Nykaa Q4 FY26: Net Profit Jumps 286%, Revenue 10,000 Cr

Key takeaway from Nykaa’s FY26 print

FSN E-Commerce Ventures Ltd (Nykaa) reported a strong close to FY26, with the company crossing ₹10,000 crore in annual net revenue for the first time. Management also pointed to improving profitability metrics, with EBITDA margins at record levels in recent quarters. The stock was indicated at 87 with a 0.78% gain in the provided data snapshot.

The latest set of disclosures includes Q4 FY26 earnings as well as full-year figures ended March 31, 2026. Alongside headline numbers, Nykaa highlighted growth in customer scale, traffic, and offline footprint. The company also flagged specific business challenges in fashion profitability and a one-time impact linked to a new labour code.

Q4 FY26 revenue rises to about ₹2,648 crore

For the quarter ended March 31, 2026 (Q4 FY26), the company reported sales of ₹2,648.17 crore, compared with ₹2,061.76 crore a year ago. Net revenue for the quarter was also stated at ₹2,648 crore, with management citing 28% year-on-year growth in both GMV and net revenue for the period.

Profitability improved sharply year-on-year. Net profit (net income) stood at ₹78.38 crore versus ₹20.28 crore in the year-ago quarter. Basic earnings per share from continuing operations rose to ₹0.27 from ₹0.07, and diluted EPS was also ₹0.27 versus ₹0.07.

Nykaa also highlighted that quarterly net profit jumped 286.49% year-on-year to ₹78.38 crore in Q4 FY26, and was up 23.8% on a quarter-on-quarter basis.

Q4 FY26 margins: gross profit and EBITDA at record levels

Management disclosed gross profit of ₹1,203 crore for Q4 FY26, representing 45.4% of net revenue and a 32% year-on-year increase. The company described this as among the highest gross margins over the last 14 quarters.

On operating profitability, EBITDA came in at ₹223 crore, equivalent to an EBITDA margin of 8.4% of net revenue. Nykaa reported EBITDA growth of 67% year-on-year for the quarter and called the margin its highest ever.

Profit after tax (PAT) for Q4 FY26 was stated at ₹79 crore, translating to a PAT margin of about 3%, with year-on-year growth of 313%.

FY26 crosses the ₹10,000 crore net revenue milestone

For the full year ended March 31, 2026, the company reported sales of ₹10,022.35 crore compared with ₹7,949.82 crore a year ago. Full-year revenue was reported at ₹10,055.12 crore compared with ₹7,977.08 crore.

Net income for FY26 was ₹199.44 crore versus ₹66.08 crore in FY25. Full-year EPS from continuing operations increased to ₹0.70 from ₹0.23 (basic and diluted).

Nykaa also stated that FY26 net revenue touched ₹10,000 crore for the first time, described as a $1 billion revenue milestone.

Full-year profitability: EBITDA at ₹752 crore, PAT at about ₹204 crore

Management reported FY26 gross profit at ₹4,516 crore, representing 45.1% and a 30% year-on-year increase. EBITDA for FY26 was ₹752 crore, equivalent to 7.5% of net revenue, with 59% year-on-year growth.

PAT for the full year was stated at about ₹204 crore, around 2% of net revenue, with 183% year-on-year growth. Separately, the company’s FY26 net profit was also cited as ₹199.44 crore, up 201.82% year-on-year.

Nykaa added context on operating scale, stating it closed FY26 with nearly ₹15,000 crore of GMV (27% year-on-year growth), around ₹8,500 crore of NSV, and an EBITDA margin of 9.6%.

Q3 FY26 context: strong seasonal quarter with record margins

For Q3 FY26 (quarter ended December), Nykaa described the period as seasonally strong and reported GMV of ₹5,795 crore, up 28% year-on-year. Net revenue in Q3 FY26 was ₹2,873 crore, up 27% year-on-year.

Gross profit was ₹1,297 crore (45.2% margin), up 31% year-on-year. EBITDA was ₹230 crore, or 8% of net revenue, with 63% year-on-year growth. PAT was about ₹68 crore, around 2.4% of net revenue, up about 156% year-on-year, and was stated to be after adjusting for a one-time impact of a new labour code.

Nykaa also reported that Q3 FY26 total income was ₹2,879.52 crore, compared with ₹2,354.01 crore in Q2 FY26 and ₹2,272.74 crore in Q3 FY25. Profit before tax (PBT) was ₹109.62 crore, and PAT was ₹67.74 crore. EPS for Q3 FY26 was cited as ₹0.22.

Segment and channel updates: beauty strength, fashion pressure

The beauty business was reported to have an EBITDA margin of 10.1% for the quarter (as stated in the provided points). But the fashion business saw EBITDA margin decline from 5.4% to 2% year-on-year, and the fashion business reported losses at 3.7% of net revenue for the nine-month period.

On costs, Nykaa reported fulfillment expenses increased by 13 basis points year-on-year, impacting net revenue. The company also flagged a potential risk of dilution in average order values with the expansion of the Nykaa Now quick delivery service.

Customer scale, traffic, and offline footprint

Nykaa said it now serves about 45 million customers on Nykaa Beauty. It also stated that annual unique transacting customers have doubled over the last three years.

On engagement, the company reported 1.8 billion visits to its website and app in FY26, up 28% year-on-year. This datapoint supports the narrative of steady traffic growth alongside revenue expansion.

On omnichannel, Nykaa expanded its retail presence to 276 stores across 94 cities.

New growth levers: Superstore and House of Nykaa

Nykaa stated it continues to diversify with new ventures such as Superstore and House of Nykaa. These initiatives were described as having shown significant growth over the past three years, alongside the core beauty business.

While no separate revenue breakup was provided in the source text for these ventures, the company framed them as part of its broader expansion strategy.

Summary table: FY26 and quarterly highlights (as reported)

Market impact: what the numbers signal

The FY26 milestone of crossing ₹10,000 crore net revenue is significant for investors tracking scale-led operating leverage in Indian internet and retail models. The margin trajectory is equally important: Q4 EBITDA margin of 8.4% and FY26 EBITDA margin of 7.5% were both positioned as record or near-record outcomes.

At the same time, the disclosures show that profitability is uneven across segments. Beauty margins were highlighted as strong, while fashion faced margin compression and reported losses over a nine-month period. Cost items such as fulfillment expense movement and the one-time labour code impact on PAT also matter because they influence how investors interpret quarter-to-quarter profit volatility.

Analysis: why Nykaa’s FY26 update matters

The FY26 update combines three themes investors typically watch closely: scale (revenue and GMV growth), profitability (gross margin and EBITDA margin), and customer engagement (customer base and visits). Nykaa’s reported gross profit margins around the mid-45% range in recent quarters and the improvement in EBITDA margins suggest tighter control over operating costs relative to revenue.

But the negative points provide counterbalance. Fashion profitability remains a key variable, and the company itself highlighted risks linked to quick delivery expansion and average order value dilution. For the market, the FY26 print strengthens the case that Nykaa can grow while improving consolidated margins, but it also keeps attention on segment mix and cost discipline.

Conclusion

Nykaa ended FY26 with reported revenue of ₹10,055.12 crore and net income of ₹199.44 crore, while Q4 FY26 net profit rose to ₹78.38 crore with an 8.4% EBITDA margin. Management also highlighted expanding customer scale, 1.8 billion annual visits, and a wider offline network of 276 stores across 94 cities. Future updates on fashion profitability, fulfillment cost trends, and the pace of expansion in Nykaa Now, Superstore, and House of Nykaa are likely to remain key monitorables in upcoming quarters.