Shares of FSN E-Commerce Ventures, popularly known as Nykaa, rose more than 4% on Friday after the company posted a strong set of fourth-quarter results backed by margin expansion, healthy demand in the beauty segment and improving performance in its fashion business.
The stock climbed as much as 4.04% intraday to Rs 281.10 apiece, outperforming the broader market. The rise came after investors reacted positively to the company’s sharp jump in profitability and steady revenue growth.
Nykaa Q4 Profit Jumps Nearly Four Times
Nykaa reported a consolidated net profit of Rs 78.4 crore for the March quarter, significantly higher than Rs 20.3 crore recorded during the same period last year.
Revenue from operations rose 28.4% year-on-year to Rs 2,648 crore, reflecting strong momentum across both its core beauty business and fashion vertical.
The beauty segment continued to remain Nykaa’s biggest growth driver, with revenue increasing 27% during the quarter. Meanwhile, the fashion business posted even faster growth of 40%.
A major highlight for investors was that Nykaa’s fashion segment turned EBITDA positive during the quarter, signalling improved operational efficiency after years of investment in scaling the business.
Falguni Nayar Highlights Multi-Engine Growth
Falguni Nayar, Executive Chairperson, Founder and CEO of Nykaa, said the company has evolved into a diversified growth platform over the last three years.
“Over the past three years, Nykaa has evolved into a multi-engine growth platform, with our Beauty and Fashion businesses doubling their GMV, while our newer businesses like Superstore and House of Nykaa have grown 4x during the same period,” she said.
The company’s focus on premium beauty products, private labels and digital-first retailing has helped it maintain growth despite increasing competition in India’s online beauty and fashion market.
Brokerages Remain Divided Despite Strong Numbers
Global brokerage firm Jefferies maintained its “buy” rating on Nykaa and raised its target price to Rs 350 from Rs 315.
The brokerage described the quarterly performance as “Flawless Beauty” and said the fashion segment achieving breakeven could indicate that management has finally “cracked the code” in the category.
However, not all analysts turned optimistic after the results.
Citigroup retained its “sell” rating on the stock, while Macquarie Group maintained an “underperform” call despite acknowledging strong beauty demand trends and healthy margins.
Nykaa Share Price Performance
Nykaa shares have delivered solid gains over the past year despite volatility in the broader market.
The stock has risen over 38% in the last 12 months and is up around 5% so far in 2026.
Trading activity also remained strong on Friday, with total traded volume standing at 3.64 times its 30-day average. The stock’s Relative Strength Index (RSI) stood at 46.91.
According to Bloomberg data, out of 26 analysts covering the company, 14 have a “buy” rating, seven recommend “hold”, while five maintain a “sell” rating.
The average 12-month consensus target price of Rs 285.91 suggests limited upside from current levels, even after the post-results rally.