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NYKAA - FSN E-Commerce

📊 NSE: NYKAA 🏢 Trading 📅 Last Updated: 12/13/2025 22:10

📢 Recent Corporate Announcements

Nykaa to Attend JP Morgan and Jefferies Investor Forums in Singapore and Hong Kong

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Feb 2026, 08:06 PM

FSN E-Commerce Ventures (Nykaa) has announced its participation in two major international investor conferences scheduled for March 2026. The company will first attend the JP Morgan India Forum in Singapore on March 9, 2026. This will be followed by a three-day engagement at the Jefferies Asia Forum in Hong Kong from March 17 to March 19, 2026. These physical meetings will involve one-on-one and group interactions with institutional investors to discuss the company's business outlook.

Participation in the JP Morgan India Forum in Singapore on March 9, 2026
Attendance at the Jefferies Asia Forum in Hong Kong from March 17 to March 19, 2026
Meetings will be conducted in physical mode through one-on-one and group formats
Disclosure made under Regulation 30 of SEBI Listing Regulations

💡 No immediate action is required as this is a routine investor relations update. Investors should watch for any corporate presentations or transcripts released post-event for updates on management strategy.

Nykaa Allots 370,900 Equity Shares Under Employee Stock Option Scheme

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 10:37 PM

FSN E-Commerce Ventures (Nykaa) has announced the allotment of 370,900 equity shares following the exercise of vested stock options by employees. The allotment was approved by the Nomination and Remuneration Committee on February 12, 2026. This move increases the company's issued and paid-up share capital. The newly allotted shares will rank pari-passu with the existing equity shares in all respects.

Allotment of 370,900 equity shares to employees under the ESOP scheme.
Approved by the Nomination and Remuneration Committee on February 12, 2026.
The issued and paid-up share capital stands increased post-allotment.
New shares carry the same rights (pari-passu) as existing equity shares.

💡 Investors should view this as a routine corporate action with minimal dilution effect. No specific action is recommended based on this announcement.

Nykaa Q3 FY26: PAT Surges 156% YoY to ₹68 Cr; EBITDA Margin Hits Record 8%

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 09 Feb 2026, 08:00 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 7/10

M&A 📅 09 Feb 2026, 05:34 PM

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.

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.

💡 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 Releases Audio and Video Recording of Q3 FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 09:45 PM

FSN E-Commerce Ventures (Nykaa) has officially released the audio and video recordings of its analyst and institutional investor conference call held on February 05, 2026. The call addressed the company's unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations, 2015, to ensure transparency. Investors can access these recordings on the company's website to understand management's perspective on recent performance.

Audio and video recordings of the Q3 FY26 earnings call are now available on Nykaa's investor relations website.
The call discussed financial results for the quarter and nine-month period ending December 31, 2025.
The disclosure was filed on February 05, 2026, following the conclusion of the investor meeting.
Submission follows Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should review the recordings to gain insights into management's commentary on margin trends and growth outlook. No immediate trading action is required based on this administrative filing.

Nykaa Q3 FY26: Net Revenue up 27% YoY to ₹2,873 Cr; Highest ever EBITDA Margin at 8.0%

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 05 Feb 2026, 04:16 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 05 Feb 2026, 03:57 PM

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.

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.

💡 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%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 03:43 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 29 Jan 2026, 01:41 PM

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.

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.

💡 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 to Participate in Four Major Institutional Investor Conferences in February 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jan 2026, 07:18 PM

FSN E-Commerce Ventures (Nykaa) has announced its participation in four major institutional investor conferences scheduled throughout February 2026. The company will engage with investors at events hosted by Nuvama, Axis Capital, Kotak, and IIFL in Mumbai. These meetings will be conducted in both one-on-one and group formats. Such interactions are standard practice for listed companies to discuss business outlook and strategy with institutional stakeholders.

Participation in 4 major investor conferences scheduled between February 9 and February 25, 2026.
Conferences include Nuvama India (Feb 9), Axis Capital (Feb 10), Kotak Chasing Growth (Feb 24), and IIFL Enterprising India (Feb 25).
All meetings are scheduled to be held physically in Mumbai in one-on-one or group formats.
Disclosure made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 No immediate action is required as this is a routine regulatory disclosure. Investors should monitor the exchange for any investor presentations or transcripts that may be released following these meetings.

Nykaa to Host Q3 FY26 Earnings Conference Call on February 5, 2026

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 20 Jan 2026, 07:27 PM

FSN E-Commerce Ventures (Nykaa) has scheduled its earnings conference call for the third quarter of fiscal year 2026 on February 5, 2026, at 17:00 IST. The call will focus on the company's financial performance for the period ending December 31, 2025. Management will provide a brief presentation followed by an interactive Q&A session for analysts and institutional investors. This is a routine regulatory disclosure in compliance with SEBI (LODR) Regulations, 2015.

