• The document is a transcript of the Q4 FY26 Earnings Conference Call held on May 21, 2026, to discuss the Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026. The call was scheduled after the earnings announcement.
  • Management Participants:
  • Ms. Falguni Nayar – Executive Chairperson, Managing Director 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 – Head of Nykaafashion.com
  • Mr. P. Ganesh – Chief Financial Officer
  • The company confirmed that no unpublished price sensitive information (UPSI) was shared during the call. The transcript was submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Highlights Discussed:

Q4 FY26 Performance:

  • GMV growth: 28% YoY
  • Net revenue: INR 2,648 crores (28% YoY growth)
  • Gross profit: INR 1,203 crores (45.4% margin, 32% YoY growth)
  • EBITDA: INR 223 crores (8.4% margin, 67% YoY growth)
  • PAT: INR 79 crores (3.0% margin, 313% YoY growth)

Full Year FY26 Performance:

  • GMV growth: 28% YoY
  • Net revenue: INR 10,000+ crores (26% YoY growth)
  • Gross profit: INR 4,516 crores (45.1% margin, 30% YoY growth)
  • EBITDA: INR 752 crores (7.5% margin, 59% YoY growth)
  • PAT: INR 204 crores (2.0% margin, 183% YoY growth)
  • ROCE: 21.2% (vs. 11.3% in FY25)

Business Segment Updates:

Beauty Vertical (Anchit Nayar):

  • FY26 GMV: ~INR 15,000 crores (27% YoY growth), NSV: ~INR 8,500 crores, EBITDA margin: 9.6%
  • Q4 FY26 EBITDA margin: 10.3% (70 bps YoY improvement)
  • Traffic: 1.8 billion visits (28% YoY growth), 45 million monthly active unique visitors, 19.7 million transacting customers
  • Store expansion: 313 stores across 99 cities (3 lakh+ sq. ft. retail space)
  • Key trends: K-Beauty (58% YoY growth), dermacosmetics (40% YoY growth), premiumization
  • New brand launches: 200+ in FY26, including Chanel, La Prairie, SK-II, Kiehl's (now operated by Nykaa)

House of Nykaa Brands (Adwaita Nayar):

  • FY26 GMV: INR 3,176 crores (~50% YoY growth)
  • Beauty brands GMV: INR 2,788 crores (65% YoY growth)
  • Dot & Key: INR 1,790 crores GMV (13x growth in 3 years), #1 sunscreen brand across major platforms
  • Kay Beauty: INR 380 crores GMV (3x growth in 3 years), expanding in U.K. and GCC
  • Nykaa Cosmetics: INR 400 crores GMV, 62,000 offline stores

Superstore B2B (Vishal Gupta):

  • FY26 GMV: ~INR 1,200 crores
  • Retailer base: 0.5 million across 1,300 cities (1.3 lakh added in FY26)
  • Brands: 220+ including FMCG, D2C, and regional brands
  • EBITDA margin improved by >500 bps

Fashion Vertical (Abhijeet Dabas):

  • FY26 GMV: ~INR 5,000 crores (30% YoY growth), NSV: INR 1,447 crores (30% YoY growth)
  • EBITDA margin: -2.6% (570 bps improvement YoY)
  • Q4 FY26 EBITDA margin: 0.3% (positive for the quarter)
  • New customer acquisition: 41% YoY growth
  • Brand additions: 1,200+ brands, including H&M and Nike (strategic partnership for Nike.com India)

Capital Efficiency & Other Notes (P. Ganesh):

  • Fixed asset turnover: 9.9x (vs. 9.1x in FY25)
  • Working capital days: 28 days (vs. 34 days in FY25)
  • Capex: 1% of revenue
  • Completed acquisition of 100% stake in Earth Rhythm

Outlook & Risks (Falguni Nayar):

  • April-May 2026 growth momentum remains strong
  • Caution on global macro risks: inflation, currency depreciation, oil prices
  • Benefits from AI-driven growth in marketing efficiency and personalization
  • Beauty category seen as resilient due to small-ticket "small luxury" nature

Additional Notes Section

  • The document is a transcript of the conference call, with no attachments disclosed.
  • No financial data beyond what was discussed in the call was included in the announcement.