“Maintained 'Buy' rating on Nykaa, raising its target price to ₹411 from ₹343, implying nearly 20% upside. Nomura expects Nykaa to sustain strong growth and margin expansion, driven by premiumization, increased brand partnerships, scaling of own brands, and physical expansion into Tier 2 and 3 cities. FY28 revenue estimates were raised.”

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