Shareholders of Nykaa approved the company’s standalone and consolidated audited financial statements for FY26 during its 14th Annual General Meeting on August 25, 2026. The virtual meeting also saw the re-appointment of directors Sanjay Nayar and Milan Khakhar.

The meeting, chaired by Executive Chairperson Falguni Nayar, concluded with the approval of ordinary resolutions regarding financials, director re-appointments, and statutory auditor fees. Walker Chandiok & Co. LLP was appointed as statutory auditors.

Financial Performance

Nykaa crossed the ₹10,000 crore revenue milestone in FY26, reporting total revenue of ₹10,022 crore, a 26% increase from ₹7,950 crore in FY25. Profitability metrics showed significant improvement, with EBITDA rising 59% to ₹752 crore and net profit (PAT) surging 183% to ₹204 crore from ₹72 crore in the previous year.

Capital efficiency improved notably, with Return on Capital Employed (ROCE) jumping to 21.2% from 11.3% in FY25. Fixed asset turnover increased to 9.9x from 9.1x, while working capital days reduced to 28 days from 34 days. The company also reported a 47% year-on-year reduction in net debt.

Business Segment Highlights

The company’s Gross Merchandise Value (GMV) reached ₹20,000 crore in FY26, up from approximately ₹15,600 crore in FY25. The beauty omnichannel retail segment recorded Net Sales Value (NSV) of ₹8,504 crore, growing four times over five years. Nykaa Fashion NSV reached ₹1,447 crore, achieving EBITDA breakeven in Q4FY26. House of Nykaa NSV stood at nearly ₹1,900 crore, while Superstore by Nykaa GMV grew 26% to ₹1,187 crore.

Strategic Outlook and Infrastructure

Nykaa plans to expand its rapid delivery service, Nykaa Now, to top 25+ cities by FY27 and achieve next-day delivery for 90% of orders across 19,000 pincodes by FY30. The beauty store network expanded to 313 stores across 99 cities, covering 3.1 lakh square feet. Technology investments included AI-powered tools like Ask Nykaa and Virtual Closet, with over 480,000 virtual avatars created since May 2026.

Governance and Voting Results

Members voted to approve the adoption of standalone and consolidated audited financial statements for the year ended March 31, 2026. Sanjay Nayar and Milan Khakhar were re-appointed as directors upon retirement by rotation. Walker Chandiok & Co. LLP was appointed as statutory auditors. There were no qualifications or adverse remarks in the statutory or secretarial audit reports.

The scrutinizer’s report confirmed that all ordinary resolutions were passed with requisite majority. Promoter and Promoter Group shareholders held 1,491,392,142 equity shares as on the cut-off date of August 18, 2026, and voted in favor of all resolutions.

Resolution Details

Public institutional investors showed significant dissent on the director re-appointments. For Sanjay Nayar’s re-appointment, 12.28% of polled votes from public institutions were cast against. For Milan Khakhar, 27.88% of polled votes from public institutions were against. However, both resolutions passed due to overwhelming support from the promoter group and sufficient overall majority.

What the Numbers Show

The divergence between GMV growth and revenue growth highlights margin expansion efforts. While GMV grew significantly, revenue grew 26%, but EBITDA grew at a faster 59% pace, indicating improved operational leverage and monetization efficiency across its diversified business lines.

Nykaa delivered strong financial performance in FY26, with revenue crossing the ₹10,000 crore mark and EBITDA growing 59% to ₹752 crore. The company reaffirmed its aggressive operational targets for FY30, aiming to scale GMV by 2.5-3 times and expand EBITDA by 4-5 times.

FY26 Financial Performance

The beauty and lifestyle retailer demonstrated significant operating leverage in FY26. Revenue grew 26% to over ₹10,000 crore, while EBITDA expanded disproportionately to ₹752 crore, pushing margins from 6% to 7.5%. This efficiency drove net profit (PAT) nearly triple to ₹204 crore, with PAT margin doubling to 2%.

Capital efficiency also improved markedly. Fixed asset turnover rose to 9.9 times, supported by asset-light businesses like Fashion and House of Nykaa. Working capital days reduced from 34 to 28 days due to tighter inventory and receivables management. Consequently, ROCE doubled from 11.3% to 21.2%, aided by a 47% reduction in net debt.

Strategic Targets for FY30

Nykaa projects substantial scale-up in both gross merchandise value (GMV) and profitability over the next four years. The company aims to deliver 90% of its orders on the same or following day across 19,000 pin codes by the end of FY30.

Segment Highlights

Beauty: The core vertical saw NSV grow 4x to over ₹8,500 crore, with GMV reaching approximately ₹15,000 crore. The omnichannel network expanded to 313 stores across 99 cities. Nykaa Now, the rapid delivery service, is available in 13 cities and will expand to over 25 by year-end.

Fashion: Nykaa Fashion achieved EBITDA breakeven in Q4 FY26, a significant milestone after scaling NSV 6x to nearly ₹1,450 crore. EBITDA margins improved from negative 11.3% to negative 2.6% over five years. The platform now serves 11 million customers.

House of Nykaa: The private label portfolio scaled 8x in GMV to approximately ₹3,200 crore. New launches contributed around 25% of FY26 GMV for key brands like Nykaa Cosmetics and Kay Beauty.

Superstore: The eB2B platform grew nearly 4x in three years to ₹1,200 crore GMV. EBITDA margins improved by 3,500 basis points over the same period, serving nearly 5 lakh retailers.

What the Numbers Show

The disparity between the projected GMV growth (2.5-3x) and EBITDA expansion (4-5x) suggests a strategic focus on operating leverage. By accelerating delivery timelines and optimizing working capital—evidenced by the reduction in working capital days from 34 to 28—Nykaa intends to drive efficiency that outpaces top-line volume growth. The doubling of ROCE to 21.2% alongside a 47% drop in net debt indicates that recent profitability gains are not just operational but also structural, driven by better capital deployment.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE388Y01029/ed378292-53b3-4cb4-a0ed-e5f3f3df64d1.pdf