Earnings conference call scheduled for February 5, 2026, at 5:00 PM IST.
Focuses on financial results for the quarter ended December 31, 2025 (Q3 FY26).
Management presentation will be followed by a Question & Answer session.
Investor presentation will be made available on the company's website post-announcement.

💡 Investors should track the earnings release on February 5 for updates on margin expansion and growth in the Beauty and Fashion segments. No immediate action is required based on this scheduling announcement.

Nykaa Allots 1,63,400 Equity Shares Under Employee Stock Option Scheme

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Jan 2026, 06:27 PM

FSN E-Commerce Ventures Limited (Nykaa) has allotted 1,63,400 equity shares to employees on January 16, 2026. These shares were issued following the exercise of vested stock options under the company's Employee Stock Option Scheme. Consequently, the issued and paid-up share capital of the company has increased. The newly allotted shares will rank pari-passu with the existing equity shares in all respects.

Allotment of 1,63,400 equity shares to employees upon exercise of vested ESOPs
The allotment was approved by the Nomination and Remuneration Committee on January 16, 2026
New shares rank pari-passu with existing equity shares of the company
The issued and paid-up share capital stands increased following this allotment

💡 This is a routine administrative update regarding ESOP exercises and requires no immediate action from investors. The dilution caused by this specific allotment is negligible relative to the total outstanding shares.

Nykaa Receives Increased ESG Rating of 72 for FY2025 from NSE Sustainability

🟢 POSITIVE ⭐ 4/10

OTHER 📅 08 Jan 2026, 07:14 PM

FSN E-Commerce Ventures (Nykaa) has been assigned an improved ESG rating of 72 for the financial year 2025 by NSE Sustainability Ratings and Analytics Limited. This rating was assigned voluntarily by the SEBI-registered agency based on publicly available information, rather than a formal company engagement. The score reflects Nykaa's performance across Environmental, Social, and Governance parameters. An increased ESG score is a positive signal for institutional investors who prioritize sustainability and governance in their portfolios.

NSE Sustainability Ratings assigned a voluntary ESG score of 72 for FY2025
The rating is described as an 'increased' score, reflecting improved sustainability performance
Assessment was conducted independently by a SEBI-registered Category I ESG Rating Provider
The report was prepared based on public domain information without direct company engagement

💡 Investors should note this as a positive qualitative development that may improve the company's standing with ESG-focused institutional funds. While it does not impact immediate financial performance, it strengthens the long-term investment thesis regarding corporate governance.

Nykaa Submits SEBI Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 07:07 PM

FSN E-Commerce Ventures Limited (Nykaa) has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all dematerialization requests for the quarter ended December 31, 2025, were processed within prescribed timelines. It further verifies that physical security certificates were mutilated and cancelled after due verification. This is a standard administrative filing that ensures the company's shareholding records are accurately maintained with depositories.

Compliance certificate issued for the quarter ended December 31, 2025.
Registrar MUFG Intime India Private Limited confirmed processing of dematerialization requests.
Securities comprised in certificates are listed on the stock exchanges where earlier securities were listed.
Physical certificates were mutilated and cancelled after substituting the name of depositories in the register of members.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial performance for material impact.

Nykaa Q3 FY2026 Update: Consolidated GMV and NSV Growth Expected in Late Twenties

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Jan 2026, 07:57 PM

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.

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.

💡 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.

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💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, Nykaa's total revenue from operations grew 25% YoY to INR 2,346 Cr. The Beauty segment NSV grew 27% YoY to INR 1,981 Cr, while the Fashion segment NSV grew 27% YoY to INR 346 Cr. The Superstore (eB2B) business saw a 42% YoY growth in orders.

Geographic Revenue Split

While specific regional percentages are not disclosed, the company operates 165 retail stores across India and has expanded into the GCC (Gulf Cooperation Council) region to diversify its geographic footprint.

Profitability Margins

Gross margin reached a 12-quarter high of 44.9% in Q2 FY26, up 111 bps YoY. EBITDA margin improved 125 bps YoY to 6.8%, and PAT margin rose 71 bps YoY to 1.4%, both reaching their highest levels since the IPO.

EBITDA Margin

EBITDA margin was 6.8% in Q2 FY26, a 53% YoY increase in absolute EBITDA to INR 159 Cr. This was driven by a 82 bps reduction in employee expenses to 7.8% of revenue and a significant reduction in Fashion vertical losses from -9.0% to -3.5% EBITDA margin.

