A Nykaa broker call published on October 27, 2026, assigned the Indian beauty retailer a buy rating and a ₹400 price target after its Nykaaland event attracted more than 30,000 attendees. The note quoted a market price of ₹339 for shares of Nykaa parent FSN E-Commerce Ventures.

Nykaa broker call follows beauty event

Nykaaland 4.0 featured more than 60 Indian and global beauty and wellness brands, including Rare Beauty, Huda Beauty and e.l.f. The event also included a booth for Nykaa Man.

The brokerage note pointed to the range of brands, creator partnerships, owned labels and the combination of online and offline discovery as features of Nykaa’s business.

Brokerage outlook for customer growth

The note said Nykaa had seen a surge in transacting customers in recent years. It forecast that newer customer groups would place orders more frequently and spend more per basket as they mature.

The brokerage also expected growth to continue in the medium term as online beauty, personal care and fashion penetration increases. Those expectations are forecasts, not reported results.

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