Nykaa crosses $1B revenue, profit surges 183% in FY26
Annual results show strong margin expansion. Revenue up 26% to ₹10,022 cr, net profit at ₹204 cr.
— 1 earlier story on FSN E-Commerce Ventures Ltd. →What's new
- Revenue crosses $1B for first time, up 26% to ₹10,022 cr.
- EBITDA jumps 59% to ₹752 cr, net profit up 183% to ₹204 cr.
- Beauty GMV up 27%, Fashion GMV up 30%.
Why it matters
Nykaa's milestone highlights its ability to scale profitably – profit growth far outpaced revenue. After years of heavy investment, the company is demonstrating that its model can deliver margin expansion in a competitive market. The challenge now is sustaining this trajectory against deep-pocketed rivals.
What we're watching
- Whether Nykaa can maintain 25%+ revenue growth in FY27.
- Competitive response from Reliance, Tata, and pure-play beauty brands.
- Profit margin sustainability as store expansion continues.
The full read
Nykaa crossed the $1 billion revenue mark in FY26, a milestone that few Indian e-commerce companies have reached profitably. Revenue from operations grew 26% to ₹10,022 crore, but the headline is the bottom line: EBITDA up 59%, net profit up 183% to ₹204 crore. That spread – profit growing seven times faster than revenue – reflects strong cost discipline and scale benefits. The fashion vertical, long a drag, is showing momentum with 30% GMV growth, while beauty, Nykaa's core, grew 27%. The results were largely pre-guided, so the press release serves as confirmation with added granularity on store counts and brand partnerships. Nykaa is now a profitable large-cap e-commerce player. The open question is how durable these margins are as it expands offline and fends off deeper-pocketed competitors. For now, it's a clean set of numbers that validates the path from spend-to-scale to scale-to-profit.