Brokerages split on consumer plays: ITC neutral, Nykaa & Honasa buy, LG India overweight

Goldman flags cigarette tax drag on ITC (TP Rs 330) even as FMCG grows 15% YoY. Jefferies backs Nykaa (TP Rs 350) on >25% beauty growth; CLSA outperform on Honasa (TP Rs 434) as Mamaearth turnaround builds with revenue +23% YoY. Morgan Stanley overweight LG India (TP Rs 1,726) on premiumization.

— Source publishedMon, 25 May, 2026, 08:07 IST·First seen Mon, 25 May, 2026, 08:13 IST·Source Times of India · Business

What happened

Brokerage roundup: Goldman neutral on ITC (cigarette tax drag, FMCG accelerating); Jefferies buy on Nykaa with TP Rs 350 on beauty/fashion strength; CLSA

Key facts

  • ITC TP Rs 330
  • cigarette volume -8% FY27
  • FMCG growth 15% YoY
  • Nykaa TP Rs 350
  • Nykaa beauty >25%
  • Honasa TP Rs 434
  • Honasa revenue +23% YoY
  • LG India TP Rs 1,726
  • LG revenue +8% YoY

Why this matters

Honasa's Mamaearth turnaround and Nykaa's >25% beauty growth validate beauty/D2C as M&A hunting grounds, while LG India's premiumization thesis hints at appliance consolidation opportunities.