Newsletter
Earnings season wrapped up with another win. Nykaa posted a solid Q4, with profits nearly tripling and its beauty biz doing the heavy lifting.
By the numbers:
- Q4 revenue at ₹2,062 crore, up 24% YoY.
- Net profit soared 193% YoY to ₹20 crore down 22% compared to Q3.
The glow-up: beauty remains Nykaa’s crown jewel. Its premium brand additions, YSL, NARS, Armani Beauty, Kerastase, powered stickier retention and higher value per customer.
The drag: fashion stayed lukewarm. Online demand remained soft, and competition from Myntra, Ajio, and Shein kept growth in check.
Zoom out: India’s e-commerce story is still being written, and Nykaa’s quick commerce push (with 100+ cities already covered) could give it the next leg of scale. But fashion will need a rethink. The stock reflected the market’s cautious optimism despite the numbers, shares dipped nearly 2% post-earnings.
Zoom out: India’s beauty industry has been riding a wave of investor love. Venture funding into beauty startups crossed $1.2 billion in 2024, with deal volume consistently rising over the last decade.
