Brokerages split on Nykaa: Jefferies Buy at Rs 350, Macquarie Underperform at Rs 210

Mixed Street views across India consumer names. Jefferies sees Nykaa compounding 4-5x Ebitda FY26-30E with Rs 350 TP; Macquarie counters with Underperform at Rs 210. Buys flagged on Havells (Rs 1,500), Jubilant Food (Rs 650, Domino's LFL 5-7%), Varun Beverages (Rs 600, Asahi tie-up), LG India (Rs 1,800). Radico gains from state liquor reforms.

— Source publishedFri, 19 Jun, 2026, 07:14 IST·First seen Fri, 19 Jun, 2026, 07:26 IST·Source NDTV Profit

What happened

Brokerages issue mixed views on Indian consumer/retail names: Buy on Havells, Jubilant Food, Varun Beverages (Asahi tie-up), Nykaa (Jefferies) and LG India;

Key facts

  • Havells TP Rs 1500
  • Jubilant Food TP Rs 650
  • Domino's LFL 5-7%
  • Bajaj Finance TP Rs 1080
  • FY27 NIM decline 10-12 bps
  • Varun Beverages TP Rs 600
  • Tata Capital TP Rs 400
  • Nykaa Buy TP Rs 350
  • Nykaa Underperform TP Rs 210
  • LG India TP Rs 1800
  • Jubilant 200 bps margin expansion
  • Nykaa 4-5x Ebitda FY26-30E

Why this matters

Varun Beverages' Asahi tie-up and Radico's state liquor tailwinds signal partnership and regulatory arbitrage windows opening across consumer adjacencies.