FSN E-Commerce Ventures (Nykaa) Q2 FY26 Concall Decoded: “Beauty, Brains & a 53% EBITDA Glow-Up”

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