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Nykaa Q3 FY26: PAT Surges 156% YoY to ₹68 Cr; EBITDA Margin Hits Record 8%
Nykaa reported a strong Q3 FY26 with GMV growing 28% YoY to ₹5,795 crores and net revenue increasing 27% to ₹2,873 crores. The company achieved its highest-ever EBITDA margin of 8.0%, driven by a 10.1% margin in the Beauty segment and narrowing losses in Fashion to -2.0%. Net profit (PAT) saw a massive 156% YoY jump to ₹68 crores, despite a one-time labor code impact. Strategic partnerships with Nike, Kiehl's, and L'Oreal further strengthen its market position and distribution capabilities.
Key Highlights
Consolidated GMV reached ₹5,795 crores, marking a 28% YoY growth and sustaining mid-20s growth for 14 quarters.
EBITDA grew 63% YoY to ₹230 crores, achieving a record margin of 8.0% of net revenue.
Beauty segment delivered a 10.1% EBITDA margin, while Fashion losses narrowed significantly to -2.0% from -5.4% last year.
Physical retail footprint expanded to 276 stores across 94 cities, including new formats like Nykaa Perfumery.
House of Brands (owned labels) now generates an annualized GMV of $400 million across 12+ significant brands.
💼 Action for Investors
Investors should view the record EBITDA margins and narrowing fashion losses as a sign of operational maturity and successful scale. The stock remains a strong play on India's premium beauty and fashion consumption, supported by high-profile global partnerships with Nike and L'Oreal.
Nykaa Completes Acquisition of Remaining 40% Stake in Nudge Wellness
FSN E-Commerce Ventures (Nykaa) has finalized the acquisition of the remaining 40% stake in Nudge Wellness Private Limited from Onesto Labs Private Limited. This transaction follows the board's prior approval in August 2025 and completes the transition of Nudge Wellness into a wholly-owned subsidiary. The equity shares have been successfully credited to Nykaa's demat account, giving the company full control over the subsidiary's operations. This move is part of Nykaa's strategy to consolidate its presence in the wellness and personal care segment.
Key Highlights
Acquired the balance 40% stake in Nudge Wellness Private Limited to achieve 100% ownership.
The transaction was executed based on pre-agreed terms with the seller, Onesto Labs Private Limited.
Nudge Wellness has officially become a wholly-owned subsidiary of FSN E-Commerce Ventures Limited.
Completion follows the initial board approval granted on August 12, 2025.
💼 Action for Investors
Investors should monitor the integration of Nudge Wellness into Nykaa's broader ecosystem and its impact on the company's consolidated margins. The full ownership provides Nykaa with greater flexibility to scale its wellness portfolio.
Nykaa Q3 FY26: Net Revenue up 27% YoY to ₹2,873 Cr; Highest ever EBITDA Margin at 8.0%
Nykaa reported a robust Q3 FY26 with Net Revenue growing 27% YoY to ₹2,873 Cr and GMV increasing 28% YoY to ₹5,795 Cr. The company achieved its highest-ever EBITDA margin of 8.0%, driven by operational efficiencies and a 63% YoY jump in EBITDA to ₹230 Cr. The Beauty segment remains the primary driver with 10.1% EBITDA margins, while the Fashion segment showed significant recovery with 31% GMV growth. Net Profit (PAT) surged 156% YoY to ₹68 Cr, reflecting strong scale-led profitability across all business verticals.
Key Highlights
Consolidated Net Revenue grew 27% YoY to ₹2,873 Cr, while PAT rose 156% YoY to ₹68 Cr.
Beauty segment GMV reached ₹4,302 Cr (up 27% YoY) with a record EBITDA margin of 10.1%.
Fashion segment GMV accelerated by 31% YoY to ₹1,476 Cr, with EBITDA losses narrowing significantly to -2.0%.
Dot & Key (House of Nykaa) achieved a ₹1,900 Cr annual GMV run rate, growing 111% YoY.
