“Maintained 'Neutral' call on Nykaa, while raising its target price to ₹370. Motilal Oswal noted that premiumization in beauty is intensifying, visible in improving Average Order Values (AOVs). Nykaa is on track to deliver approximately 5x consolidated EBITDA by FY30, driven by improving EBITDA margins in both the fashion and BPC segments, alongside disciplined working capital management.”

Motilal Oswal Analysis’s track record: 6 graded calls · 95% CI 19–81%