Highlights

• In Q2, Nykaa’s consolidated GMV rose 30% YoY to ₹4,744 Cr, while revenue from operations increased 25% YoY to ₹2,346 Cr.
• EBITDA expanded 53% YoY to ₹159 Cr in Q2, with margins reaching 6.8%, the highest since Nykaa’s IPO.
• PAT for the quarter surged 154% YoY to ₹33 Cr in Q2, driven by growth across Beauty, Fashion, and owned brands.

FSN E-Commerce Ventures Limited (NSE:NYKAA), operating as Nykaa, announced its unaudited financial results for the quarter ended September 30, 2025. The company recorded significant growth in consolidated net revenue, gross merchandise value (GMV), and profit after tax (PAT), supported by performances across its Beauty, Fashion, and House of Nykaa businesses.

Consolidated Financial Performance

In Q2 FY2026, Nykaa recorded consolidated GMV of ₹4,744 Cr, reflecting a 30% increase compared to the same period last year. Revenue from operations grew 25% YoY to ₹2,346 Cr, marking the twelfth consecutive quarter of mid-20% growth. Gross profit for the quarter stood at ₹1,054 Cr, up 28% YoY. EBITDA reached ₹159 Cr with margins expanding to 6.8%, while PAT increased to ₹33 Cr, up 154% from Q2 FY2025.

Beauty Business: Driving Momentum

Nykaa’s Beauty vertical achieved GMV of ₹3,551 Cr, up 28% YoY. The segment continues to expand through e-commerce, physical retail, and the House of Nykaa portfolio. The cumulative Beauty customer base increased to approximately 40 million, a 31% YoY rise.

The luxury and K-Beauty segments saw notable additions, with new brands including Prada Beauty, Maison Margiela, Arencia, and Torriden. Nykaa expanded its retail network to 265 stores across 90 cities, with over two-thirds of GMV coming from premium brands. The Nykaa Now rapid delivery model served over 2 million orders across seven cities, enhancing consumer convenience.

The House of Nykaa brands also performed strongly, with the Beauty portfolio achieving 74% YoY GMV growth, Dot & Key growing over 110% YoY, and Kay Beauty reaching an annualized GMV run rate of ₹350 Cr+. Nykd, the in-house lingerie brand, reached an annualized GMV of ₹175 Cr+, with a 30% YoY growth.

Fashion Segment Recovery

Nykaa Fashion recorded GMV of ₹1,180 Cr, up 37% YoY. Customer engagement improved, with 23 million monthly active users and 2 million orders in Q2 FY2026. The segment added global brands like GAP, Guess, and H&M, boosting its premium fashion portfolio. EBITDA margins improved from -9% to -3.5%, reflecting operational leverage and increased traction.

International and B2B Expansion

Nykaa’s GCC platform, Nysaa, now operates five stores in the UAE and Oman, with e-commerce GMV growing 38% QoQ. Superstore by Nykaa, the B2B distribution network, reached 3.3 lakh retailers across 1,100 cities, achieving a 25% YoY increase in GMV.

Nykaa's shares were trading 4.99% higher at ₹258.15 per share at the time of writing on 10 November 2025.

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