The eB2B Superstore segment saw a 574 bps YoY improvement in EBITDA margins due to operating leverage.
💼 Action for Investors
Investors should note the successful transition from growth-at-all-costs to profitable growth, particularly the record EBITDA margins and the turnaround in the Fashion segment. The hyper-growth of in-house brands like Dot & Key adds significant value to the overall portfolio.
Nykaa Q3 FY26: Highest Ever Quarterly GMV of ₹5,795 Cr; PAT Surges 156% YoY to ₹68 Cr
Nykaa reported a robust Q3 FY2026 with consolidated revenue growing 27% YoY to ₹2,873 Cr and its highest-ever quarterly GMV of ₹5,795 Cr. Profitability saw a significant jump as PAT increased 156% YoY to ₹68 Cr, while EBITDA margins expanded by 180 bps to 8.0%. The growth was led by the Beauty segment and a strong performance from owned brands like Dot & Key, which saw 111% YoY growth. The company also expanded its physical footprint to 276 stores across 94 cities.
Key Highlights
Consolidated GMV grew 28% YoY to ₹5,795 Cr, driven by mid-20s NSV growth across verticals.
EBITDA increased 63% YoY to ₹230 Cr with margins expanding to 8.0% from 6.2% in the previous year.
Net Profit (PAT) surged 156% YoY to ₹68 Cr; adjusted for new labor code impact, PAT stood at ₹78 Cr.
Owned brand Dot & Key achieved an annualized GMV run rate of ₹1,900 Cr, growing 111% YoY.
Physical retail presence expanded to 276 stores, maintaining healthy double-digit same-store sales growth.
💼 Action for Investors
The results demonstrate strong operating leverage and a successful transition toward higher profitability while maintaining high growth. Investors should monitor the continued scaling of the Fashion and B2B segments as they approach better unit economics.
Nykaa Q3 FY26 Results: Net Profit Surges 156% YoY to ₹67.7 Cr; Revenue Up 26.7%
Nykaa reported a strong performance for the quarter ended December 31, 2025, with consolidated revenue from operations growing 26.7% YoY to ₹2,873.26 crore. The company's net profit saw a significant jump of 156% YoY, reaching ₹67.74 crore compared to ₹26.41 crore in the same period last year. The Beauty segment remains the primary driver, contributing ₹2,622.36 crore to the revenue, while the Fashion segment showed steady growth. Despite an exceptional item of ₹16.36 crore, the company maintained robust profitability margins and improved its EPS to ₹0.22.
Key Highlights
Consolidated revenue from operations increased to ₹2,873.26 crore, up 26.7% from ₹2,267.21 crore in Q3 FY25.
Net profit for the period grew significantly by 156% YoY to ₹67.74 crore.
Beauty segment revenue grew to ₹2,622.36 crore, while Fashion segment revenue reached ₹235.00 crore.
Profit before tax (PBT) stood at ₹109.62 crore, nearly 2.5x higher than the ₹44.56 crore reported in the previous year's quarter.
Earnings Per Share (EPS) improved to ₹0.22 from ₹0.09 in the corresponding quarter of the previous year.
💼 Action for Investors
Investors should view the strong bottom-line growth and consistent revenue expansion in the Beauty segment as a positive sign of operational efficiency. Monitor the Fashion segment's path to profitability as it continues to narrow its losses and scale revenue.
Nykaa Shareholders Approve Re-appointment of Falguni Nayar as CEO for 5 Years
Nykaa shareholders have approved the re-appointment of founder Falguni Nayar as Executive Chairperson, MD, and CEO for a five-year term. The resolution was passed with a 90.14% majority through a postal ballot, ensuring leadership continuity for the e-commerce major. While promoters and retail investors showed near-unanimous support, approximately 25.99% of institutional investors voted against the resolution. This outcome confirms the board's strategy remains under the founder's guidance through 2031.
Key Highlights
Falguni Nayar re-appointed as EC, MD, and CEO for a 5-year term with 90.14% votes in favor.
Total voter turnout was high at 92.22% of the total 2.64 billion outstanding shares.
