Nykaa Q3 preview: Analysts expect PAT to rise 148% YoY, margins to expand

Nykaa Q3 results preview: Brokerages tracked by Business Standard estimate Nykaa's net profit to average ₹66.4 crore, compared to ₹26.77 crore a year ago, up 148 per cent year-on-year (Y-o-Y)

Nykaa Q3 results preview: FSN E-Commerce Ventures, the operator of Nykaa, is slated to release its third quarter (Q3FY26) results on Thursday, February 5, 2026.

 

Brokerages tracked by Business Standard estimate Nykaa's net profit to average ₹66.4 crore, compared to ₹26.77 crore a year ago, up 148 per cent year-on-year (Y-o-Y). However, sequentially, the profit after tax (PAT) is expected to zoom 92 per cent from ₹34.53 crore in Q2FY26.

 

The company's revenue for the quarter under review is expected to climb 26 per cent in Q3FY26, on average, to ₹2,861.5 crore as compared to ₹2,267.2 crore a year ago. However, on a quarter-on-quarter (Q-o-Q) basis, the revenue is poised to gain 22 per cent from ₹2,346 crore in Q2FY26.  Check Q3 Results Today

Nykaa Q3 results expectations:

Kotak Institutional Equities: Analysts forecast overall gross merchandise value (GMV)/revenue growth of 25/25 per cent Y-o-Y, primarily driven by beauty and personal care (BPC) GMV/revenue growth of  25/24 per cent Y-o-Y and fashion business GMV/revenue growth of 25/24 per cent Y-o-Y. BPC business GMV includes contributions from eB2B as well.

 

Consolidated Ebitda margin is expected at 7.2 per cent, implying margin expansion of 100 basis points (bps) Y-o-Y. Operating leverage in BPC and lower losses in Fashion are believed to drive Y-o-Y margin expansion. 

 

Analysts expect Earnings before interest, tax, depreciation and amortisation (Ebitda) increase and flow through to the bottom line, resulting in a sharp 115 per cent Y-o-Y increase in net profit to ₹57 crore in Q3FY26.

 

JM Financial Institutional Securities: In Nykaa, analysts expect continued strong growth momentum, with consolidated GMV/net sales value (NSV) growth in the late-20s Y-o-Y supported by robust festive season demand and sustained execution. The BPC segment should see NSV growth in the late 20s, aided by strong performance of House of Nykaa brands, Pink Friday sales and healthy new customer addition. 

 

Fashion NSV growth is expected in the mid-20s Y-o-Y, though net revenue growth may trail at late-teens Y-o-Y due to ongoing brand rationalisation and an unfavourable base from higher content income last year. Overall, Ebitda margin is likely to expand 130 bps Y-o-Y, similar to Q2, indicating sustained operating leverage. 

 

Nuvama Institutional Equities: The brokerage expects 27 per cent/30 per cent year-on-year (Y-o-Y) growth in BPC/Fashion GMV, respectively. Overall, the revenue is anticipated to increase 28 per cent Y-o-Y to ₹2,900 crore. Ebidta margin to expand 40 basis points (bps) Q-o-Q to 7.2 per cent in Q3FY26.

 

Consolidated Ebitda is poised to come in at ₹ 208.9 crore, as compared to  ₹ 140.8 crore a year ago.

 

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