Nykaa’s Q2FY27 filing: PAT doubles year-on-year to ₹101.19 crore; Fashion remains loss-making and cash flow turns negative
FSN E-Commerce (NSE: NYKAA, BSE: 543384) reported consolidated revenue of ₹3,006.04 crore for Q2FY27 on 4 November 2026, up 28.1% year-on-year and 8.1% sequentially, with profit after tax of ₹101.19 crore, up 206.8% year-on-year, according to its BSE results filing dated 4 November 2026. The same filing notes that while margin expansion and Beauty-led growth remain intact, Fashion is still loss-making and cash flow turned negative.
The numbers behind the trend
The Q2FY27 results filing (BSE, 4 November 2026) shows revenue of ₹3,006.04 crore and PAT of ₹101.19 crore. A separate results summary from the same date puts EBITDA at ₹263 crore, up 65% year-on-year, with EBITDA margin at 8.7%. The investor presentation filed the same day reports Q2FY27 GMV of ₹6,151 crore, up 30% year-on-year, and Beauty store count reaching 338.
What changed between Q1 and Q2
The Q1FY27 results filing dated 4 August 2026 had shown revenue of ₹2,782 crore, up 29.1% year-on-year and 5.1% quarter-on-quarter, with EBITDA margin at 8.8% and PAT attributable to shareholders at ₹80.01 crore. A Q1FY27 concall summary filed on 7 August 2026 described 29% revenue growth with “broad-based acceleration,” Fashion turning profitable, and Beauty expanding margins “driven by omnichannel flywheel and Nike partnership.”
The Q2FY27 filing dated 4 November 2026 reports that Fashion is still loss-making. That is a stated shift from the Q1FY27 concall summary of 7 August 2026, which had described Fashion as profitable. The Q2 filing does not provide a segment-level reconciliation in the extracted data; it states the position as of the quarter end.
What management has put on record
At Nykaa’s Annual Investor Day 2026 presentation dated 18 June 2026, the company disclosed industry tailwinds, a 2.5–3x GMV growth target to $5bn+ by FY30, and structural profitability improvement with EBITDA expected to reach “early-to-mid teens margins.” Those are company-stated targets for FY30 and not points we have verified against subsequent filings.
Acquisitions during the window
Three acquisition-related filings appear in the six-month window. On 5 September 2026, Nykaa completed acquisition of an additional 24.2% stake in Earth Rhythm Private Limited, with the filing stating: “Nykaa has finalized the transaction to increase its shareholding in Earth Rhythm Private Limited by an additional 24.2%, following board approval on May 21, 2026. The shares have been credited to Nykaa’s demat account, making Earth Rhythm a subsidiary.” On 24 September 2026, Nykaa completed acquisition of 51% shareholding on a fully diluted basis in Aminu Wellness Private Limited, making it a subsidiary. And in the Q2FY27 investor presentation dated 4 November 2026, the company announced an agreement to acquire an 82% stake in Simply Nam.
What to watch next
The company’s stated FY30 targets from the 18 June 2026 Investor Day — GMV of $5bn+ and early-to-mid teens EBITDA margins — are the longest-dated disclosures in the window. The Q2FY27 concall recording link was intimated on 4 November 2026; the transcript was not available in the extracted filings.
