Nykaa's premium push lifts Q4 Ebitda margin to record 8.4%, profit quadruples
FSN E-Commerce posted Q4FY26 revenue of ₹2,648 cr (+28% YoY) with Ebitda up 67% to ₹223 cr. House of Nykaa labels like Dot & Key (₹1,790 cr GMV) drove gross margin to 45.4%. Fashion turned Ebitda-positive, but at 72x FY27 EV/Ebitda, valuations look stretched amid rising competition.
What happened
Nykaa Q4FY26: revenue up 28% to ₹2,648 cr, Ebitda margin record 8.4%, net profit quadrupled. Fashion turned Ebitda-positive; House of Nykaa brands like Dot &
Key facts
- 52-week high ₹285.60
- gross margin 45.4%
- GMV ₹3,176 cr +49% YoY
- Dot & Key GMV ₹1,790 cr
- Ebitda margin 8.4%
- revenue ₹2,648 cr +28%
- Ebitda ₹223 cr +67%
- net profit ₹79 cr
- BPC GMV ~₹15,000 cr
- 1,280 fashion brands added
- 72x FY27 EV/Ebitda
Why this matters
Fashion turning Ebitda-positive opens a window for tuck-in acquisitions of digital-native premium labels to compound the House of Nykaa flywheel before competitors lock up the same targets.