FSN E Commerce Ventures Limited has informed the Exchange about Transcript.
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Nykaa reported Q1 FY26 GMV of INR 4,182 crores, up 26% year-on-year, with net revenue rising 23% to INR 2,155 crores. EBITDA grew 46% to INR 141 crores (6.5% margin), and PAT jumped 79% to INR 24 crores. The Beauty vertical posted 26% GMV growth with EBITDA margin improving 50 bps to 9%, while Fashion GMV grew 25% with EBITDA losses narrowing 300 bps to -6.2%. Gross margin expanded 132 bps to 44.6%, the highest since Q3 FY23, and working capital days improved to 32 from 34. Management also announced the board's approval to acquire the remaining 40% stake in nutricosmetics brand Nudge for INR 14.2 lakhs.
Strong topline growth combined with broadening profitability across both Beauty and Fashion verticals signals improving operational leverage, which should support valuation re-rating. The narrowing of Fashion losses and continued margin expansion in Beauty indicate the business is moving toward sustainable profitability, a positive signal for long-term shareholders.