FEFSN E-Commerce Ventures543384Earnings call transcript

Q2 FY27 call: GMV up 30%, PAT up 207%; Simply Nam acquired, L'Oreal BOLD tie-up

Transcript of Nykaa's Q2 FY27 earnings call is now on record.

By ScoutQuest · Fri 6 Nov 2026, 10:30 PM IST · 3 min read

Q2 GMV

INR 6,151 crores (up 30% YoY)

Q2 Net Revenue / EBITDA / PAT

Net revenue INR 3,006 crores (up 28%); EBITDA INR 263 crores (up 65%, margin 8.7%); PAT INR 101 crores (up 207%, margin 3.4%)

H1 Revenue / EBITDA / PAT

Revenue INR 5,788 crores; EBITDA INR 499 crores; PAT INR 181 crores

The transcript is of the analyst and investor conference call held on November 04, 2026, where management discussed the unaudited standalone and consolidated results for the quarter ended September 30, 2026.

Quarter at a glance

• GMV of INR 6,151 crores, a 30% year-on-year growth
• Net revenue of INR 3,006 crores, up about 28% year-on-year
• Gross profit of INR 1,382 crores at a 46% margin
• EBITDA of INR 263 crores, up 65%, margin 8.7%
• Profit after tax of INR 101 crores, up 207%, margin 3.4%

Falguni Nayar noted that the festive period shifted to the third quarter this year, and in that light described the quarter as a good result.

First half performance

• Net revenue of INR 5,788 crores, up 29% year-on-year
• Gross profit of INR 2,657 crores at a 45.9% margin
• EBITDA of INR 499 crores, up 66%, margin 8.6%
• PAT of INR 181 crores, up 215%, margin 3.1%

Longer-term picture

• Revenue moved from INR 1,500 crores in the second quarter of FY24 to INR 3,000 crores
• Return on capital employed rose from 6% to 27.3%, with capital employed at INR 2,566 crores against INR 1,786 crores earlier

Beauty business

• GMV grew 25% to over INR 4,400 crores; NSV grew 28% to INR 2,500-plus crores
• EBITDA up 51% year-on-year and crossed a 10% margin for the first time; the call noted quarterly EBITDA of INR 267 crores against INR 178 crores a year earlier, with margin improving to 10.5% from 9%
• Beauty NSV growth of 28% in the quarter and 29% in the first half, with first-half NSV of INR 4,907 crores
• Annual unique transacting customers at 22.1 million; monthly active unique visitors up 30%; average order value up 5%
• The retail business delivered early twenties like-for-like growth, described as the highest in the past six quarters

Fashion business

• NSV of INR 509 crores, up 47%; first-half NSV of INR 960 crores, up 50%
• EBITDA approximately breakeven at INR 1 crore (margin 0.2%), against a loss of minus INR 12 crores (minus 3.5%) a year earlier
• First-half EBITDA of about INR 1 crore, or 0.1% of NSV, against a INR 30 crores loss at a minus 4.7% margin a year earlier

Scale and reach

• Annualised GMV across platforms of $2.6 billion in the quarter, with a cumulative customer base of 65 million, up 32%
• 338 beauty stores, with almost 73 added in the past year

Brands and partnerships announced

• House of Nykaa acquired the brand Simply Nam, founded by makeup professional Namrata Soni, who is to stay on with the business
• A strategic partnership with L'Oreal - Nykaa and L'Oreal BOLD - to invest in next-generation Indian beauty and personal care brands
• Nykaa Fashion Luxe launched as a store-in-store format; management said it expects this to keep growing
• Launches with Yves Rocher, Oribe and Rare Beauty, and with COS, Superdry and Birkenstock on the fashion side
• 330-plus beauty brands and 1,700-plus fashion brands launched in the last year

Marketing and events

• Nykaaland 4.0 in Delhi drew 30,000 attendees; 100,000 beauty enthusiasts across four editions, with total social media reach of 150 million

What this update is

• A transcript placed on record by the company; it restates management's commentary on the quarter rather than a fresh decision requiring shareholder action

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