Archive · 23 Dec 2025
Motilal Oswal Rates Nykaa Neutral with 11% Upside
Motilal Oswal, a brokerage firm, has started covering Nykaa's stock and given it a Neutral rating.
They think Nykaa's stock could go up by about 11% to reach ₹280.
Nykaa is a big name in online beauty and fashion shopping in India.
The company is doing well, but because its stock has already gone up a lot, there might not be much more growth in the short term.
Nykaa is known for its focus on beauty products, and it has a strong market share.
The fashion part of the business is also improving but isn't profitable yet.
Overall, Motilal Oswal thinks Nykaa is a good company, but its stock might not go up much more soon.
Motilal Oswal initiated coverage on Nykaa with a Neutral rating and a target price of ₹280, implying an 11% upside potential.
Nykaa is a leading platform in the beauty and personal care segment, with a 27% share of India's online BPC market.
The brokerage projects a 26% CAGR in BPC gross merchandise value and a 35% CAGR in BPC EBITDA over FY25–30E.
Despite profitability improvements, current valuations limit near-term upside due to strong past performance.
Nykaa's fashion business is expected to achieve EBITDA breakeven by end-FY26 but is not yet a strong profit driver.
- Who
- Motilal Oswal, a brokerage firm
- What
- Initiated coverage on Nykaa with a Neutral rating and a target price of ₹280, indicating an 11% upside potential
- When
- December 23, 2025
- Where
- India
- Why
- Nykaa is a leading platform in the beauty and personal care segment, but current valuations limit near-term upside due to strong past performance
- Company
- FSN E-Commerce Ventures (Nykaa)
- Brokerage
- Motilal Oswal
- Rating
- Neutral
- Target Price
- ₹280
- Current Upside
- 11%
- Projected BPC GMV CAGR (FY25–30E)
- 26%
- Projected BPC EBITDA CAGR (FY25–30E)
- 35%
- Fashion EBITDA Breakeven
- End-FY26
- Market Share in Online BPC
- 27%
- EV EBITDA Multiple for BPC
- 50x
- Per-Share Value for Fashion
- ₹31
- Current Stock Price
- ₹256.95
- Year-to-Date Gain
- 56%
- Past Month Performance
- -5%
- Analyst Ratings (Buy/Hold/Sell)
- 12/4/9
Sources
Is Nykaa a Buy now? Motilal Oswal sees 11% upside but rules out major re-rating — Here’s why
Nykaa shares: MOFSL sees limited upside after sharp rally; check price target
Nykaa shares upside capped after strong rally, Motilal Oswal says
