Kotak Downgrades Nykaa To ‘Sell’ Amid Co’s Push For Faster Deliveries

Kotak Downgrades Nykaa To ‘Sell’ Amid Co’s Push For Faster Deliveries

SUMMARY

Kotak also cut Nykaa’s fair value to INR 190 from INR 195 earlier

The brokerage trimmed its FY25-27 EBITDA estimates by 3-7%, given lower margins expected in BPC and eB2B as Nykaa boosts quicker deliveries

Shares of Nykaa, which fell in two previous consecutive sessions this week, declined almost 2% to INR 207.7 on the BSE during the intraday session on Thursday

Kotak Institutional Equities downgraded beauty and fashion ecommerce major Nykaa to ‘sell’ from a previous ‘add’ rating while lowering the fair value to INR 190 from INR 195 earlier.

The brokerage said Nykaa might witness higher fulfillment costs due to quicker deliveries, adversely impacting its EBITDA margin. 

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