FSN E-Commerce Ventures (NYKAA) Q4 25/26 earnings summary

Executive summary

• FY26 net revenue reached INR 10,022 crore, up 26% YoY, with PAT at INR 204 crore (183% growth) and EBITDA at INR 752 crore (59% growth), marking record profitability and margins.

• Q4 FY26 saw 28% YoY growth in GMV and net revenue, with net revenue at INR 2,648 crore and PAT at INR 79 crore (313% YoY growth).

• Multi-year diversification and expansion doubled core business GMV and quadrupled newer business GMV over three years.

• Audited consolidated and standalone results for FY26 were approved, with an unmodified auditor opinion confirming compliance.

• Sustained mid-20s growth for 14 consecutive quarters, with Q4FY26 showing highest growth in 12 quarters.

Financial highlights

• FY26 GMV was INR 19,963 crore, up 28% YoY; gross profit at INR 4,516 crore (45.1% margin, up 132 bps YoY).

• EBITDA margin improved to 7.5% (up 155 bps YoY); PAT margin at 2.0% (up 113 bps YoY).

• Operating cash flow for FY26 was INR 644 crore, with positive cash flow post capex and lease liabilities.

• Fixed asset turnover at 9.9x; working capital days reduced to 28.

• CapEx utilization became more efficient at 1.4% of revenue; capex at INR 115 crore, 1% of revenue.

Outlook and guidance

• April and May 2026 showed continued growth momentum, but management remains cautious due to global inflation, oil prices, and currency depreciation.

• AI-driven efficiencies and ongoing investments in retail innovation, technology, and fulfillment are expected to benefit growth and costs.

• Growth rates are expected to be sustained, barring unforeseen macroeconomic shocks and regulatory changes.

• Focus on expanding product portfolio and strengthening market position in sustainable beauty.