Nykaa, India’s leading beauty retailer, saw its consolidated net profit more than double to €5.9m in Q3 FY26, a significant increase from €2.4m in the same period last year. This performance was anchored by a 27% rise in overall revenue, which reached €268m. The core beauty and personal care segment, contributing the majority of revenue, also grew by 27% to €245m. EBITDA margins expanded to 8%, up from 6.2% a year ago.
Those improvements can be attributed to structural levers, not one-off benefits, notably higher advertising income and better B2B net retention margins. The growth is notably premium-led, with strong demand for brands like Shiseido, Estee Lauder, and Nykaa’s own Kay Beauty. This premiumization is formalizing the category online and driving repeat purchase behavior.
The company also added 11 new physical stores, ending the quarter with 276 outlets. Internationally, the launch of Kay Beauty in the UK via Space NK hints at future global expansion opportunities.
Nykaa is moving from chasing growth at all costs to securing profitable growth. Its performance is now driven by tangible strengths higher-margin brands, operational control, and consistent customer demand rather than market hype alone.
