Nykaa Q1 Review: Premiumisation Drives Growth, But Valuations Keep Motilal Oswal Cautious — Check Revised Target Price

Motilal Oswal believes beauty and personal care should continue to deliver mid-to-high 20% NSV growth, supported by premiumisation, improving average order values, owned brands, and healthy customer additions, while Nykaa's margins should gradually improve despite continued reinvestment.