Overview

• Nykaa’s net profit more than doubled year-on-year to Rs 19 crore in Q4 as revenue climbed 23.6% to Rs 2,061 crore.
• EBITDA jumped 42.4% to Rs 131 crore, boosting the margin by 83 basis points to 6.35%.
• The beauty segment led growth with a 30% rise in gross merchandise value and a 57% surge in its eB2B superstore business.
• Fashion revenue grew 19% but faced margin headwinds from distribution shifts and higher marketing spend.
• HSBC downgraded the stock to ‘hold’ with a Rs 200 target, while Morgan Stanley retained its ‘overweight’ rating at Rs 191.