Outcome of Board Meeting held on May 21, 2026
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FSN E-Commerce Ventures (Nykaa) reported FY2026 consolidated revenue of ₹10,022 crore, up ~26% YoY from ₹7,950 crore in FY2025. Q4 standalone revenue grew ~15% YoY to ₹163 crore. Net Profit After Tax (consolidated) surged to ₹203.94 crore for FY2026 from ₹72.07 crore in FY2025, a ~183% jump driven by strong Beauty segment performance. Exceptional items include a ₹19.34 crore arbitration award income (confidentiality breach settlement) and a ₹10.38 crore inventory theft loss at a subsidiary warehouse. The company also booked ₹16.36 crore impact from new Indian Labour Codes. The Board approved acquiring an additional 24.17% stake in Earth Rhythm Private Limited (subsidiary) for up to ₹9.4 crore. Auditors S.R. Batliboi & Associates issued an unmodified (clean) opinion on both consolidated and standalone results.
Nykaa's strong revenue growth (~26%) and near-tripling of PAT reflects improving operating leverage, especially in the Beauty segment. The clean audit opinion removes concern about financial reporting quality. Inventory theft and labour code impact are one-off items unlikely to affect forward earnings.