Nykaa FY26 revenue hits Rs 10,022 cr; EBITDA up 59%

Stock and results context

FSN E-Commerce Ventures Ltd (Nykaa, BSE: 543384) reported a strong FY26 finish, with growth in GMV and revenue and a sharp improvement in operating profitability. The company’s FY26 numbers were followed by a Q1 FY27 business update that pointed to continued momentum, particularly in the Fashion vertical.

In the market data shared alongside the update, Nykaa’s stock was shown at Rs 308, up 1.63% on one snapshot. Another quote in the same data set showed Rs 262.30, down 1.96%, and a “Today” reading of Rs 261.65. These prices indicate the stock was trading in a wide band across the referenced snapshots.

FY26 headline performance: GMV, revenue, EBITDA

For FY26, Nykaa reported robust topline growth with consolidated GMV of Rs 19,963 crore, up 28% year-on-year. Net revenue for the year was Rs 10,022 crore, up 26% year-on-year.

Profitability improved faster than revenue. FY26 EBITDA was reported at Rs 752 crore, up 59% year-on-year, with an EBITDA margin of 7.5%. The company also reported ROCE improving to 21.2% in FY26, and working capital days optimized to 28.

The results show a year where scale growth and margin delivery moved in the same direction, with EBITDA growth outpacing revenue growth.

FY26 audited financials: revenue, income, expenses, PAT

FSN E-Commerce Ventures said revenue from operations for the year ended March 31, 2026 rose to Rs 10,022.35 crore, compared with Rs 7,949.82 crore in the previous year. Total income for FY26 was Rs 10,055.12 crore.

After total expenses of Rs 9,707.49 crore, the company reported profit before tax of Rs 330.23 crore. Net profit after tax (PAT) for FY26 rose to Rs 203.94 crore, compared with Rs 127.45 crore in FY25. Earnings per share (EPS) for the fiscal year was reported at Rs 0.70.

Q4 FY26: higher revenue and stronger profitability

In the fourth quarter ended March 31, 2026, total income stood at Rs 2,657.32 crore and total expenses at Rs 2,535.80 crore. Profit before tax for the quarter was Rs 121.52 crore, while net profit after tax was Rs 81.10 crore.

Revenue in Q4 FY26 also increased on a year-on-year basis. The company reported Q4 revenue of Rs 2,648.17 crore versus Rs 2,061.76 crore in the same period last year. Basic and diluted EPS for the quarter was Rs 0.27.

Quarterly trend in FY26: growth with margin expansion

Nykaa’s quarter-by-quarter commentary for FY26 highlighted steady revenue growth and widening EBITDA margins.

In Q1 FY26, revenue from operations grew 23% year-on-year to Rs 2,155 crore. Gross profit rose 27% year-on-year to Rs 962 crore, while EBITDA grew 46% year-on-year to Rs 141 crore, taking EBITDA margin to 6.5% (from 5.5% in Q1 FY25). Profit before tax rose to Rs 44 crore and PAT was Rs 24 crore.

In Q2 FY26, revenue from operations grew 25% year-on-year to Rs 2,346 crore, with gross profit of Rs 1,054 crore. EBITDA increased 53% year-on-year to Rs 159 crore and EBITDA margin expanded to 6.8%.

In Q3 FY26, GMV grew 28% year-on-year to Rs 5,795 crore and revenue from operations rose 27% year-on-year to Rs 2,873 crore. Gross profit was Rs 1,297 crore and EBITDA increased to Rs 230 crore, with EBITDA margin at 8.0% versus 6.2% a year earlier. Profit before tax rose to Rs 110 crore and PAT was Rs 68 crore, while the company also provided an adjusted PAT of Rs 78 crore after a one-time labour code impact.

Q1 FY27 business update: Fashion leads, Beauty steady

Nykaa’s Q1 FY27 business update guided for consolidated net revenue growth of approximately 30% year-on-year. The company indicated that the Fashion vertical is expected to grow at around 50% year-on-year in revenue, significantly faster than Beauty, which was described as growing in the late-20% range.

The update also highlighted offline expansion. Total Beauty stores were reported at 324 as of June 30, 2026. The combination of faster Fashion growth and a larger store base in Beauty forms the central narrative of the Q1 FY27 update.

Earnings calendar: next result date on radar

The data set also listed the next earnings date as Q1 2026-27 results on August 11, 2026. That date is likely to be a key checkpoint for investors to reconcile the business update with reported revenue, segment performance, and profitability.

Key numbers at a glance

Market impact

From a market perspective, the most material takeaway is the widening gap between revenue growth and profitability growth in FY26, with EBITDA growing 59% against net revenue growth of 26%. That pattern usually signals operating leverage, tighter cost controls, or improved gross and contribution margins, though the data here specifically confirms the resulting margin at 7.5%.

Operationally, the improvement in ROCE to 21.2% and the working capital days figure of 28 provide additional context on capital efficiency. For retail and e-commerce models, working capital discipline can materially influence cash generation and the ability to fund growth.

Why this matters: balancing growth engines

The Q1 FY27 update matters because it positions Fashion as the faster-growing engine, with revenue growth at around 50% year-on-year, while Beauty remains a steady grower in the late-20% range. If that mix shift persists, investors will typically track whether Fashion growth comes with sustainable unit economics and whether Beauty’s offline footprint of 324 stores continues to support the brand and omnichannel experience.

At the same time, FY26 results show Nykaa has been improving profitability while scaling. The next earnings announcement on August 11, 2026 will be the key point to evaluate how much of the guided ~30% net revenue growth translates into reported margins and earnings.

Conclusion

Nykaa closed FY26 with revenue from operations of Rs 10,022.35 crore and PAT of Rs 203.94 crore, alongside a 7.5% EBITDA margin and improved ROCE. Its Q1 FY27 update guided for ~30% net revenue growth led by Fashion growth of ~50% and a Beauty store count of 324. The company’s next scheduled earnings date, August 11, 2026, will provide the detailed financial picture behind this business update.