Nomura sees 62% upside in Nykaa shares on sustained growth, stable margins; recommends ‘buy’

“In the beauty & personal care (BPC) segment, the net sales value (NSV) was up 26.5% year-on-year in 3QFY23 (34% in 9MFY23). Nomura estimates 4QFY23F NSV growth at 28% y-o-y, leading to 32% y-o-y growth for FY23F. This was slightly higher than its estimate of 31% y-o-y for FY23F,” Nomuras said.