Nykaa share price jumped over 4% to a 52-week high in early trade on Friday after the company reported strong Q4 results. Nykaa stock price surged as much as 4.1% to a fresh peak of ₹285.65 apiece on the BSE.
FSN E-Commerce Ventures, the parent company of beauty retail platform Nykaa, reported a consolidated net profit of ₹78 crore in the fiscal fourth quarter ended March 2026, registering a sharp growth of 286% from ₹20 crore in the year-ago period. Sequentially, the net profit was also higher than ₹63.31 crore posted in the December quarter.
The company’s revenue in Q4FY26 increased 28.4% to ₹2,648.17 crore from ₹2,061.76 crore, year-on-year (YoY), driven by strong performance in the beauty segment. Nykaa’s beauty segment posted a 27.2% revenue growth at ₹2,409.94 crore. Sales for its fashion vertical jumped 40% to ₹225 crore.
The consolidated GMV (gross merchandise value) grew 28% to ₹5,241 crore during the quarter under review.
At the operating front, EBITDA grew 67% YoY to ₹223 crore in Q4FY26, while margin jumped to the highest ever to 8.4% from 6.5% YoY.
Should you buy, sell or hold Nykaa shares after Q4 results?
Nykaa’s Q4 results were once again a clear demonstration of a sustained execution story. Growth momentum was robust across both BPC and Fashion, with their NSV rising 29% and 42% YoY, respectively, and consolidated revenue expanding by 28% YoY, analysts said.
JM Financial raised its EBITDA estimates for Nykaa by 3–4% over FY27–28E, leading to a 30–40 bps increase in EBITDA margin estimates. The improvement is mainly due to lower marketing spends and strong operating leverage.
It expects consolidated EBITDA CAGR of ~50% over FY26–29 on the back of BPC margin expanding to over 13% and fashion margins reaching 7%, which is likely to ensure Nykaa remains a high-earnings-growth compounding story.
The brokerage firm also expects Nykaa to sustain growth momentum with higher BPC profits getting unburdened of the losses in eB2B gradually and Fashion also starting to contribute to profitability in FY27 itself. Due to these changes, PAT estimates have been increased by 2–4% over FY27–28.
JM Financial reiterated its ‘Buy’ call and raised Nykaa share price target to ₹335 for March 2027 from ₹325 earlier, implying ~53x FY28E EBITDA multiple.
Nykaa’s management indicated that growth momentum remains healthy in early FY27, although they remain cautious due to macro concerns such as inflation, currency depreciation and global factors affecting consumption.
Nuvama Institutional Equities tweaked its FY27E and FY28E earnings by -0.3% and -3.8%. The brokerage firm maintained its ‘Buy’ rating on Nykaa shares and raised the target price to ₹321 from ₹310 earlier.
Nykaa Share Price Performance
Nykaa share price has gained over 6% in one month and has risen 4% on a year-to-date (YTD) basis. The stock has jumped 37% in one year and 54% over the past two years. Nykaa shares have delivered multibagger returns of 118% in three years.
At 9:40 AM, Nykaa share price was trading 0.09% higher at ₹274.65 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
