Nykaa crosses $1B revenue, profit surges 183% in FY26

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.