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Nykaa
SectorConsumer Services
FSN E-Commerce Ventures Limited, originally incorporated as a private company in 2012, converted to a public company in 2021. The company, founded by Falguni Nayar and backed by TPG Group, operates in the beauty, wellness, and fashion industry. It sells and distributes products through online platforms and offline stores. The company went public in 2021 with a Rs 5352 crore IPO. FSN E-Commerce Ventures has acquired stakes in various companies and has multiple subsidiaries. Its business segments include Beauty, Fashion, and Others, with operations spanning across online platforms, physical retail stores, and e-commerce distribution. The company has introduced several brands and formed strategic alliances to expand its market presence.
In the news
Nykaa vs DMart: Q2 FY27 Performance Divergence
Nykaa Fashion Expands Hidden Gems Accelerator Program
Meesho vs Nykaa: Growth vs Profitability Battle
Nykaa's Q1 FY2027 Profitability Surge: How Operational Efficiency and Dual-Segment Growth Drove 226% Profit Jump
Nykaa Q1 FY27: Profit surges 226% to ₹80 crore, fashion drives margin expansion
Nykaa appoints former Instamart COO Ankit Jain as quick-commerce head
Nykaa stock hits 52-wk high on 30% Q1 growth; margin expansion key
India leads global e-commerce website traffic surge: Report
EV Stocks Rally on Delhi's ₹15,000 Cr EV Policy
Nykaa targets $5B GMV by FY30 as beauty marketplaces push in-house brands
Market Drivers Behind Eight Stock Movers
Nykaa shares surge 7% as Nomura, Jefferies back $5B GMV FY30 targets
Nykaa's OpenAI Gamble: AI Commerce Revolution or Risky Bet?
Nykaa Shares Rally 2.5% After OpenAI Partnership for AI Commerce
How India Inc Is Fighting the Rupee’s Slide
Nykaa shares hit 52-week high as Q4 profit jumps 4x to ₹79 crore
Nykaa Q4 profit surges 286% YoY to ₹78 crore, shares volatile post-results
Nykaa Q4 profit surges 286% YoY to ₹78 crore, beats estimates
Nykaa Q4 results: 286% profit surge to ₹78 crore; revenue up 28%
Charlotte Tilbury opens first India flagship store in New Delhi
The Quarter story
The two most recent quarterly results, compared side-by-side.
Nykaa drives steady revenue growth and improves profitability margins while expanding its physical store network.
Net profit grows from ₹24 Cr in Q1 FY26 to ₹80 Cr in Q1 FY27, confirming strong bottom-line delivery.
Employee and other expense margin climbs from 7.8% in Q2 FY26 to 12.7% in Q1 FY27, signaling rising personnel costs.
Gross profit margin rises from 44.6% in Q1 FY26 to 45.9% in Q1 FY27, reflecting better pricing and mix.
Fashion EBITDA margin turns from -6.2% in Q1 FY26 to 0.1% in Q1 FY27, remaining thin and requiring close monitoring.
Store count expands from 250 in Q1 FY26 to 324 in Q1 FY27, accelerating physical network growth.
Fashion gross profit margin drops from 47.3% in Q1 FY26 to 44.7% in Q1 FY27, indicating pricing pressure.
Beauty EBITDA margin improves from 9.0% in Q1 FY26 to 10.3% in Q1 FY27, driving core profitability.
Fulfilment expense margin rises from 9.5% in Q1 FY26 to 9.9% in Q1 FY27, tracking logistics cost inflation.
Marketing and S&D expense margin falls from 15.2% in Q1 FY26 to 14.3% in Q1 FY27, showing efficient customer acquisition.
Cost of goods sold increases from ₹1,193 Cr in Q1 FY26 to ₹1,506 Cr in Q1 FY27, moving in line with higher sales volume.
Company insights, generated from the most recent coverage.
A CLSA note reported Oct 14 flagged Nykaa's user growth as higher than Meesho's over the review period — the first credible read-across that Meesho's tier 2/3 traffic advantage may be narrowing, and it was enough to knock ~5% off Meesho.
Management proactively flagged that a larger share of the festive season falls in Q3, shifting festive-led growth out of Q2 — pre-empting the question turned a potential Q2 weakness into a credibility win and a built-in Q3 catalyst.
Festive shift costs Nykaa roughly 3-5 percentage points of reported Q2 growth, so the true underlying run-rate is early-30s% rather than the late-20s% headline — judge Nykaa on H1 combined, not on any single quarter.