FSN E-Commerce Ventures Limited, known as Nykaa, has reported significant financial achievements for the quarter and full year ending March 31, 2026. The company has crossed the USD 1 billion revenue milestone, marking a pivotal moment in its 14-year journey. Nykaa’s consolidated Gross Merchandise Value (GMV) increased by 28% to ₹5,241 crore in Q4 FY2026, sustaining mid-20s growth over the last 14 quarters. Revenue from operations also grew by 28% year-on-year to ₹2,648 crore, the highest growth in the last 12 quarters.
The company’s Gross Profit for the quarter grew by 32% year-on-year to ₹1,203 crore, achieving the highest gross margin in the last 14 quarters. Nykaa’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose by 67% year-on-year to ₹223 crore, with EBITDA margins expanding to 8.4% in Q4 FY2026 from 6.5% in Q4 FY2025, marking the highest EBITDA margin ever. The net profit for the period (PAT) was ₹79 crore, up 313% year-on-year in Q4 FY2026.
For the fiscal year 2026, Nykaa’s consolidated GMV grew by 28% to ₹19,963 crore. Revenue from operations increased by 26% year-on-year to ₹10,022 crore, surpassing the USD 1 billion revenue mark. Gross Profit grew by 30% year-on-year to ₹4,516 crore, while EBITDA increased by 59% year-on-year to ₹752 crore. EBITDA margins expanded to 7.5% in FY2026 from 6.0% in FY2025, the highest EBITDA margin recorded. The net profit for the fiscal year was ₹204 crore, up 183% year-on-year, achieving the highest PAT margin ever.
Falguni Nayar, Executive Chairperson, Founder, and CEO of Nykaa, highlighted the company’s evolution into a multi-engine growth platform, with its Beauty & Fashion businesses doubling their GMV over the past three years. The company has also seen significant growth in its newer businesses like Superstore and House of Nykaa, which have grown fourfold during the same period.
In FY2026, Nykaa’s Beauty vertical delivered superior growth with a 27% year-on-year GMV increase to ₹14,954 crore. The company launched over 200 globally iconic brands, including Chanel Beauty and Fragrance, Armani Beauty, and Kylie Cosmetics, among others. Nykaa also expanded its retail network to 313 stores across 99 cities, adding 76 new stores this year.
Nykaa’s Fashion business also performed strongly, with a 30% year-on-year GMV increase to ₹4,954 crore, driven by strong brand partnerships and broader category penetration. The company launched over 1,280 brands, with significant growth in men’s wear, kids, and home categories.
Additionally, Nykaa completed its acquisition of Earth Rhythm in FY2026, increasing its stake to 100%. Despite geopolitical challenges affecting its GCC operations, Nykaa’s impact remains minor, and the company continues to monitor developments in the region.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).