Nomura has a ‘neutral’ rating on FSN E-Commerce (Nykaa) with a target price of Rs 190. Analysts expect the company’s beauty & personal care segment’s GMV growth is expected to be in the low 30% level on an annualised basis while its net revenue growth would be in the mid-20%. They expect Nykaa’s consolidated revenue growth to be about 26% on an annualised basis for Q4FY25, with some downside risks.
Morgan Stanley has an ‘equal weight’ rating on Delhivery with a target price of Rs 320. Analysts feel its acquisition of Ecom Express is a step towards consolidation. For the company, the key to value realisation would be revenue retention, cost structure reduction and lower capex.
HSBC has a ‘buy’ call on Dixon Technologies with a target price of Rs 20,000. Analysts feel the US’s new tariffs could benefit Dixon since tariffs on China, Vietnam and Thailand are higher. The company’s domestic market-driven growth could come from import substitution, customer addition and rising market share. They expect strong FY25 Q4 growth, albeit lower than consensus expectations.
Goldman Sachs has retained its ‘buy’ recommendation on Trent but cut target price to Rs 6,760 from Rs 7,500 earlier. Analysts cut estimates post weak Jan-March sales print which was a disappointment after an encouraging store addition update that came a few days earlier. They estimate a weaker than expected Jan-March into their estimates, but remain positive that growth will pick up in FY26 on strong store additions done in 2HFY25 and a likely pick up in low-ticket discretionary demand.
Emkay Global Financial Services has a ‘buy’ rating on Bikaji Foods International with a target price of Rs 775. Analysts feel the company’s fundamentals are firm and its execution is aligned with its capability. They believe the worst of the inflationary impact is in the base, wherein easing in inflation is likely to help Bikaji recoup margins faster. With the low-teen organic business growth, addition of inorganic initiatives, and recovery in the FY26 margin profile, they see robust earnings growth over FY25-27.
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