External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Nykaa’s decisive shift toward customer acquisition, especially in BPC, in FY26 is certainly encouraging and the momentum will likely continue in Q3 (courtesy the Pink Friday sale)</li><li>However, we suspect that in the medium term, the ask from BPC growth remains high</li><li>In H1FY26 (HSIE estimates), if one strips out own brands’ sales and eB2B, core BPC is estimated to have grown at sub-20%</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Nykaa’s decisive shift toward customer acquisition, especially in BPC, in FY26 is certainly encouraging and the momentum will likely continue in Q3 (courtesy the Pink Friday sale)However, we suspect that in the medium term, the ask from BPC growth remains highIn H1FY26 (HSIE estimates), if one strips out own brands’ sales and eB2B, core BPC is estimated to have grown at sub-20%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fsn E-Commerce Ventures: Ask from Growth Remains High, Maintain SELL