Platforms

Nykaa secures Anand Rathi buy rating target ₹400

Broker sees premium beauty runway and fashion turnaround after the brand hit record $1 billion revenue in FY26.

Ananya Rao, Editor·23 October 2026·4 min read

Assorted beauty product bottles and compacts arranged on a clean glass retail shelf

Anand Rathi on 19-20 October initiated coverage on Nykaa with a buy rating and ₹400 target, valuing the stock at 50 times FY29e EBITDA. The note highlighted a FY26 turnaround that delivered record revenue of about $1 billion after two years of post-listing pressure, especially in fashion.

The brokerage pointed to dual engines: premiumisation inside beauty and personal care plus structural fixes in the fashion vertical. Nykaa remains the leading beauty platform with roughly 20 million monthly actives; its own Pink Friday events still drive sharper peaks than the broader festive window.

A beauty counter buyer in a metro mall now meets higher private-label and exclusive-brand density online, forcing department-store beauty halls to defend share with sharper promotions or shop-in-shop exclusives. Fashion sellers on the platform get better discovery but tighter return norms.

Nykaa should trade at a premium to retail peers on growth runway and category leadership.

Titan, Mamaearth and other beauty-adjacent names feel the premiumisation pull; pure-play fashion marketplaces lose some high-intent traffic. Margin expansion across both segments is the key claim investors will test.

Watch the next quarterly beauty GMV mix and any festive exclusive drops for proof the dual-engine story is holding.

Filed under Platforms·Ananya Rao

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