Nykaa Q2 FY26 Results: Profit Soars, Margins Improve

Key Highlights: Revenue: ₹2,346 crore, up 25% YoY, driven by strong growth in the beauty and personal care segment. Net Profit: ₹34.4 crore, up 243% YoY, marking one of Nykaa’s strongest profit jumps. Gross Merchandise Value (GMV): ₹4,744 crore, up 30% YoY, showing continued customer engagement and brand traction. EBITDA: Up 53% YoY with margins improving to 6.7% (from 5.5% YoY), reflecting cost efficiency and better product mix. Segment Insights: The beauty business remains Nykaa’s backbone, supported by strong demand for premium skincare and makeup brands. The fashion segment showed signs of recovery, narrowing losses as operational efficiency improved. The company continues to expand its omnichannel presence — adding new offline stores while scaling its online platform. What’s Working: Rising contribution from premium brands and higher repeat customer base. Operational efficiency driving sustainable margin improvement. Focus on profitability over rapid top-line expansion. What to Watch: Performance of the fashion vertical — the next profitability driver. Customer retention rates and average order value in beauty and personal care. Competitive pressures in the online beauty and fashion retail space. Investor Takeaway: Nykaa’s Q2 results mark a key step toward sustainable profitability. With strong growth in beauty, margin expansion, and improving unit economics, the company is well-positioned in India’s growing digital retail market. Fashion turnaround and continued cost control will define the next leg of growth.