As Nykaa grows, Sanjay has a few words of advice. “It’s very critical to have a sustainable growth profile built around an empowered team culture, solid governance and a focus on sustainability. That’s been the Nykaa culture and the idea is to embed it even deeper.”
The High P/E ratio is a concern for a few:
Jigar Shah, CEO, Kim Eng Securities India, concurs. “After two-three years, people will want to see profits. You cannot permanently have a high P/E [price-toearnings] ratio. There will have to be reasonable profits to justify the market valuation.”