We had always liked Nykaa's business model. That said, post its listing on the Indian bourses, we've been staying on the sidelines due to valuations beyond our ability to comprehend (at peak stock price, revenue CAGR requirement over the next 20 years was 23%). Post ~70% correction from peak, in SoTP, BPC (beauty & personal care) business now accounts for ~77% of current price, assuming it's a defensible and high growth business in medium term.