FSN E Commerce Ventures Limited has informed the Exchange about Transcript of Analyst / Investor Meet held on May 21, 2026.
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Nykaa reported strong Q4 FY26 results with GMV and net revenue both growing 28% YoY to INR 2,648 crores. Full year FY26 net revenue crossed INR 10,000 crores ($1 billion milestone) with 26% growth. EBITDA for the year was INR 752 crores (7.5% margin) showing 59% YoY growth and marking the highest EBITDA margin ever. PAT for FY26 stood at INR 204 crores (2% margin) with 183% YoY growth. ROCE improved significantly to 21.2% from 11.3% YoY. Key segments showed strong momentum: Beauty vertical hit INR 15,000 crores GMV with 9.6% EBITDA margin, Fashion turned EBITDA positive at 0.3% for Q4, and House of Nykaa delivered INR 3,176 crores GMV with 50% growth. Management flagged cautious outlook due to macro concerns around inflation, currency depreciation and oil prices, while noting beauty categories remain resilient as small luxuries. AI-driven improvements in marketing efficiency and customer acquisition were highlighted as key growth levers.
Nykaa demonstrates strong execution with improving profitability across all business verticals and solid ROCE expansion. The transition of Fashion to EBITDA positive and continued margin improvement in Beauty signal sustainable profitability trajectory. However, management's cautious commentary on macro headwinds suggests investors should monitor global economic conditions and their potential impact on consumer spending in FY27.