Nykaa sees stable BPC, improved fashion growth; eyes 7.5% EBITDA margin

With growth steady in beauty and improving in fashion, Nykaa targets stronger margins, offline expansion, and breakeven in fashion by FY26, say analysts

The business update from Nykaa (FSN E-Commerce Ventures) suggests that growth in revenue and gross merchandise value (GMV) is stable in the beauty & personal care (BPC) segment and has improved in fashion.

 

Revenue growth in BPC is around 25-26 per cent year-on-year (Y-o-Y) with GMV growing slightly faster. In the first quarter of the financial year 2025 (Q1FY25) GMV growth stood at 27.7 per cent, while it was 30.8 per cent in Q4FY25.

 

The owned House of Nykaa brands are growing at a higher pace.

 

In fashion, net revenue growth was 15-16 per cent with growth of fashion GMV