Nykaa Fashion's GMV jumps 30% to ₹4,954 cr; Q4 Ebitda margin flips positive at 0.3%

FY26 GMV growth of 30% and a swing from -10.2% to +0.3% Q4 Ebitda margin mark a turnaround under CEO Abhijeet Dabas. The premium pivot and exclusive global brand tie-ups now face the harder test: scaling against Myntra, Ajio and Tata Cliq inside a ₹3.8 trillion online fashion TAM.

— Source publishedSun, 14 Jun, 2026, 17:38 IST·First seen Sun, 14 Jun, 2026, 17:40 IST·Source Mint

What happened

Nykaa Fashion's GMV grew 30% to ₹4,954 crore in FY26 with Q4 Ebitda margin turning positive at 0.3%. CEO Abhijeet Dabas is pivoting to premium consumers and

Key facts

  • GMV ₹4,954 crore FY26
  • 30% GMV growth
  • Q4 GMV ₹1,334 crore
  • 29% Q4 growth
  • Ebitda margin 0.3%
  • prior Ebitda -10.2%
  • 1,400 brands
  • 2.8 million SKUs
  • ₹3.8 trillion online fashion TAM

Why this matters

Nykaa Fashion's exclusive global brand tie-ups and improving profitability make it a sharper strategic asset, opening optionality for deeper brand JVs or selective M&A to entrench its premium position before Tata Cliq and Ajio close the gap.

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