Consumer stocks · Mid cap · NSE
FSN E-Commerce Ventures Limited (Nykaa) is an Indian multi-channel retailer of beauty, personal care (BPC), and fashion products. It operates online platforms (Nykaa Beauty, Nykaa Fashion, Superstore B2B) and a growing network of physical stores, including owned brands like Dot & Key and Kay Beauty.
full bull SMA stack · MACD + · near 52W high · sector -4.5pp vs Nifty 500 (3M)
Latest mapped FPI equity flow was not positive. View sector evidence
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Adjusted completed-session prices, rebased to 100
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +29.1% · PAT +233.3% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Rev +29% YoY · PAT +233% YoY · margin expansion · +5% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,782 Cr | +29.1% | +5.1% |
| EBITDA | ₹236 Cr | +67.4% | +5.8% |
| Operating margin | 8.0% | +100 bps | +0 bps |
| PAT | ₹80 Cr | +233.3% | +1.3% |
| PAT margin | 2.9% | +177 bps | -10 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 20/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is undirectional — long-term uptrend intact. RSI 43.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Q4 FY26 saw strong growth with GMV and Net Revenue up 28% YoY. EBITDA surged 67% YoY to INR 223 crores (8.4% margin), and PAT grew 313% YoY to INR 79 crores (3% margin), marking highest-ever margins. FY26 revenue crossed INR 10,000 crores.
Nykaa demonstrates continued strong growth momentum across its diversified businesses, with significant profitability improvements in Q4 FY26 and for the full year. Strategic focus on premiumization, owned brands, and B2B distribution, coupled with marketing efficiencies and AI adoption, supports the long-term growth thesis despite macro concerns.
Latest issuer-disclosed distribution across 4 reported categories.
Nykaa builds a unique positioning for ultra-luxury beauty, partnering with Chanel, La Prairie, and SK-II for India launch.
Dot & Key grew 13x over 3 years to INR 1,790 crores GMV, becoming #1 sunscreen across Nykaa, Amazon, Flipkart, Blinkit.
Created a ~INR 1,200 crores GMV business in 4 years, reaching ~0.5 million retailers across 1,300 cities with 220+ brands.
FY26 GMV grew 30% to almost INR 5,000 crores, with Q4 FY26 EBITDA turning positive at 0.3%.
We are at 313 stores across 99 cities, having more than doubled our retail footprint over the past 3 years.
168 new stores added over the last 3 years, and 20 new cities with 6 differentiated experiential retail formats added in the last year.
Nykaa has taken over the Kiehl's India business, operating their boutique stores and kiehls.com, and is the exclusive online retailer.
Launching 'Kay Kafés' (kiosks) in India's top premium malls to fortify distribution for the premium makeup brand.
Seeing benefits of AI-led growth on top line and costs, improving marketing funnel efficiency and app experience personalization.
Korean brands show phenomenal growth at 58% year-over-year on the platform; Nykaa has the largest assortment.
Dermacosmetics brands show over 40% GMV growth year-over-year, supported by Nykaa's large assortment and online recommendation engine.
Nykaa Fashion is leaning heavily into the creator ecosystem, integrating content and commerce to drive engagement and sales.
High currency and oil prices, and their impact on inflation and consumption, make us cautious for the next year.
Freight costs and currency issues may pressure brands to take price increases, and consumer reaction to this is yet to be seen.
Competitive intensity is always present, though Nykaa Fashion focuses on the premium online market, differentiating itself.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is primary for overall financial performance (GMV, revenue, profitability) to account for seasonality. QoQ is relevant for sequential momentum, particularly for the Fashion segment's EBITDA turning positive in Q4.
GMV grew at 28% year-on-year.
Net revenue grew at a similar pace of 28% year-on-year, reaching INR 2,648 crores.
Gross profit came out at INR 1,203 crores, which is 45.4%, about a 32% increase year-on-year, one of the highest gross margins ever.
EBITDA was at INR 223 crores, 8.4% to net revenue and 67% growth year-on-year, one of the highest EBITDA margins ever.
April and May have been good overall for the business in terms of growth momentum.
Beauty consumption is not as impacted during tougher times as it represents 'small luxuries' and low-ticket purchases.
Committed to creating a very fair and balanced playing field for all brand partners, with owned brands growing on their own merit.
Building an independent unit of standout brands across categories, aiming for each brand to reach its correct potential and distribution strategy.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Beauty GMV Growth | 27% YoY (FY26) | Sustained growth momentum, especially in premium and dermacosmetics segments, and continued marketing efficiency. |
| Fashion EBITDA Margin | +0.3% (Q4 FY26) | Continued positive trajectory and sustained profitability, driven by new customer acquisition and brand additions. |
| House of Nykaa Brands GMV Growth | ~50% YoY (FY26) | Continued outperformance of key brands like Dot & Key and Kay Beauty, and successful incubation of newer brands. |
| Impact of Inflation on Pricing | Brands trying to avoid price increases | Any actual price increases by brands and subsequent consumer reaction, particularly in the beauty segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 96th percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Consumer: 96th pctile, median 66 · Mid: 73rd pctile, median 76
104 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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