• The document is a transcript of the Q2 FY27 Earnings Conference Call held on Wednesday, November 04, 2026. The call was an earnings call and post-results investor interaction to discuss the company's unaudited standalone and consolidated financial results for the quarter ended September 30, 2026.
  • The call was scheduled after the earnings announcement. The event began at an unspecified time, moderated by Michelle from Chorus Call.
  • The stated purpose of the event was to discuss quarterly results and provide a business update.
  • Management participants included:
  • Ms. Falguni Nayar – Executive Chairperson, Managing Director and Chief Executive Officer
  • Mr. Anchit Nayar – Executive Director and Chief Executive Officer – Beauty
  • Ms. Adwaita Nayar – Executive Director and Co-Founder and Chief Executive Officer of House of Nykaa Brands
  • Mr. Vishal Gupta – Chief Executive Officer – Nykaa Distribution
  • Mr. Abhijeet Dabas – Chief Executive Officer Nykaa Fashion
  • Mr. P. Ganesh – Chief Financial Officer
  • The moderator stated that the call was meant for investors and analysts only and that some statements may be forward-looking. A disclaimer to this effect was included in an earnings presentation shared earlier. Participants consented to the recording, distribution, and publication of the call.
  • The transcript itself was the provided document; no separate presentation, earnings deck, transcript, or recording availability was mentioned in this specific text.
  • The company did not include any explicit compliance language stating that no unpublished price sensitive information (UPSI) would be shared within this transcript.

Financial Highlights & Strategic Themes

The call included detailed financial highlights for Q2 FY27 and H1 FY27:

Q2 FY27 Consolidated Performance:

  • GMV: INR 6,151 crores (30% YoY growth)
  • Net Revenue: INR 3,006 crores (28% YoY growth)
  • Gross Profit: INR 1,382 crores (31% YoY growth); Margin: 46%
  • EBITDA: INR 263 crores (65% YoY growth); Margin: 8.7%
  • Profit After Tax (PAT): INR 101 crores (207% YoY growth); Margin: 3.4%

H1 FY27 Consolidated Performance:

  • Net Revenue: INR 5,788 crores (29% YoY growth)
  • Gross Profit: INR 2,657 crores; Margin: 45.9%
  • EBITDA: INR 499 crores (66% YoY growth); Margin: 8.6%
  • PAT: INR 181 crores (215% YoY growth); Margin: 3.1%

Vertical Performance (NSV - Net Sales Value):

  • Beauty Vertical NSV Growth: 28% YoY for Q2; H1 NSV at INR 4,907 crores (29% YoY growth)
  • Fashion Vertical NSV Growth: 47% YoY for Q2 (INR 509 crores); H1 NSV at INR 960 crores (50% YoY growth)

Vertical Profitability:

  • Beauty EBITDA: INR 267 crores in Q2 (vs. INR 178 crores YoY); Margin improved to 10.5% from 9.0%
  • Fashion EBITDA: ~INR 1 crore in Q2 (breakeven at 0.2% margin vs. loss of INR -12 crores (-3.5% margin) YoY)

Key Metrics:

  • Annualized GMV: $2.6 billion (INR equivalent)
  • Cumulative Customer Base: 65 million (32% YoY growth)
  • Beauty Retail Stores: 338 (73 stores added in last year)
  • Return on Capital Employed (ROCE): 27.3% for H1 FY27 (vs. 6% three years ago)

Strategic Updates & Forward-Looking Themes:

  • Nykaaland 4.0: Held in Delhi with 30,000 attendees; total social media reach of 150 million across 4 editions.
  • Brand Launches & Partnerships: Over 330 beauty and 1,700+ fashion brands launched in the last year. New exclusive partnerships include Yves Rocher, Oribe, Rare Beauty (Beauty), and COS, Superdry, Birkenstock (Fashion).
  • Nykaa Fashion Luxe: Launch of a dedicated Luxe store-in-store experience with international luxury brands (e.g., Prada, Michael Kors, Fendi).
  • Acquisition: House of Nykaa acquired an 82% stake in Simply Nam, a premium makeup brand by celebrity artist Namrata Soni, for INR 33 crores (expected to close in Q3 FY27).
  • Partnership: Announced a strategic partnership with L'Oreal BOLD to invest in high-growth Indian beauty and personal care brands.
  • Nykaa Global Store: Distribution arm now partners with over 45 global brands, growing at over 60% YoY. Offers end-to-end services including import, registration, marketing, and multi-channel distribution.
  • Nykaa Now: Quick commerce service for beauty and wellness, offering delivery within 30-60 minutes with over 1,000 brands.
  • Superstore (B2B): Grew NSV by 28% YoY; onboarded retailer network reached over 0.5 million; expanded to 1,200 cities.
  • Retail Business: Beauty retail delivered over 20% like-for-like growth, the highest in the past 6 quarters.
  • Outlook: Management expressed confidence in long-term growth, guided towards high single-digit EBITDA margins for Fashion by FY30, and plans to expand the retail store network to about 600 stores.

Additional Notes Section

  • The document provided was the full transcript of the conference call. It was an enclosure submitted to the exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  • Extensive financial data was disclosed and discussed in detail during the call, as summarized above.
  • The transcript included a full Q&A session with analysts from firms including Ambit Capital, BofA Securities, and JM Financial.