Shares of FSN E-Commerce Ventures fell 4 per cent after hitting a 52-week high on Wednesday despite reporting a sharp rise in June quarter earnings.The stock traded at ₹329.25 on the NSE at 10.20 am after touching a 52-week high of ₹348, up 1.6 per cent from the previous close of ₹342.50.The parent company of Nykaa reported a 226 per cent y-o-y jump in net profit to ₹80 crore in Q1FY27, while revenue from operations rose 29 per cent y-o-y to ₹2,782 crore.Brokerages bullishNomura maintained a buy rating with a target price of ₹411. The brokerage said growth is accelerating and margin levers are playing out, with first-quarter EBITDA ahead of consensus estimates.It expects Nykaa to sustain strong growth momentum, supported by premiumisation, increasing brand partnerships, expansion of own brands and physical expansion in Tier 2 and Tier 3 cities.Jefferies also maintained a buy rating with a target price of ₹400.The brokerage said the company delivered a strong beat across metrics, with robust revenue growth, multi-quarter high margins and a sharp rise in profits.It said the beauty business benefited from continued user growth, premiumisation and higher average order values, while the fashion business recorded more than 50 per cent growth with EBITDA break-even.Jefferies added that the house of brands business continues to scale and quick delivery is expanding its reach, with valuation supported by strong growth and margin expansion.HSBC maintained a buy rating with a target price of ₹380. The brokerage said robust GMV performance continued, with beauty and personal care GMV rising 28 per cent and fashion GMV increasing 53 per cent, while the house of brands business continued to scale.It noted EBITDA margin expanded around 195 basis points y-o-y and raised its FY27 EBITDA estimate by 3 per cent following the first-quarter beat.CLSA retained an outperform rating with a target price of ₹376. The brokerage said first-quarter revenue grew 29 per cent y-o-y, while EBITDA margin expanded to 8.5 per cent, up 196 basis points y-o-y, with EBITDA 6 per cent above its estimates.It said fashion NSV growth accelerated to 53 per cent y-o-y from 29 per cent in the previous quarter as Nykaa strengthened brand partnerships, while beauty NSV grew 29 per cent y-o-y, supported by 40 per cent growth in margin-accretive own brands.More Like ThisPublished on August 5, 2026