Brokerages stack bullish calls on Nykaa, Jubilant, Varun Beverages and Bajaj Finance

Nomura sees Nykaa revenue 2.5-3x by FY30 with mid-teens EBITDA margins (TP Rs 317). Citi backs Jubilant Foodworks on Domino's 5-7% LFL and 200bps margin expansion through FY28 (TP Rs 650). CLSA likes Varun Beverages' Asahi CALPIS RTD dairy push (TP Rs 654). Bajaj Finance eyed for 26% EPS CAGR FY26-FY28 (TP Rs 1080).

— Source publishedMon, 22 Jun, 2026, 07:57 IST·First seen Mon, 22 Jun, 2026, 08:13 IST·Source Times of India · Business

What happened

Brokerages issue bullish calls: Nomura buys Nykaa (FY30 revenue 2.5-3x, mid-teens EBITDA), Citi buys Jubilant Foodworks on Domino's 5-7% LFL, CLSA backs Varun

Key facts

  • Nykaa TP Rs 317
  • revenue 2.5-3x by FY30
  • EBITDA margin early/mid-teens FY30
  • Jubilant TP Rs 650
  • Domino's LFL 5-7%
  • 200bps margin expansion FY24-FY28
  • Varun Beverages TP Rs 654
  • Bajaj Finance TP Rs 1080
  • 26% EPS CAGR FY26-FY28

Why this matters

Analyst enthusiasm around adjacencies—Varun's dairy RTD with Asahi CALPIS and Nykaa's revenue triplication path—signals partnership and category-extension M&A windows are opening across consumer.