Whalesbook
Nykaa's strong fiscal performance in FY26 saw its revenue from operations climb 26% year-on-year to ₹10,022 crore, crossing the $1 billion mark. Net profit experienced a remarkable surge of 183%, reaching ₹204 crore. The company's EBITDA also saw a substantial 59% increase, hitting ₹752 crore and expanding the EBITDA margin to 7.5% from 6% in the previous year. Gross Merchandise Value (GMV) grew 28% to ₹19,963 crore.
Core Business Strength
The beauty segment remained the primary growth driver, with GMV increasing 27% to ₹14,954 crore. FY26 saw over 200 global beauty brands, including luxury labels like Chanel, Armani, and SK-II, launched on the platform. The fashion business also demonstrated robust growth, posting a 30% rise in GMV to ₹4,954 crore, supported by new brand additions and enhanced partnerships with labels such as Nike and H&M. Men's wear, kidswear, and home categories within fashion saw significant year-on-year growth of 60%, 50%, and 40%, respectively.
Offline Expansion and Owned Brands
Nykaa aggressively expanded its offline retail presence, adding 76 new stores to its network, bringing the total to 313 stores across 99 cities. This expansion maintained double-digit same-store sales growth. The company's owned brands business also emerged as a key growth engine, with its portfolio achieving an annualised GMV run-rate of ₹3,176 crore, a 49% year-on-year increase. These owned brands now serve over 17 million customers and have expanded distribution to more than 150,000 retail outlets, including international markets in the UK and GCC region.
B2B and Technology Integration
The B2B platform, Superstore by Nykaa, demonstrated sharp scaling, with GMV growing from ₹325 crore in FY23 to ₹1,187 crore in FY26. The retailer network on this platform expanded to 493,000 registered retailers. Nykaa is also leveraging artificial intelligence, with tools like Virtual Skin Analyzer and virtual try-on features enhancing customer engagement. The acquisition of clean beauty brand Earth Rhythm was also completed in FY26.
Geopolitical Impact
While Nykaa's operations in the GCC region were affected by the ongoing geopolitical situation in West Asia, the overall impact on the company's business was reported as insignificant due to the region's small contribution.