Motilal Oswal stays Neutral on Nykaa, sees just 4% upside to Rs 310 target
Brokerage flags fair valuation at 50x EV/EBITDA despite long-term tailwinds: BPC market doubling to $42B by FY31, Dot & Key crossing Rs 1,000 cr NSV, 240+ stores, and Fashion segment hitting EBITDA break-even by Q4FY26 with 30% GMV growth.
Motilal Oswal maintains Neutral on Nykaa with Rs 310 target (4% upside), citing fair valuation despite strong long-term beauty and fashion growth, owned-brand scaling (Dot & Key >Rs 1,000 cr), 240+ stores, and Fashion EBITDA break-even in Q4FY26.