Nykaa has had a busy 2025. From a near tripling of its quarterly profit to an ambitious rollout of rapid delivery services, the company isn’t just holding its ground in beauty and fashion—it’s rewriting the playbook for India’s premium e-commerce landscape. Its Q4 FY25 results show that Nykaa is not content with incremental growth. It’s setting the pace.
The company posted a 193% surge in net profit to ₹20 crore in the March 2025 quarter, while revenue rose 24% year-on-year to ₹2,062 crore. EBITDA for the quarter jumped 43% to ₹133 crore, with margins improving to 6.5% from 5.6% last year. It’s a performance that signals not just scale, but a sharp focus on operational efficiency.
And yet, the headline numbers only tell part of the story. Underneath is a steady build-out of new categories, premium global tie-ups, and a pivot to faster delivery models aimed at strengthening its market edge.
By the numbers:
- Market capitalisation: ₹58,100 crore
- Q4 FY25 revenue: ₹2,062 crore (up 24% YoY)
- Q4 FY25 net profit: ₹20 crore (up 193% YoY)
- FY25 revenue: ₹7,950 crore
- FY25 net profit: ₹72 crore
The drivers: Beauty first, then everything else. Beauty remains Nykaa’s mainstay and continues to outpace the rest. In Q4, beauty sales grew to ₹1,895 crore from ₹1,520 crore last year, while the annual GMV for this vertical hit ₹11,775 crore, up 30% YoY. The B2B Superstore, which has quietly become India’s largest beauty distribution network, reported a 57% rise in GMV to ₹941 crore in FY25.
The company’s house-of-brands is also picking up pace. Dot & Key clocked ₹900 crore in GMV this year, while Nykaa Cosmetics and Kay Beauty added ₹350 crore and ₹240 crore respectively. International brand tie-ups like Yves Saint Laurent and Fenty Beauty have further strengthened Nykaa’s premium edge.
The new bet: rapid delivery. Nykaa Now, its 60-minute delivery service piloted in Mumbai, is being expanded to other metros. Anchit Nayar, CEO of the beauty vertical, sees quick commerce as a natural next step for India’s beauty shopper driven by a growing appetite for premium, instant access. Unlike others who tap stores for fulfillment, Nykaa is using a network of rapid warehouses to keep delivery times low and margins in check.
On the ground, the company’s offline play is also expanding. Fifty new stores opened in FY25, taking the count to 237 across 79 cities. Same-store sales grew 15%, while overall retail GMV jumped 31% YoY, reflecting Nykaa’s commitment to an omnichannel presence that meets consumers wherever they are.
The challenges: fashion still lags. Revenue in the fashion arm rose to ₹161 crore in Q4, up from ₹145 crore last year, but it’s a modest rise compared to beauty’s surge. Brokerages like Citi have cut target prices, with fashion profitability still not in sight. HSBC and Nomura echo the caution, even as Nuvama and JM Financial see the broader story as intact.
Valuations are another sticking point. At a P/E of over 1,100 and a P/B above 44, the stock is priced for perfection. It closed around ₹195 post-results, down nearly 4%, underscoring the market’s wait-and-watch stance.
Despite the rich multiples, operational leverage is becoming clear. The Superstore’s rapid growth, the rising premium share in beauty, and the push for quick commerce all show a company adapting fast in a hyper-competitive market.
The Bottom Line: Nykaa isn’t just a beauty platform anymore. It’s a hybrid engine of retail, distribution, and fast delivery. From luxury lipsticks to hyperlocal warehouses, it’s building the future of how India shops for beauty.
The Q4 results are not a flash in the pan. They’re a sign of how far Nykaa has come store by store, brand by brand, delivery promise by delivery promise.
And if Nykaa keeps scaling this way, it’ll be defining how India’s beauty ecosystem looks, feels, and grows.
