FSN E-Commerce Ventures Ltd., operator of beauty and fashion platform Nykaa, presented new medium-term goals at its Investor Day on 26 June that have left analysts divided on the stock’s prospects. Management forecast a mid-20% compound annual growth rate for its core beauty and personal-care business through FY30 and said the loss-making fashion arm should achieve EBITDA break-even in FY26, rising to double-digit margins at steady state. The company also targets a three- to four-fold expansion in fashion net sales value over five years and plans to scale its quick-commerce service, Nykaa Now, from seven to 10 cities. Brokerage views span a wide range. CLSA reiterated an “Outperform” rating with a ₹229 price target, citing potential earnings upgrades if execution stays on track, while Nuvama kept a “Buy” call at ₹235. Nomura remains “Neutral” with a ₹216 target, describing the fashion goals as ambitious but achievable. At the bearish end, Bank of America maintained an “Underperform” rating at ₹172 and Macquarie stayed at ₹145, warning of margin risks from faster delivery options. The split leaves the Street’s price expectations spread across nearly ₹100, underscoring uncertainty over Nykaa’s ability to translate growth plans into sustained profitability.