Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹2,873 Cr
verified against source
Revenue YoY
27.7%
reported change
EBITDA
₹230 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
NYKAA delivered a strong Q3 FY26 with revenue of ₹2,873 Cr (+27.7% YoY) and EBITDA margin of 8.0% (+180bps YoY), the highest ever. PAT came in at ₹68 Cr (+156% YoY), after a one-time labor code provision of ₹16 Cr. Beauty vertical grew 27% GMV with EBITDA margin of 10.1%, while fashion GMV grew 31% with EBITDA loss narrowing to -2% from -5.4%. Key drivers included robust festive sales, strong performance of House of Brands (Dot & Key at ₹1,900 Cr annualized GMV, +100% YoY), and strategic partnerships with H&M and Nike. Management remains confident in sustaining mid-20s growth and margin expansion, though they caution that ad income seasonality and mix shifts could cause quarterly fluctuations. Risk: intensifying competition in quick commerce and potential tariff changes from trade deals.
Colored figures show movement against the previous available record.
Guidance to track
- Management indicated that each of the four beauty sub-businesses (beauty.com, retail, own brands, B2B) can continue to improve profitability, though consolidated margin may fluctuate due to mix.
- Fashion EBITDA margin improved from -5.4% to -2% YoY; management expects continued improvement driven by scale and operating leverage.
- Nika Now (quick commerce) will expand operational hours and marketing, aiming to increase its share of orders in live cities.
- The full-stack partnership to run Nike's D2C digital commerce in India launched post-quarter end and is expected to contribute to revenues and margins.
Risks flagged
- Q3 benefits from higher ad income due to festive season; a non-festive quarter could see lower ad revenue, affecting gross margins.
- As B2B (lower margin) grows faster, it may offset margin gains from own brands and ad income, making consolidated margin trajectory uncertain.
- Analyst question on Nika Now profitability highlighted potential AOV dilution; management acknowledged but downplayed material impact.
- While EU/UK trade deals could reduce import duties, management noted benefits are not yet quantified and depend on renegotiating brand agreements.
Key quotes
- We are happy to say that the GMV growth has come out at around 28% year-on-year growth at ₹5,795 cr and at the net revenue level also the net revenue is at about ₹2,873 crores which is a 27.7% year-on-year.
- The beauty vertical EBITDA now stands at 10.1% of net revenue for the quarter and for the 9 month it stands at 9.4%.
- Dot & Key today is running at about ₹1,900 crores of annualized GMV. It's grown 100% plus and it grew that much last year as well.
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