Nykaa, the beauty and fashion retailer she founded in 2012, was the result of that dissatisfaction and of a banker’s instinct to spot a market inefficiency hiding in plain sight.

Motilal Oswal has initiated coverage on Nykaa with a ‘Neutral’ rating and a target price of Rs 280, implying a 10.3% upside from the previous close. The brokerage cited Nykaa’s strong position in the ...