Back to Markets
Stocks● Neutral
Nykaa FY26 Revenue Hits $1B, Up 26%: Next Risks
Nykaa crossed $1B revenue in FY26. We analyze the offline expansion cost and valuation risk beneath the strong numbers.
Continue with
FSN E-Commerce Ventures (parent of Nykaa) crossed $1 billion in annual revenue for FY26, reporting a 26% year-on-year increase to ₹10,022 crore. Net profit surged 183% to ₹204 crore. The headline numbers are strong. The better market read goes deeper into the offline expansion cost, competitive pressure in fashion, and the valuation that already prices in this trajectory.
The $1B Revenue Milestone
Consolidated revenue from operations reached ₹10,022 crore in FY26, up from about ₹7,950 crore the prior year. Gross merchandise value (GMV) rose 28% to ₹19,963 crore. EBITDA climbed 59% to ₹752 crore, with margins expanding to 7.5% from 6%. For the March quarter, revenue grew 28% year-on-year to ₹2,648 crore, the strongest quarterly growth in 12 quarters. Quarterly net profit more than quadrupled to ₹79 crore.
| Metric | FY26 | FY25 (estimated) | Change |
|---|---|---|---|
| Revenue | ₹10,022 cr | ₹7,954 cr | +26% |
| GMV | ₹19,963 cr | ₹15,596 cr | +28% |
| EBITDA | ₹752 cr | ₹473 cr | +59% |
| Net profit | ₹204 cr | ₹72 cr | +183% |
FY25 figures are derived from FY26 reported numbers and stated year-on-year percentages.
Growth Drivers: Beauty, Owned Brands, and Fashion
Beauty Vertical
Beauty GMV rose 27% to ₹14,954 crore in FY26. The company launched more than 200 international beauty brands, including Chanel Beauty, Armani Beauty, and Kylie Cosmetics. These labels expand the addressable premium market. They also carry higher marketing spend and inventory risk.
House of Nykaa and B2B Superstore
Owned brands under House of Nykaa hit an annualised GMV run-rate of ₹3,176 crore, up 49% year-on-year. Superstore by Nykaa, the B2B beauty distribution business, reported GMV of ₹1,187 crore, nearly four times its FY23 level. These segments provide higher margins and repeat revenue. They also increase working capital needs.
Nykaa Fashion
Nykaa Fashion posted GMV growth of 30% to ₹4,954 crore, aided by the addition of over 1,280 brands and strength in menswear, kidswear, and home products. The fashion vertical remains younger and more competitive than beauty. Margins are thinner. The business faces direct competition from Myntra, Ajio, and Tata Cliq.