Capital Expenditure

Nykaa is executing capex plans to expand its physical footprint, currently operating 165 retail stores, with a focus on tech-enabled shopping formats to drive a 50% QoQ increase in merchandise salience through these stores.

Credit Rating & Borrowing

The company maintains a healthy financial profile with an interest coverage ratio of 3.77 times and a Net Cash Accrual to Total Debt (NCATD) ratio of 0.43 times as of fiscal 2023. CRISIL Ratings considers its subsidiaries strategic to operations.

⚙️ Operational Drivers

Raw Materials

Cost of Goods Sold (COGS) represents 55.1% of revenue (INR 1,292 Cr). While specific chemical inputs for private labels are not listed, the company focuses on diverse vendor onboarding to mitigate single-source dependency.

Import Sources

International brands are sourced globally (e.g., La Prairie from Switzerland), while domestic brands and private labels (House of Nykaa) are primarily sourced within India.

Key Suppliers

Not disclosed by name, but the company maintains relationships with numerous suppliers to mitigate vendor concentration risks and ensure a quick cash conversion cycle.

Capacity Expansion

Current retail footprint is 165 stores. The company is expanding its eB2B Superstore capacity, which added 1 lakh new retailers over the last year, representing a 41% growth in transacting retailers.

Raw Material Costs

COGS grew 23% YoY to INR 1,292 Cr in Q2 FY26, which was lower than the 25% revenue growth, allowing for a 111 bps improvement in gross margins to 44.9%.

Manufacturing Efficiency

Focus on high-margin owned brands (House of Nykaa) like Dot & Key, which crossed INR 1,500 Cr in GMV, and Nykd, which crossed INR 175 Cr GMV, to improve overall contribution margins to 19.6%.

Logistics & Distribution

Marketing and S&D expenses were 15.7% of revenue (INR 368 Cr), while fulfilment costs were 9.7% (INR 227 Cr). Total logistics and distribution-related costs represent approximately 25.4% of revenue.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Growth will be achieved through a dual focus on penetration (AUTC grew 27% to 17.5 Mn) and premiumization (exclusive tie-ups like La Prairie). Scaling the 'House of Nykaa' brands (Dot & Key, Nykd) and expanding the eB2B Superstore business (41% growth in retailers) are core pillars.

Products & Services

Beauty and personal care products, fashion apparel, lingerie (Nykd), skincare (Dot & Key), and eB2B distribution services for retailers via Superstore.

Brand Portfolio

Nykaa, Kay Beauty, Dot & Key, Nykd, Earth Rhythm, Superstore by Nykaa.

New Products/Services

Exclusive international brand launches (e.g., La Prairie) and doubling down on the Nykd lingerie brand, which is growing 30% YoY on Nykaa channels.

Market Expansion

Expansion into the GCC region and deepening penetration in India through 165 retail stores and the Superstore eB2B platform.

Market Share & Ranking

Nykaa is the second largest homegrown brands business in India and a leader in the specialized beauty e-commerce segment.

Strategic Alliances

Strategic integration with 51% owned subsidiaries like Dot & Key Wellness and Nykaa-KK Beauty Private Limited.

🌍 External Factors

Industry Trends

The industry is shifting toward premiumization and omni-channel retail. Nykaa is positioning itself with 165 stores and a 49 million cumulative customer base to capture the transition from unorganized to organized retail.

Competitive Landscape

Nykaa is outperforming industry growth with 25% revenue increases, competing against horizontal marketplaces and traditional retail through specialized curation.

Competitive Moat

Nykaa's moat is built on its curated brand assortment and a 49 million customer base. This is sustainable because the high cost of specialized beauty logistics (9.7% of revenue) and brand trust creates high entry barriers.

Macro Economic Sensitivity

Sensitive to inflation and GDP growth affecting discretionary spend; beauty consumption in India is currently at a low base, offering a multi-decadal growth tailwind.

Consumer Behavior

Shift toward trend-based shopping and premiumization, reflected in the 27% YoY growth in Annual Unique Transacting Customers (AUTC).

Geopolitical Risks

Potential disruption to international brand sourcing and global supply chains could impact the premiumization strategy.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with Companies Act 2013 and SEBI LODR regulations as confirmed by the FY25 secretarial audit report.

Environmental Compliance

The company has active Health, Safety, and Environment (HSE) and Corporate Social Responsibility (CSR) policies monitored by the Board.

Taxation Policy Impact

The effective tax rate for Q2 FY26 was approximately 41% based on a PBT of INR 56 Cr and a PAT of INR 33 Cr.

Legal Contingencies

The secretarial audit for the period ending March 31, 2025, reported no major events or legal actions having a major bearing on the company's affairs.