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The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 4 Aug 2026 | Consolidated revenue rose to ₹2782 crore, +29.1% YoY and +5.1% QoQ, while EBITDA margin reached 8.8% and PAT attributable to shareholders was ₹80.01 crore, extending Nykaa's multi-quarter growth and margin expansion trajectory. | filing | |
| 4 Aug 2026 | Q1FY27 revenue rose to ₹2782 crore, PAT to ₹80.01 crore and EBITDA margin to 8.8%, with growth accelerating and Fashion reaching profitability. | filing | |
| 4 Aug 2026 | Nykaa Q1FY27: Revenue ₹2,782 Cr (+29.1% YoY), PAT ₹80 Cr (+243%), OPM expands to 8.8% on operating leverage and narrowing fashion losses. | filing | |
| 4 Nov 2026 | Consolidated revenue rose to ₹3,006.04 crore, +28.1% YoY and +8.1% QoQ, while PAT reached ₹101.19 crore, +206.8% YoY; margin expansion and Beauty-led growth remain intact, but Fashion is still loss-making and cash flow turned negative. | filing | |
| 4 Nov 2026 | Q2FY27 revenue rose 28% to ₹3,006 Cr, EBITDA grew 65% to ₹263 Cr and PAT rose 207% to ₹101 Cr as margin expanded to 8.7%, extending Nykaa's operating improvement trend. | filing | |
| 18 Jun 2026 | Nykaa's Annual Investor Day 2026 presentation highlights strong industry tailwinds, a 2.5–3x GMV growth target to $5bn+ by FY30, and structural profitability improvement with EBITDA expected to reach early-to-mid teens margins. | filing | |
| 4 Aug 2026 | Earnings call transcript unavailable – only intimation of recording availability. | filing | |
| 4 Aug 2026 | Q1FY27 consolidated revenue was ₹2782 crore, up 29.1% YoY and 5.1% QoQ, while PAT was ₹80.01 crore, up 226.9% YoY; the trajectory remains margin-led with EBITDA margin at 8.8%, although Fashion and Others stayed loss-making. | filing | |
| 4 Aug 2026 | Nykaa reports strong Q1FY27 results with 29% revenue growth and 226% PAT growth, driven by beauty and fashion acceleration, strategic partnerships, and expanding omnichannel presence. | filing | |
| 7 Aug 2026 | Nykaa delivers 29% revenue growth with broad-based acceleration; Fashion turns profitable and Beauty expands margins, driven by omnichannel flywheel and Nike partnership. | filing | |
| 5 Sept 2026 | Nykaa completes acquisition of additional 24.2% stake in Earth Rhythm Private Limited, increasing its total ownership in the subsidiary. | Nykaa has finalized the transaction to increase its shareholding in Earth Rhythm Private Limited by an additional 24.2%, following board approval on May 21, 2026. The shares have been credited to Nykaa's demat account, making Earth Rhythm a subsidiary. | filing |
| 24 Sept 2026 | Nykaa completes acquisition of 51% stake in Aminu Wellness Private Limited, making it a subsidiary. | FSN E-Commerce Ventures (Nykaa) has completed the acquisition of 51% shareholding on a fully diluted basis in Aminu Wellness Private Limited, making it a subsidiary. The shares have been credited to Nykaa's demat account following execution of all necessary transaction documents. | filing |
| 4 Nov 2026 | FSN E-Commerce Ventures submitted a regulatory intimation providing audio and video recording links for its Q2FY27 analyst conference call. | filing | |
| 4 Nov 2026 | Nykaa reports Q2FY27 GMV of Rs 6,151 Cr (up 30% YoY), Beauty store count reaching 338, and announces an agreement to acquire an 82% stake in Simply Nam. | filing |
Quick answers
- What did FSN E-Commerce disclose?
- FSN E-Commerce (NSE: NYKAA, BSE: 543384) reported consolidated revenue of ₹3,006.04 crore for Q2FY27 on 4 November 2026, up 28.1% year-on-year and 8.1% sequentially, with profit after tax of ₹101.19 crore, up 206.8% year-on-year, according to its BSE results filing dated 4 November 2026.
- What are the key numbers?
- The Q2FY27 results filing (BSE, 4 November 2026) shows revenue of ₹3,006.04 crore and PAT of ₹101.19 crore. A separate results summary from the same date puts EBITDA at ₹263 crore, up 65% year-on-year, with EBITDA margin at 8.7%.
- What does FSN E-Commerce say comes next?
- The company’s stated FY30 targets from the 18 June 2026 Investor Day — GMV of $5bn+ and early-to-mid teens EBITDA margins — are the longest-dated disclosures in the window. The Q2FY27 concall recording link was intimated on 4 November 2026; the transcript was not available in the extracted filings.
Research and educational content only. Not investment advice. Drafted from regulatory filings and published automatically — see our editorial policy.