Stock to buy, Oct. 20 -- Brokerage firm Anand Rathi has initiated coverage on e-commerce platform Nykaa share price. The brokerage firm has assigned 'buy' rating for long-term with a target price of Rs.400.

"We initiate coverage on Nykaa with BUY rating and a TP of Rs400, valuing the stock at 50xFY29e EBITDA. We believe Nykaa should trade at a premiumcompared to its retail peers, considering massive long-term growth runway, category leadership and margin expansion across core segments," the firm said in a note.

Nykaa staged a strong recovery in FY26, achieving record revenue of approximately $1 billion after two years of post-listing volatility marked by subdued growth and persistent margin pressures in its fashion business.

Its turnar...