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Ad income seasonality may impact margins
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FSN E-Commerce Ventures Limited — Q3 FY26
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.
bullish
high
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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.
नायका ने वित्त वर्ष 2026 की तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई ₹2,873 करोड़ रही, जो पिछले साल से 27.7% ज़्यादा है। मुनाफा ₹68 करोड़ रहा, जो पिछले साल से 156% बढ़ा है। कंपनी ने कर्मचारी कानून के लिए ₹16 करोड़ अलग रखा। ब्यूटी कारोबार में 27% और फैशन में 31% की बढ़ोतरी हुई। कंपनी के अपने ब्रांड डॉट एंड की ने 100% उछाल दिखाया। एचएंडएम और नाइकी जैसी कंपनियों से साझेदारी से मदद मिली। प्रबंधन को उम्मीद है कि विकास जारी रहेगा, लेकिन तेज़ प्रतिस्पर्धा और टैरिफ बदलाव से सावधान रहने की ज़रूरत है।
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GMV Growth
₹5,795 Cr
+28% YoY
Consolidated GMV grew 28% year-on-year to ₹5,795 crore, driven by strong festive season.
Annual Unique Transacting Customers (Beauty)
18.7M
+26% YoY
Beauty vertical added ~4 million new annual transacting customers, reaching 18.7 million.
House of Brands Annualized GMV
₹3,500 Cr
+48% YoY
House of Brands (own labels) achieved ₹3,500 Cr annualized GMV, with beauty brands growing 65% YoY.
Fashion New Customer Acquisition
45%
+45% YoY
Fashion vertical saw a 45% year-on-year increase in new customer acquisition during the quarter.
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Management indicated that each of the four beauty sub-businesses (beauty.com, retail, own brands, B2B) can continue to improve profitability, thoug...
Q3 benefits from higher ad income due to festive season; a non-festive quarter could see lower ad revenue, affecting gross margins.
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