Nykaa unveiled a detailed FY30 roadmap targeting 2.5-5x revenue growth across verticals
FY26 consolidated revenue hit ₹10,000 cr with EBITDA at 7.2%; management guided for early-to-mid-teens EBITDA margin and 40%+ ROCE by FY30.
What's new
- FY26 consolidated revenue crossed ₹10,000 cr, up 26% YoY, with EBITDA at ₹752 cr and PAT margin at 2%.
- House of Nykaa NSV surged 60% to ₹1,700 cr; Dot & Key alone scaled to ₹1,000 cr NSV.
- Nykaa Fashion achieved near-EBITDA breakeven in Q4 FY26, with a 570 bps margin improvement to -2.6%.
- Superstore E-B2B GMV hit ₹1,200 cr, 4x in four years, targeting ₹3,500 cr by FY30.
Themes from the call
Demand
India beauty market projected to grow at 12% CAGR to ₹42 cr by FY31, with online penetration rising to 33%.
Margins
Consolidated EBITDA margin improved 40 bps to 7.2% in FY26; management targets early-to-mid-teens by FY30.
Capital allocation
Nykaa plans to expand store count from 300 to 600+ and invest in AI, with ROCE target of 40%+ by FY30.
Guidance watch
- FY30 targets: 4-5x EBITDA growth to early-to-mid-teens margin; Beauty and Fashion each 2.5-3.5x revenue; House of Nykaa 30% CAGR to ₹5,000 cr NSV.
- Advertising income targeted to grow 2-3x in the next 3-4 years.
Risk flags
- AI execution flagged as a critical risk; management said getting technology right is essential amid competitive complexity.
- 66% of the beauty market remains unorganized, so competitive intensity will persist.
Key quotes
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"The truest moat is not the data or the technology, but the trust that we have built over these 14 years."
— Rajesh Uppalapati, CTO -
"We delivered ₹10,000 cr in revenue with 26% growth and 7.2% EBITDA, while continuing to invest in customer acquisition and capex."
— Nykaa management, Investor Day
The brief
Nykaa held an Investor Day that laid out a five-year plan with specific targets. FY26 revenue reached ₹10,000 cr, up 26%, with EBITDA at 7.2% and operating free cash flow of ₹276 cr. The FY30 roadmap calls for each vertical to grow 2.5-5x, consolidated EBITDA margins in early-to-mid-teens, and ROCE above 40%. The confidence rests on structural tailwinds: India’s beauty market is expanding at 12% CAGR, online penetration is rising to 33%, and Gen Z drives 85% of discretionary spend. House of Nykaa, the D2C portfolio, posted ₹1,700 cr NSV with 60% growth; Dot & Key alone crossed ₹1,000 cr. Nykaa Fashion achieved near-breakeven EBITDA in Q4, improving 570 bps. The biggest risk flagged was AI execution. The CTO noted trust over technology, but the AI summary says 40 GenAI experiments were run, 60% already scaled. That is a lot of active projects. The market now has a scorecard. The test is whether Nykaa can deliver this margin trajectory while scaling stores, brands, and AI simultaneously.
Nykaa’s multi-year guidance is ambitious but grounded in current numbers. Execution on AI and margin improvement will decide if the rocket lifts off.