“Retained 'Buy' rating on Nykaa and raised confidence in its long-term growth trajectory, assigning the highest Street target of ₹411. The brokerage expects premiumisation, expanding brand partnerships, continued scale-up of owned brands, and physical expansion into Tier-II and Tier-III cities to support both revenue growth and margin expansion.”

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