If the growth so far continues, what you say about valuations may be accepted, but I don’t think comparing Nykaa with HUL is correct, as HUL is present in many categories including food, which makes it a diversified business, not to mention the brands which are household names, the decades of its existence, the reasonable and relative secular growth it can have over the coming years, dividend, FCF, and other reasons.
Just saying, as I have no intention of investing as of now, but I am a little interested in the business.
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