Nykaa Business Model Across Beauty Retail, Fashion and Own Brands
How online sales, stores, fashion and own brands fit together at Nykaa
Key Takeaways
- Revenue from operations was Rs 10,022 crore in FY26, up 26%.
- GMV was Rs 19,963 crore in FY26, with beauty at Rs 14,954 crore and fashion at Rs 4,954 crore.
- EBITDA was Rs 752 crore, a 7.5% margin, and profit after tax Rs 204 crore in FY26.
- Nykaa had 313 stores at the end of FY26.
- Q1 FY27 net revenue was Rs 2,782 crore, up 29%, with profit after tax of Rs 80 crore.
The Nykaa business model is built on selling beauty and fashion products to shoppers online and through its own stores. Nykaa is run by FSN E-Commerce Ventures, which reported revenue from operations of Rs 10,022 crore and profit after tax of Rs 204 crore for FY26, the year ended March 2026.
Besides retail, Nykaa sells its own brands under House of Nykaa and supplies other retailers through Superstore by Nykaa. In the first quarter of FY27 it reported net revenue of Rs 2,782 crore, up 29% from a year earlier, and profit after tax of Rs 80 crore.
Nykaa at a glance
| Item | Detail |
|---|---|
| What it does | Beauty and fashion retail online and in stores, plus its own brands and a retailer supply arm |
| Parent company | FSN E-Commerce Ventures Ltd, listed on NSE and BSE in November 2021 |
| Founded | 2012 by Falguni Nayar |
| Revenue from operations | Rs 10,022 crore in FY26 (year ended March 2026) |
| Profit after tax | Rs 204 crore in FY26 |
| EBITDA | Rs 752 crore in FY26, a 7.5% margin |
| Scale | GMV of Rs 19,963 crore in FY26; 313 stores at the end of FY26 |
| Latest quarter | Q1 FY27 (April to June 2026) net revenue of Rs 2,782 crore and PAT of Rs 80 crore |
What Nykaa does
Nykaa started in 2012 as an online beauty store. Falguni Nayar founded it. Today the company works in two main verticals, beauty and fashion, and sells through its app, its website and its stores.
By the end of FY26 it ran 313 stores. Its quick delivery service is called Nykaa Now.
How Nykaa makes money
Nykaa makes money from several linked activities.
- Beauty retail. Shoppers buy beauty products from global and Indian brands on the Nykaa app and website and in Nykaa stores. Beauty is the larger vertical.
- Fashion. Nykaa Fashion is the company's fashion vertical.
- House of Nykaa. Nykaa builds and sells its own consumer brands, including Dot & Key and Kay Beauty, through its own platforms and other channels.
- Superstore by Nykaa. A business to business arm that supplies products to retailers.
Nykaa revenue model by vertical
In FY26 Nykaa's gross merchandise value (GMV) was Rs 19,963 crore, up 28% from the year before. Beauty GMV was Rs 14,954 crore and fashion GMV was Rs 4,954 crore.
Nykaa business model canvas
The canvas below sums up who Nykaa works with, what it does and whom it serves.
Nykaa's EBITDA in FY26
In FY26 the company reported EBITDA of Rs 752 crore, a 7.5% margin on revenue from operations.
Is Nykaa profitable? Revenue and profit over the years
Revenue from operations rose from Rs 6,386 crore in FY24 to Rs 7,950 crore in FY25 and Rs 10,022 crore in FY26, which was a 26% rise in FY26. For FY26 the company reported profit after tax of Rs 204 crore.
Nykaa in the latest quarter
In Q1 FY27 Nykaa reported GMV of Rs 5,590 crore, up 34%, and net revenue of Rs 2,782 crore, up 29% from Rs 2,155 crore in Q1 FY26. EBITDA was Rs 236 crore, an 8.5% margin against 6.5% a year earlier, and profit after tax was Rs 80 crore.
Nykaa's journey so far
| When | What happened |
|---|---|
| 2012 | Falguni Nayar founds Nykaa |
| November 2021 | FSN E-Commerce Ventures lists on NSE and BSE |
| FY25 | Revenue from operations of Rs 7,950 crore |
| FY26 | Revenue from operations of Rs 10,022 crore and 313 stores at the end of the year |
| June 2026 | Q1 FY27 net revenue of Rs 2,782 crore |
Nykaa competitors in India
Tira is a beauty platform launched by Reliance Retail in 2023.
Margins at Nykaa
Nykaa's profit after tax was 2.0% of revenue from operations in FY26 (Rs 204 crore on Rs 10,022 crore) and 2.9% of net revenue in Q1 FY27.
Conclusion on the Nykaa business model
Nykaa sells beauty and fashion products online and in stores, sells its own brands through House of Nykaa and supplies retailers through Superstore. In FY26 it reported revenue from operations of Rs 10,022 crore, EBITDA of Rs 752 crore and profit after tax of Rs 204 crore.
In Q1 FY27 it reported net revenue of Rs 2,782 crore and profit after tax of Rs 80 crore.
