Key Financial Performance (Q1 FY27)

Consolidated Performance:

  • Gross Merchandise Value (GMV): ₹5,590 crore (34% YoY growth)
  • Net Revenue: ₹2,782 crore (29% YoY growth)
  • Gross Profit: ₹1,276 crore (33% YoY growth)
  • Gross Margin: 45.9%
  • EBITDA: ₹236 crore (68% YoY growth)
  • EBITDA Margin: 8.5% (200 bps improvement YoY)
  • PAT: ₹80 crore (226% YoY growth)
  • PAT Margin: 2.9%
  • Return on Capital Employed (ROCE): 26.8% (annualized)
  • Capital Employed: ₹2,211 crore

Vertical Performance:

Beauty Vertical:

  • Net Sales Value (NSV): ₹2,371 crore (29% YoY growth)
  • EBITDA: ₹244 crore (48% YoY growth)
  • EBITDA Margin: 10.3% (130 bps improvement YoY)

Fashion Vertical:

  • Net Sales Value (NSV): ₹451 crore (54% YoY growth)
  • EBITDA Margin: 0.1% (achieved profitability from -14.1% in Q1 FY24)

House of Nykaa Brands:

  • Annualized GMV: ₹3,760 crore (39% YoY growth)
  • Annualized NSV: ₹2,200 crore (36% YoY growth)
  • Cumulative Customers Served: 18 million
  • Portfolio: 13 brands (7 in beauty, 6 in fashion)
  • Beauty Brands NSV (Q1): ₹508 crore (40% YoY growth)
  • Distribution: Nykaa Online (33%), Nykaa Stores (10%), B2B/Offline (19%), 3P/D2C (38%)
  • Key Brands:
  • Dot & Key: ₹1,300 crore annualized NSV
  • Kay Beauty: ₹300 crore annualized NSV
  • Nykaa Cosmetics: ₹270 crore annualized NSV

Superstore (B2B Distribution):

  • NSV Growth: 28% YoY
  • Registered Retailers: 523,000 (30% growth YoY)
  • Geographic Coverage: 1,200+ cities
  • Brands: 240+ brands (18 added in Q1)
  • EBITDA Improvement: 300+ bps YoY

Strategic and Operational Highlights

Customer Metrics:

  • Cumulative Customers: 60 million (33% YoY growth)
  • Annual Unique Transacting Customers (Beauty): 20.8 million
  • Annual Unique Transacting Customers (Fashion): 12 million
  • Visits to Platform: ~0.5 billion (22% YoY growth)

Assortment Expansion:

  • Brand Partners: 10,000+ (160 added in Q1)
  • Key New Launches: Rare Beauty (Selena Gomez), K18 (Unilever), SK-II (P&G), Anua, Birkenstock, Debenhams, H&M Move
  • Exclusive Partnerships: Nike (D2C platform operation and marketplace), Charlotte Tilbury, Kiehl's

Retail Expansion:

  • Total Stores: 324 across 105+ cities (11 new stores added in Q1)
  • Same-Store Sales Growth: Double-digit growth
  • Tier 2+ Cities: 50% of stores
  • New Formats: Kay Kafe, Nykaa Wanderlust Cart, Nykaa Kiosk
  • Flagship Store: 5,000 sq ft ultra-luxe store in Vasant Kunj, Delhi

Nykaa Now (Quick Commerce):

  • Cities: 13 (from 3 in Q1 FY26)
  • Assortment: 1,000+ brands
  • Delivery: Within 60 minutes
  • Expansion Plan: 25+ cities by end-FY27

Technology & AI Initiatives:

  • Virtual Closet (Fashion): Launched May 26, 2026; 200,000+ avatars created; 2x higher conversion
  • Nynaa AI Voice Assistant: Resolves nearly 50% of customer calls
  • Ask Nykaa: AI beauty advisor
  • Superstore Tech: Automated WhatsApp ordering, predictive engine for field force

Marketing & Content:

  • Creator Network: 170,000 creators (Nykaa NAP)
  • Content Pieces: 2.3 million annually
  • Social Media Followers: 19 million
  • Events: L'Oreal Paris Cannes, Pink Summer Sale, Nykaa Birthday Sale, campus programs, makeup masterclasses

Capital Structure and Efficiency

  • Fixed Asset Turnover: 10.7x (vs 9.9x in FY26)
  • Working Capital Days: <30 days (vs 34 days in FY25)
  • Capital Efficiency: Disciplined inventory and receivables optimization

Material Announcements

Acquisition of Aminu:

  • Acquired 51% stake in premium dermocosmetic skin care brand Aminu
  • FY26 Net Revenue: ₹19 crore
  • Key Products: Longevity serum, eye serum, sleep oil
  • Strategic Rationale: Fills premium skin care gap; strong R&D capabilities (30+ proprietary formulations); existing salon distribution network
  • Future Acquisition: Remaining 49% to be acquired over next few years

Nike Partnership Details:

  • Partnership Components:

1. Marketplace listing on Nykaa Fashion (standard arrangement)

2. End-to-end operation of Nike's D2C platforms (Nike.in and apps) including fulfillment

  • Performance: Nike among top 3 brands on Nykaa Fashion; 1.5 million+ app installs for D2C platform
  • Financial Arrangement: Retailer-like model with commission and service fees; Nykaa protected against inventory risk

Guidance and Outlook

  • Superstore: Targeting 35%+ CAGR NSV growth by FY2030
  • Fashion: Targeting 3-3.5x growth over 4-5 years
  • Nykaa Now: Expand to 25+ cities by end-FY27
  • No EBITDA dilution expected from Nykaa Now; viewed as accretive to customer LTV

Participants in Conference Call

Management:

  • Ms. Falguni Nayar – Executive Chairperson, MD and CEO
  • Mr. Anchit Nayar – Executive Director and CEO – Beauty
  • Ms. Adwaita Nayar – Executive Director and Co-Founder and CEO of House of Nykaa Brands
  • Mr. Vishal Gupta – CEO – Nykaa Distribution
  • Mr. Abhijeet Dabas – CEO – Nykaa Fashion
  • Mr. P. Ganesh – Chief Financial Officer

Analysts:

  • Aditya Soman (CLSA)
  • Videesha Sheth (Ambit Capital)
  • Kapil Singh
  • Swapnil Potdukhe (JM Financial)
  • Sachin Salgaonkar (BofA Securities)
  • Percy Panthaki (IIFL Securities)