• Maintain Buy; Hike Target Price to Rs 203 from Rs 182
• Growth acceleration across segments
• Pace of margin expansion remains subdued
• Fashion and eB2B's path to profitability provides confidence on an EBITDA breakeven 24-30 months from now
• Expect 24% revenue and 61% EBITDA CAGR for Nykaa over FY24-26
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