FSN E-Commerce Ventures Ltd.Nykaa: Consolidated PAT more than triples as Fashion turns profitable and Beauty accelerates

Nykaa delivered broad-based acceleration across every vertical in Q1 FY27, with GMV up 34% YoY to Rs. 5,590 crore, net revenue up 29% to Rs. 2,782 crore, and consolidated PAT surging 226% to Rs. 80 crore as PAT margin reached 2.9%.

EBITDA grew 68% to Rs. 236 crore, with margin expanding to 8.5% from 6.5% a year back. Beauty NSV grew 29% with EBITDA margin at 10.3%, helped by Selena Gomez's Rare Beauty becoming a top-5 prestige brand within weeks of launch. Fashion had its fastest growth in many quarters -- GMV and NSV up 53-54% -- and stayed profitable for a second straight quarter, aided by the Nike D2C partnership and improving customer-acquisition efficiency.

House of Nykaa's owned brands grew 39% to an annualized Rs. 3,760 crore GMV, and the company agreed to acquire 51% of premium skincare brand Aminu. Superstore, the B2B distribution arm, grew NSV 28% while improving EBITDA margin by over 300 bps. Management reaffirmed Fashion's 3-3.5x, 4-5 year growth guidance and said Superstore is targeting 35%-plus NSV CAGR by FY2030.