Despite a disappointing performance in the last year, several brokerages predict a 46% rally in Nykaa stock due to the company’s balance between growth and profitability. The BPC business of FSN E-Commerce is expected to grow healthily, while beauty is expected to grow faster than the personal care category; the fashion business will sharpen its focus on private labels to reduce marketing costs. Top brokerages Kotak Institutional Equities, Jefferies, and Nomura have recommended a ‘Buy’ on Nykaa shares. Nykaa’s BPC segment’s revenue continues to grow and accounts for 70% of the total amount.