Nykaa Q4 profit quadruples to Rs 78 cr; Jefferies cheers, Citi & Macquarie stay bearish
Nykaa posted Q4 net profit of Rs 78.4 cr vs Rs 20.3 cr YoY on revenue of Rs 2,648 cr (+28.4%). EBITDA jumped 67% to Rs 223 cr with margin at 8.4%. Fashion turned EBITDA-positive with NSV +42%; beauty NSV +29%. Jefferies hiked TP to Rs 350; Citi (Rs 225) and Macquarie (Rs 210) flagged slowing beauty ad income.
What happened
Nykaa Q4 net profit nearly quadrupled to Rs 78.4 cr on 28% revenue growth, with fashion business turning EBITDA-positive. Jefferies raised TP to Rs 350 calling
Key facts
- Net profit Rs 78.4 cr vs Rs 20.3 cr YoY
- Revenue Rs 2,648 cr +28.4%
- EBITDA Rs 223 cr +67.2%
- EBITDA margin 8.4% vs 6.5%
- Beauty revenue +27%, BPC NSV +29%
- Fashion revenue +40%, NSV +42%
- Jefferies TP Rs 350
- Citi TP Rs 225
- Macquarie TP Rs 210
Why this matters
Fashion's profitability inflection makes Nykaa a more credible consolidator in adjacent verticals, while bearish beauty ad signals could open the door to content/creator platform tuck-ins to shore up monetization.