“Nomura expects Nykaa's Ebitda margin to improve from 7.5% in FY26 to an estimated 8.9% in FY27 and 10% in FY28, serving as a key catalyst for the stock. They anticipate minimal impact of inflation on demand, supporting the company's goal to grow GMV by 2.5x to $5 billion by FY30.”

Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%