Nykaa Q4 FY26: Profit up 286%, EBITDA margin hits 8.4%

What Nykaa reported for the March quarter

FSN E-Commerce Ventures (Nykaa) reported a strong set of consolidated numbers for Q4 FY26 (quarter ended March 31), with profitability rising faster than topline growth. The company’s net profit climbed to Rs 78.38 crore, up 286% year-on-year, supported by higher operating leverage and an improvement in margins. Revenue from operations rose 28.4% year-on-year to Rs 2,648.17 crore, compared with Rs 2,061.76 crore in the same quarter last year.

Operating performance also improved sharply. EBITDA increased 67% year-on-year to Rs 223 crore, and the EBITDA margin expanded to 8.4%. The company said this was the highest margin recorded for any fourth quarter.

Profit growth also improved sequentially

Nykaa’s profitability strengthened not just year-on-year but also quarter-on-quarter. Net profit increased from Rs 63.31 crore in Q3 FY26 to Rs 78.38 crore in Q4 FY26, indicating that the operating momentum continued into the end of the financial year.

While the company’s business is still driven primarily by beauty and personal care, the quarter’s performance highlighted faster growth in fashion as well. The combination of steady demand in beauty and improving traction in fashion helped lift overall operating metrics.

GMV trends: 28% growth continues

On the demand side, Nykaa reported gross merchandise value (GMV) of Rs 5,241 crore for the March quarter, a 28% year-on-year increase. For the full year FY26, GMV stood at Rs 19,963 crore, also up 28% year-on-year.

Management said GMV growth has stayed in the mid-20% range for 14 consecutive quarters. The company framed this as a sign of consistent consumer demand rather than one-off spikes.

Beauty remained the core growth driver

The beauty segment continued to lead Nykaa’s business in Q4 FY26. Segment revenue reached Rs 2,409.94 crore during the quarter, up 27.2% year-on-year. The company attributed the performance to continued demand across skincare, makeup, and personal care categories.

Beauty’s scale matters because it anchors overall revenue and typically influences profitability trends through assortment strength and repeat purchases. With beauty revenue growing broadly in line with the company’s overall revenue growth, the quarter’s margin expansion appears to have come from stronger operating execution.

Fashion grew faster, helped by higher engagement

Nykaa’s fashion vertical posted faster growth off a smaller base. Revenue increased 40% year-on-year to Rs 225 crore in Q4 FY26. The company linked the growth to higher customer engagement and product demand across premium and lifestyle categories.

The fashion portfolio includes apparel and accessories, with the business carrying labels such as Victoria’s Secret and Titan’s Mia. Faster growth in fashion, alongside stable beauty demand, helped maintain the company’s consolidated growth rate.

EBITDA jump and margin expansion in focus

EBITDA rose to Rs 223 crore in Q4 FY26, up 67% year-on-year, while the margin expanded to 8.4%. Nykaa highlighted the margin as the highest recorded for any fourth quarter.

This operating improvement is notable because it arrived alongside 28%-plus revenue growth, suggesting that costs increased at a slower pace than sales during the quarter. The quarter’s results also indicate that the company was able to translate demand growth into higher operating profit.

Key numbers at a glance

Full-year GMV and category mix

For FY26, consolidated GMV was Rs 19,963 crore, reflecting 28% growth over the prior year. The company also disclosed that the beauty business contributed about Rs 14,954 crore to FY26 GMV.

The FY26 GMV number, combined with Q4 GMV of Rs 5,241 crore, points to continued demand into the final quarter of the year. Management’s comment about 14 consecutive quarters of mid-20% GMV growth further positions FY26 as an extension of a multi-year trend rather than a one-off rebound.

Market impact: what these results signal

The Q4 FY26 numbers show a clear improvement in profitability, with net profit rising sharply and EBITDA growing faster than revenue. A margin of 8.4% in Q4 stands out as a key operational metric, especially as it was described as the highest for any fourth quarter.

For investors tracking consumer internet and retail platforms, the mix of steady GMV growth and better margins is central. With beauty delivering most of the revenue and fashion growing faster year-on-year, the quarter underscores the importance of sustaining beauty-led scale while widening the contribution from adjacent categories.

Why the quarter matters

Nykaa’s Q4 FY26 results bring three themes into sharper focus. First, the company delivered 28% year-on-year growth in both quarterly GMV and full-year GMV, indicating a stable demand trajectory. Second, profit growth materially outpaced topline growth, with net profit up 286% year-on-year and up sequentially from Q3 FY26. Third, the expansion in EBITDA and margin points to improved operating performance during a seasonally important quarter.

Conclusion

Nykaa closed Q4 FY26 with revenue from operations of Rs 2,648.17 crore, net profit of Rs 78.38 crore, and EBITDA of Rs 223 crore, alongside an 8.4% EBITDA margin. GMV rose 28% in the quarter to Rs 5,241 crore and reached Rs 19,963 crore for FY26, reflecting consistent demand trends. The company’s next updates on business performance are expected through subsequent quarterly disclosures, including further detail on category execution across beauty and fashion.