NYKAA
Mid CapFSN E-Commerce Ventures Limited
Consumer
FSN E-Commerce Ventures Limited (Nykaa) is an Indian omnichannel consumer tech platform offering beauty, personal care, and fashion products. It operates through Nykaa Beauty, Nykaa Fashion, House of Nykaa (owned brands), and eB2B Superstore, serving 45mn beauty and 11mn fashion customers.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +28% YoY · PAT +316% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,648 Cr | +28.4% | -7.8% |
| EBITDA | ₹223 Cr | +67.7% | -3.0% |
| Operating margin | 8.0% | +200 bps | +0 bps |
| PAT | ₹79 Cr | +315.8% | +16.2% |
| PAT margin | 3.0% | +206 bps | +61 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Nykaa reports strong Q4FY26 and FY26 results, crossing $1 billion in revenue with significant profitability expansion across all segments, driven by robust growth in Beauty and owned brands.
Management delivered robust growth and margin expansion in FY26, crossing the $1 billion revenue milestone. The Beauty and owned brands segments are performing strongly, while the Fashion segment shows improving profitability. Capital efficiency also improved, supporting the overall growth narrative.
FY26 GMV by Vertical
Latest issuer-disclosed distribution across 2 reported categories.
Beauty Omnichannel Retail
India’s largest beauty destination, growing in mid-20s YoY, serving 45mn customers, with 200+ new brands launched in FY26.
House of Nykaa (Owned Brands)
FY26 GMV grew 49% YoY to Rs 3,176 Cr, serving 17mn+ customers, with 20%+ GMV from new launches in Beauty.
Nykaa Fashion
FY26 GMV grew 30% YoY to Rs 4,954 Cr, serving 11mn customers, with 1,280 new brands launched in FY26.
eB2B: Superstore by Nykaa
GMV grew 26% YoY to Rs 1,187 Cr in FY26, expanding to 3.8 lakh transacting retailers across 1000+ cities.
Retail Store Expansion
76 new stores were added in FY26, bringing the total to 313 stores across 99 cities, with 20 new cities added in FY26.
Retail Space Growth
Retail space increased by 27% YoY to over 3.1 Lacs sq. ft. in FY26.
Superstore Retailer Network
1.3 lakh new retailers were added to Superstore by Nykaa in FY26, expanding its reach.
Premiumization and Skintellectuals
Actively driving education and awareness catering to the shift towards 'skintellectuals' consumption, with 40% GMV YoY for Derma brands in FY26.
K-Beauty Trend
Nykaa is positioned as India’s K-Beauty Destination, with Korean Brands achieving 58% GMV YoY growth in FY26.
Luxury Beauty Market
Nykaa Luxe is elevating luxury beauty with unparalleled reach, assortment of 230+ brands, and omnichannel experience.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall growth and annual trends in a seasonal business like retail. QoQ comparison is useful for evaluating sequential momentum and the impact of recent strategic initiatives, especially for the improving profitability in the Fashion segment.
GMV Growth (FY26)
Overall GMV grew 28% YoY to Rs 19,963 Cr. Beauty GMV grew 27% YoY to Rs 14,954 Cr. Fashion GMV grew 30% YoY to Rs 4,954 Cr.
Net Revenue Growth (FY26)
Net Revenue grew 26% YoY to Rs 10,022 Cr, crossing the $1 billion milestone.
Gross Margin (FY26)
Gross Margin was 45.1% (+132 bps YoY), marking the highest gross margin in the last 14 quarters.
EBITDA Margin (FY26)
EBITDA Margin was 7.5% (+155 bps YoY), representing the highest EBITDA margin ever.
Driving Long-Term Value
Management claims to be driving long-term value with robust growth and improving profitability, with ROCE improving to 21.2% in FY26.
Retail Innovation and Formats
FY26 was a landmark year for retail innovation, with launches of Nykaa Perfumery, Kay Kafe, and exclusive brand boutiques.
Deepened Strategic Partnerships
Deepened strategic partnership with Charlotte Tilbury, managing their first exclusive brand outlet in India and APAC.
Acquisition Strategy
Nykaa increased its stake in Earth Rhythm to 76%, aiming to unlock its potential across categories through innovation and omnichannel distribution.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 7.5% (FY26) | Sustained expansion from operating leverage and scale efficiencies. |
| Fashion Segment Profitability | -2.6% EBITDA margin (FY26) | Continued improvement towards positive EBITDA margin and sustained growth acceleration. |
| House of Nykaa GMV Growth | +49% YoY (FY26) | Continued outperformance relative to overall Beauty segment growth. |
| Working Capital Days | 28 days (FY26) | Further efficiency gains in inventory and receivables management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +5.4% / mo
Technical chart
NYKAAdaily · 6M+8.1%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 51.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 51 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 6% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 13/20 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Fair-value margin of safety is negative at -388.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 94th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 94th pctile, median 67 · Mid: 74th pctile, median 76
105 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 366.00
- P/B
- 53.19
- EV/EBITDA
- 72.59
- Market Cap
- 76581.00Cr
Profitability
- ROE
- 15.30%
- ROCE
- 17.20%
- ROA
- 4.42%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 33.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 25.00%
- EPS 3Y
- 70.00%
Balance Sheet
- Debt/Equity
- 0.86
- Interest Coverage
- 6.43×
- Altman Z
- 9.17
- Book Value
- 5.02
Cash Flow
- FCF Yield
- 0.63%
- FCF Positive Y
- 4/5
- OCF
- 644.00 Cr
- EPS TTM
- 0.70
Shareholding
- Promoter Hold
- 52.09%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.