The company in Q2FY26 had Rs. 34 crore in profit after tax, compared to Rs. 10 crores. PAT is attributable to equity shareholders of the parent.
Income from operations for the quarter was Rs. 2,346 crore, as against Rs. 1,875 crore is 25% more than Rs. Sequentially, net profit in Q1 FY26 stood at Rs. 23 crores increased by 48%. Topline is also Rs. 2,155 crore has improved by 9% quarter-on-quarter.
Gross profit for the quarter was Rs. 1,054 crore, accounting for 50% of the net income. This represents an increase of 28% year-on-year. The company noted that the gross margin achieved during the quarter was the highest in the last 12 quarters.
Nykaa reported EBITDA (earnings before interest, tax, depreciation and amortization) growth of 53% in Q2FY26. This also marks the highest EBITDA for the company since its initial public offering (IPO). EBITDA margin increased 125 basis points to 6.8% during the quarter, from 5.5% in the year-ago period. PAT margin increased by 71 basis points to 1.4% from 0.7% in Q2FY25.
During the quarter, the company expanded its retail footprint by adding 19 new stores across eight cities. By the end of September 2025, the total retail space was over 2.7 lakh square feet, showing a 37% year-on-year growth.
Marketing and Sales & Distribution (S&D) expenses increased by 29% YoY to Rs. 368 crore, which in the corresponding period of the previous year was Rs. 286 crores.
After the Q2 results, local brokerage firm Nuwama maintained its ‘buy’ rating on FSN E-Commerce and raised its target price from the previous Rs. 235 revised to Rs. 285 did. Nuwama noted that Q2FY26’s Rs. 2,350 crore revenue and 25.1% YoY growth was as per estimates. It reported 27% year-on-year growth in BPC (Beauty and Personal Care) and Fashion NSV (Net Sales Value), with margin improvement due to fashion and eB2B losses.
Profit after tax Rs. 34 crores though – Rs. 38.2 crore – below the consensus estimate – Nuwama said growth was broad-based across categories. The brokerage expects over 25% growth in GMV (Gross Merchandise Value), with further margin gains. It marginally cut its FY26E and FY27E earnings estimates by 1% to 5%.
Also Read: ‘Lancekart wasn’t built to chase valuations, but…’: Peyush Bansal writes emotional note ahead of listing
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