Please find enclosed the Transcript of Analyst / Investor Meet held on May 21, 2026.
NYKAA · price
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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 marks the first time the company crossed INR 10,000 crores in net revenue. EBITDA improved significantly to 7.5% for FY26 (highest ever), up from 5.0% in FY23, while PAT margin expanded from 0.4% to 2.0% over the same period. Return on Capital Employed (ROCE) improved sharply to 21.2% versus 11.3% a year ago. The Beauty vertical delivered INR 15,000 crores GMV with 9.6% EBITDA margin, Fashion turned EBITDA positive in Q4 at 0.3%, and Superstore achieved ~INR 1,200 crores GMV in just 4 years. Management remains cautiously optimistic on FY27 growth amid macro concerns but expects steady margin improvement trajectory to continue as own brands and multi-brand retail scale.
Strong profitability expansion across all verticals and the first $1 billion revenue year signals Nykaa is successfully balancing growth with operational efficiency. The improving margin profile and high ROCE indicate better capital discipline, which could be positive for shareholder returns. However, management flagged caution on macro headwinds from inflation and currency pressures for the coming year.