HDFC Securities maintains a 'Sell' rating on Nykaa (FSN E-Commerce Ventures) with a target price of ₹200, citing limited operating leverage in its core beauty and personal care (BPC) business. While acknowledging Nykaa's focus on customer acquisition and the Pink Friday sale's potential Q3 boost, the brokerage expresses concern over the reliance on a single private label, Dot Key, and the increasing use of off-platform channels for its own BPC brands. Fashion segment is described as a 'work in progress'.