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Nykaa Gets HDFC Securities 'Reduce' Rating — Here's Why
HDFC Securities' Reduce rating on Nykaa holds with a DCF-based target price of IRs 180/share (implying 62x Jun-27 EV/Ebitda).
30 Jun 2025, 03:56 PM IST 
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(Photographer: Usha Kunji/NDTV Profit)
FY25 marked a step-up in customer acquisition in beauty and personal care. This note, alongside key highlights from the FY25 analyst meet, assesses the feasibility of Nykaa’s stated ambitions across segments. In BPC, mid-to-late 20s growth target for FY25-30 seems aggressive but plausible (21% CAGR built in).
