAGR on GMV would create an upside.
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