Motilal Oswal stays Neutral on Nykaa, sees just 4% upside to Rs 310 target

Brokerage flags fair valuation at 50x EV/EBITDA despite long-term tailwinds: BPC market doubling to $42B by FY31, Dot & Key crossing Rs 1,000 cr NSV, 240+ stores, and Fashion segment hitting EBITDA break-even by Q4FY26 with 30% GMV growth.

— Source publishedFri, 19 Jun, 2026, 08:58 IST·First seen Fri, 19 Jun, 2026, 09:37 IST·Source NDTV Profit

What happened

Motilal Oswal maintains Neutral on Nykaa with Rs 310 target (4% upside), citing fair valuation despite strong long-term beauty and fashion growth, owned-brand

Key facts

  • Target Rs 310
  • 4% upside
  • BPC market $23B to $42B by FY31
  • 240+ stores
  • Dot & Key >Rs 1,000 cr NSV
  • Fashion GMV +30% FY26
  • Beauty 2.5-3x by FY30
  • Fashion 3-3.5x by FY30
  • 50x EV/EBITDA

Why this matters

Fashion approaching EBITDA break-even with 30% GMV growth and a $42B BPC TAM by FY31 sharpens the case for bolt-on beauty brand acquisitions while public-market multiples cap Nykaa's paper currency.