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Nykaa Rated 'Sell' By HDFC Securities On Challenging Growth Outlook — Check Target Price
Nykaa's core beauty and personal care platform margins do not offer leverage benefits, given the imperative to invest more in rapid fulfillment options, adds the brokerage.
01 Jan 2026, 09:53 AM IST 
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Nykaa remains an efficient online business, especially for beauty and personal care, but fashion remains a WIP.
(Photo source: Nykaa website)
HDFC Securities suspects Nykaa's core BPC platform margins do not offer leverage benefits, given the imperative to invest more in rapid fulfillment options. Fashion remains a WIP.
