FSN E-Commerce Q1 FY27 Results (NSE: NYKAA)
Signal: Margin expansion
The read
The trajectory strengthened: revenue growth accelerated to 29.1% YoY from 23.4% in Q1FY26, EBITDA margin expanded to 8.8% from 6.8% implied by the prior-year EBITDA base, and PAT rose 226% to ₹80.01 crore; the key inflection is Fashion reaching a 0.1% EBITDA margin after a -6.2% margin a year earlier.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,782 Cr | +29.1% | +5.1% |
| EBIT | ₹155.9 Cr | N/A | |
| Net profit | ₹80.01 Cr | +226% | |
| EPS | ₹0.28 | +250.0% | |
| EBIT margin | 8.8% |
P&L walk
Consolidated revenue increased 29.1% YoY to ₹2782 crore and EBITDA rose 68% to ₹245.36 crore, taking EBITDA margin to 8.8%; PAT increased 226% to ₹80.01 crore as Fashion moved from a -6.2% EBITDA margin to 0.1%.
Segments
Fashion was the clearest incremental driver, with GMV up 53% YoY to ₹1471 crore and EBITDA margin improving from -6.2% to 0.1%, while Beauty NSV growth accelerated to 29% YoY.
Key positives
- Revenue reached ₹2782 crore, up 29.1% YoY versus 23.4% YoY in Q1FY26, indicating accelerating top-line momentum.
- GMV grew 34% YoY to ₹5590 crore, ahead of revenue growth of 29.1%, while Beauty GMV reached ₹4105 crore.
- EBITDA increased 68% YoY to ₹245.36 crore versus revenue growth of 29.1%, and EBITDA margin expanded to 8.8% from the prior-year level.
- Fashion GMV grew 53% YoY to ₹1471 crore and Fashion EBITDA margin improved 630bps from -6.2% to 0.1%, moving the vertical to breakeven profitability.
- The platform added premium brands including Rare Beauty, SK-II and Judydoll; Virtual Closet delivered 2x higher conversion among users.
Key concerns
- GCC business Nysaa remained affected by geopolitical headwinds, with further improvement dependent on external factors.
- The acquisition of Aminu adds a new premium skincare brand whose FY26 revenue was ₹19 crore, small relative to Nykaa's consolidated quarterly revenue of ₹2782 crore.
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