Nykaa Investor Day 2026: FY30 $5B+ GMV Ambition

GMV: ₹19,963 crore, representing a 28% year-on-year (YoY) growth.
Net Revenue (NSV): ₹10,022 crore, representing a 26% YoY growth.
EBITDA: ₹752 crore, representing a 59% YoY growth. EBITDA margin stood at 7.5% of NSV, an improvement of 155 basis points.
Profit Before Tax (PBT): ₹330 crore, representing a 159% YoY growth. PBT margin was 3.3% of NSV.
Profit After Tax (PAT): ₹204 crore, representing a 183% YoY growth. PAT margin was 2.0% of NSV.
Return on Capital Employed (ROCE): 21.2%, a significant improvement of 990 basis points from 11.3% in the previous year.
Net Worth: ₹1,502 crore, an increase of ₹159 crore from the previous year.
Operating Free Cash Flow: ₹276 crore, an increase of ₹117 crore from the previous year.
Working Capital Days: 28 days, an optimization of 6 days.
Total Capital Raise: ₹1,162 crore has been raised to build the lifestyle ecosystem.

GMV Target: Ambition to become a $5 billion+ (over ₹41,500 crore assuming 1 USD = Rs 83) GMV company by FY30, which is 2.5x the current scale.
Beauty Customer Base: Target of 100 million beauty customers by FY30.
Physical Retail: Plan to expand the store network to 600+ stores by FY30 from the current 313 stores across 99 cities.
eB2B Superstore: Vision for the Nykaa Superstore B2B platform to achieve ₹3,500+ crore GMV by FY30, achieve breakeven, and target a 3-5% EBITDA margin at scale. It aims for a presence across 3,500 cities and 19,000 pincodes.
House of Nykaa Brands: The owned brands portfolio achieved a Net Sales Value (NSV) of ₹1,700 crore. The strategy is to expand into white spaces in high-growth, high-margin BPC sub-segments like clean & derma skincare and professional makeup.

The presentation cites external reports (CLSA, Redseer, Euromonitor) highlighting India's robust consumption growth. India's BPC market is presented as a $40+ billion opportunity by FY31, and the online fashion market is a $50 billion opportunity.
Nykaa positions itself at the intersection of premium, digital, and discovery-led consumption vectors. Its core target group represents 25% of India's households with 70% of the nation's income by FY36E.
A new, significant opportunity in the wellness category is identified, with online channels expected to capture 60% of the market by FY31E, up from 32% in FY20.

The company is executing a strategy to transition from a "Digital Native" to an "AI Native" platform.
FY26 AI initiatives reportedly drove 55% of the tech-driven impact. Key launched features include:
Ask Nykaa: A conversational AI beauty advisor, leading to a 5x increase in queries and 500 bps higher product detail page engagement.
Virtual Closet (Fashion): Used by 120,000+ users to create avatars, resulting in a 2x conversion rate for users who try it.
Skin Scan (Beauty): Over 1.5 million scans completed.
Make-Up VTO (Beauty): Over 1.3 million virtual try-ons completed.
The partnership with OpenAI made Nykaa the first Indian lifestyle app on ChatGPT.
The FY27 strategy is built on three AI pillars: One Nykaa AI Platform, Reimagining Customer Experience with AI, and Reimagining Enterprise with AI.

1. Beauty Omnichannel Retail:

Focus on four pillars: Penetration, Premiumization, Shopping Experience, and Partner Excellence.
Tier 2 & 3+ cities contribute 60% of business, with a goal to increase this to 65-70%.
The number of global brands on the platform has grown to 600, with a target of 1,000+.
Same-day/Next-day delivery (SDD/NDD) accounted for 40-50% of orders in FY26, with a target to reach ~90%.

2. Nykaa Fashion:

Aims to capture the fast-growing premium online fashion market.
Positioned as the #2 most preferred fashion e-commerce app.
Launched 1,250+ new brands in FY26 across women, men, kids, and home/accessories.
Key owned brands include Nykd (lingerie, ₹150 crore+ GMV run rate), Kica (activewear), 20 Dresses (western wear), and Gahan (Indian wear).
Marketing and S&D expense reduced from 31.4% of NSV in FY25 to 26.4% in FY26, and further to 23% in Q4 FY26.

3. Nykaa Superstore (eB2B):

Serves a retailer base with ~90% of sales from Tier 2+ cities and ~52% from non-kirana formats (Beauty Centres, Pharmacies, Salons).
Has a diversified portfolio of 400+ legacy FMCG, D2C, and regional brands.
The path to profitability involves scaling efficiently and optimizing operations using data and technology, with a goal to increase self-serve app sessions from 37% to 80% in 2-3 years.

The disclosure is an investor presentation and does not announce any specific changes to the capital structure, such as new issuances, buybacks, or dividends.
The company highlights its focus on capital efficiency, as evidenced by the sharp improvement in ROCE to 21.2%.
Investments in future growth (store expansion, fulfilment, technology) are planned to be supported through internal accruals, given the strong operating cash flow generation.