1. Opening Hook
Just when everyone thought India’s beauty boom had peaked, Falguni Nayar strutted in with a 30% GMV growth and a Deepika Padukone endorsement. Nykaa didn’t just sell lipstick this quarter—it sold a narrative of resilience, premiumization, and speed (literally—7-minute deliveries!). Investors were too busy blushing to notice margins hit record highs since IPO.
While peers struggle with profitability hangovers, Nykaa’s EBITDA did a 53% glow-up, and its fashion vertical turned from moody teenager to stable adult. Keep reading—there’s fragrance, Gen Z drama, and even a Kay Beauty London debut ahead. 💅
2. At a Glance
- GMV ₹4,744 cr (+30% YoY):Growth serum clearly working.
- Revenue ₹2,346 cr (+25% YoY):Still compounding in style.
- EBITDA ₹159 cr (+53% YoY):Finally, a glow that’s not just on faces.
- PAT ₹33 cr (+154% YoY):From shimmer to solid shine.
- Beauty NSV ₹1,981 cr (+27% YoY):The cash cow’s got new lipstick shades.
- Fashion NSV ₹346 cr (+27% YoY):From minus 9% to -3.5% EBITDA—getting dressed profitably.
- Gross Margin 44.9%:Highest in 12 quarters—retail therapy pays.
3. Management’s Key Commentary
“This is our highest growth in six quarters.”(Translation: We’re back in the influencer algorithm.)
“EBITDA margin of 6.8%, highest since IPO.”(Translation: Finally something for the finance bros on our cap table.)😏
“Deepika Padukone joins as brand ambassador.”(Translation: Because spreadsheets can’t trend on Instagram.)
“Our House of Nykaa brands grew 54% YoY.”(Translation: Why sell other brands when you can sell your own?) 🤑
“265 stores across 90 cities.”(Translation: From Bandra to Bareilly, we’re contouring the country.)
“Fastest delivery in 7 minutes.”(Translation: Not even Blinkit can keep up with our glam squad.)
“Fragrance category growing rapidly.”(Translation: Perfume sales finally justifying our air-conditioned offices.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Growth | Commentary |
|---|---|---|---|
| GMV | ₹4,744 cr | +30% | Beauty and fashion in full bloom. |
| Revenue | ₹2,346 cr | +25% | Consumers still splurging in inflation. |
| EBITDA | ₹159 cr | +53% | Cost cuts met marketing magic. |
| PAT | ₹33 cr | +154% | Profit found its lipstick shade. |
| Gross Margin | 44.9% | +111 bps | Most profitable since IPO. |
| Beauty EBITDA Margin | 9.0% | +40 bps | Foundation flawless. |
| Fashion EBITDA | -3.5% | +550 bps | From loss to near-lipstick profit. |
| ROCE | 14.1% | ↑ 2x in 3 yrs | CFO finally smiling. |
Note:70 million beauty products sold. Six perfumes every minute. Sunscreen every 4 seconds. India’s skincare game just got SPF 50 certified.
5. Analyst Questions
JM Financial:“Fashion’s comeback—real or filter?”Mgmt:“It’s structural, not seasonal.”(Translation: We fixed it. Promise.)
Nomura:“GST, festive bumps?”Mgmt:“Minor effect, major gloss.”(Translation: We’re too premium to be bothered.)
CLSA:“Kay Beauty in UK—global play?”Mgmt:“Yes, one city at a time.”(Translation: London first, rest later—jet lag’s real.)
Citi:“Fragrance mix?”Mgmt:“Fastest growing. Soon you’ll smell us everywhere.”(Translation: Literally.)
6. Guidance & Outlook
Nykaa expectscontinued mid-20s revenue growthand improving margins, driven by:
- Expansion
