The company reported a profit after tax (PAT) of Rs 34 crore in Q2FY26, compared to Rs 10 crore in the same quarter last year. The PAT is attributable to equity shareholders of the parent.
Revenue from operations for the quarter stood at Rs 2,346 crore, marking a 25% rise over Rs 1,875 crore reported in the corresponding quarter of the previous financial year. Sequentially, the net profit grew by 48% over Rs 23 crore in Q1FY26. The topline also improved 9% quarter-on-quarter from Rs 2,155 crore.
Gross profit for the quarter came in at Rs 1,054 crore, accounting for 50% of net revenues. This represents a 28% YoY increase. The company noted that the gross margin achieved during the quarter was the highest in the past 12 quarters.
Nykaa reported EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) of Rs 159 crore in Q2FY26, a 53% YoY rise. This also marked the highest EBITDA for the company since its initial public offering (IPO). EBITDA margin expanded by 125 basis points to 6.8% during the quarter, up from 5.5% in the year-ago period. The PAT margin improved to 1.4% from 0.7% in Q2FY25, rising by 71 basis points.
During the quarter, the company expanded its retail footprint by adding 19 new stores across eight cities. The total retail space stood at over 2.7 lakh square feet by the end of September 2025, reflecting a 37% YoY increase.Marketing and selling and distribution (S&D) expenses rose 29% YoY to Rs 368 crore, up from Rs 286 crore in the year-ago period.After the Q2 results, domestic brokerage firm Nuvama maintained its ‘Buy’ rating on FSN E-Commerce and revised its target price to Rs 285 from Rs 235 earlier, citing stronger long-term growth and profitability outlook in the fashion segment. Nuvama noted that Q2FY26 revenue of Rs 2,350 crore and 25.1% YoY growth were in line with estimates. It highlighted a 27% YoY growth in BPC (Beauty and Personal Care) and fashion NSV (net sales value), along with margin improvements due to narrowing fashion and eB2B losses.
Despite the profit after tax coming in at Rs 34 crore — below the consensus estimate of Rs 38.2 crore — Nuvama said the growth was broad-based across categories. The brokerage expects more than 25% growth in GMV (gross merchandise value) to continue, along with further margin gains. It also marginally trimmed its FY26E and FY27E earnings estimates by 1% to 5%.
Also read: ‘Lenskart wasn’t built to chase valuations, but…’: Peyush Bansal pens an emotional note ahead of listing
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