UBS downgrades rating on Nykaa. (Source: Nykaa investor's presentation) Show Quick Read Summary is AI Generated. Newsroom Reviewed

After a stellar run so far in 2025, global financial services firm UBS has downgraded beauty and fashion platform Nykaa-parent FSN E-Commerce Ventures Ltd. to 'neutral', citing limited upside at current valuations. The stock has gained over 40% year-to-date, significantly outperforming broader indices like the MSCI India Index and the Nifty FMCG Index.

UBS believes the stock is now fairly valued, given the strong rally and modest tweaks in estimates. It has assigned a 12-month price target of Rs 260.

While growth in Nykaa's beauty and personal care segment remains strong, UBS noted that the performance has come in slightly below expectations, largely du

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