Nykaa Q2 FY27: Consolidated PAT triples YoY to ₹101 Cr, OPM expands to ~8.7%

FSN E-Commerce Ventures (Nykaa) reported consolidated revenue of ₹3,006.04 Cr, up 28.1% YoY and 8.1% QoQ, with consolidated PAT of ₹101.19 Cr, up 206.8% YoY (adjusted for a small ₹1.04 Cr exceptional charge in the year-ago quarter, adjusted YoY growth is still ~201%) and 26.9% QoQ. The YoY print is the one that matters here: PAT growth outpacing revenue growth by a wide margin confirms genuine operating leverage rather than a one-off, with NPM expanding to 3.37% from 1.40% a year ago (2.86% last quarter) and self-derived OPM (EBITDA margin) at ~8.73% versus ~6.73% YoY and ~8.45% QoQ.

Beauty, the core segment, grew revenue 26.7% YoY to ₹2,699.74 Cr with a segment result margin of 6.7% (₹180.19 Cr), while Fashion grew faster at 42.9% YoY to ₹287.24 Cr and narrowed its segment loss to ₹7.65 Cr from ₹21.35 Cr a year ago and ₹8.52 Cr last quarter — consistent with management's prior guidance of "near-breakeven margin improvement" in Fashion, and tracking close to the reaffirmed 3-3.5x, 4-5 year Fashion growth target. Management gave no separate numeric FY27 targets on the last call and no standalone press release accompanies this filing beyond the regulatory outcome letter, so the read here is against the qualitative guidance on record: maintain margin discipline (Beauty) while investing in customer acquisition and capex — both of which this print satisfies, since margins expanded even as the company closed two bolt-on acquisitions this quarter (51% of Aminu Wellness for ₹21.70 Cr paid of up to ₹32 Cr, and an additional 24.2% stake in Earth Rhythm for ₹9.43 Cr) and announced an 82% stake in Simply Nam Beauty (up to ₹33 Cr) alongside results.

The stock went into the print at ₹355.5, up 4.7% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 5 consecutive quarters; revenue is at a 6-quarter high.

EPS (basic/diluted) ₹0.35 vs ₹0.12 YoY and ₹0.28 QoQ

On the Street, Morgan Stanley had modelled consolidated revenue growth in the high-20s (around 26% YoY) ahead of the quarter, below the company's own provisional business update (Oct 4, 2026) of GMV near 30% and NSV in the low-30s; the actual 28.1% YoY print lands between the two, a modest beat versus the sell-side base case and in line with the company's own pre-announced trajectory. No verified consensus PAT estimate for this specific quarter was found, so vsStreet here rests on the revenue comparison. Prior concall tone (confident, bullish, optimistic outlook) is corroborated by this quarter's numbers — margin expansion continued without sacrificing growth.