Significant institutional dissent noted with 25.99% of public institutional votes cast against the resolution.
Promoter group and public non-institutions supported the resolution with 100% and 99.99% favor respectively.
💼 Action for Investors
Investors should welcome the leadership stability provided by the founder's continued tenure, though the 26% institutional dissent warrants monitoring regarding future governance or remuneration discussions.
Nykaa Q3 FY2026 Update: Consolidated GMV and NSV Growth Expected in Late Twenties
Nykaa expects consolidated GMV and NSV growth in the late twenties for Q3 FY2026, driven by strong performance across Beauty and Fashion verticals. The Beauty segment saw its highest NSV growth in six quarters (late twenties), benefiting from the Pink Friday sale and House of Nykaa brands. Fashion vertical NSV grew in the mid-twenties, continuing its revival trajectory since the start of the fiscal year. Consolidated Net Revenue is projected to grow at the upper end of mid-twenties, reflecting a slight acceleration from previous quarters.
Key Highlights
Consolidated GMV and NSV growth expected in the late twenties YoY for Q3 FY2026.
Beauty vertical NSV growth reached late twenties, the highest in the past 6 quarters.
Consolidated Net Revenue growth expected at the upper end of mid-twenties, showing acceleration.
Fashion vertical NSV grew mid-twenties, while its Net Revenue grew in the late teens due to channel optimization.
Performance was bolstered by robust new customer acquisition and the successful Pink Friday sale.
💼 Action for Investors
The acceleration in the core Beauty segment and the recovery in Fashion are positive indicators of business health. Investors should monitor the upcoming full financial results to assess if this top-line growth translates into improved EBITDA margins.
Nykaa Seeks Shareholder Approval to Re-appoint Falguni Nayar as CEO for 5-Year Term
FSN E-Commerce Ventures (Nykaa) has initiated a postal ballot to re-appoint founder Falguni Nayar as Executive Chairperson, MD, and CEO for a five-year term effective February 12, 2026. The proposal highlights the company's growth under her leadership, reaching a GMV of 15,600 crore and EBITDA of 474 crore in FY25. The company has achieved a 40%+ CAGR over the last five years while maintaining high capital efficiency, having raised only ~$140 million since inception. Shareholders can cast their votes electronically between December 30, 2025, and January 28, 2026.
Key Highlights
Proposed re-appointment of Falguni Nayar as EC, MD, and CEO for a 5-year term until February 2031
Company achieved FY25 GMV of 15,600 crore and EBITDA of 474 crore under current leadership
Maintained a 40%+ CAGR over the past five years with a consumer base of 49 million
Network expanded to 265 retail stores across India and international entry into UK and Middle East
E-voting period for shareholders starts December 30, 2025, and ends January 28, 2026
💼 Action for Investors
This move ensures leadership continuity for the founder-led company, which is generally a positive signal for long-term strategy execution. Shareholders should participate in the e-voting process to support management stability.
Nykaa Shareholders Approve Appointment of Dipak Gupta as Independent Director with 99.81% Majority
Nykaa (FSN E-Commerce Ventures Limited) has announced that shareholders have approved the appointment of Mr. Dipak Gupta as a Non-Executive, Independent Director for a five-year term. The special resolution was passed via postal ballot with an overwhelming 99.81% of the votes in favor. Total valid votes cast amounted to 249.32 crore, representing 87.11% of the total outstanding shares. This move strengthens the company's board governance with a high level of institutional and promoter support.
Key Highlights
Special resolution for Dipak Gupta's appointment passed with 99.81% majority (248.85 crore votes in favor).
Total voter turnout was high at 87.11% of the total 286.22 crore shares held.
Public institutional investors showed strong confidence, voting 99.53% in favor of the appointment.
The appointment is for a five-year term, providing long-term stability to the independent board oversight.
💼 Action for Investors
This is a positive development for corporate governance as the company adds experienced leadership to its board. Investors should maintain their positions as this strengthens the oversight framework.