Nykaa Shares Slip from Strong Open as Selling Pressure Mounts in Early Trade; Strong Quarterly Result Fails to Lift

Mumbai, May 22: FSN E-Commerce Ventures (NSE: NYKAA) opened Friday’s session sharply higher at ₹283.50, a premium of ₹9 or 3.28% over its previous close of ₹274.50, as optimism around the beauty and personal care e-commerce major drew buyers to the counter at the open.

The stock surged quickly to an intraday high of ₹285.60 in the opening minutes before sellers moved in aggressively, pulling the price back toward the ₹274 range as the session progressed. As of the time of writing, the LTP stands at ₹274.25, a decline of ₹0.25 or 0.09% from the previous close, erasing virtually all of the morning’s gains.

The VWAP for the session stands at ₹278.83, well above the current LTP, indicating that the bulk of the day’s volume was transacted at significantly higher levels a sign that latecomers and sellers are in control as the session matures, with the order book reflecting a lopsided 62.70% sell versus 37.30% buy split on a total quantity of over 16 lakh shares.

Weekly Trend

The weekly chart shows NYKAA trading in a tight band between ₹273 and ₹273.10 from May 15 through May 18, with little directional movement as the stock consolidated near its recent support. A sharp pullback followed on May 19, with the stock dipping to a weekly low of approximately ₹270.50, testing buyer conviction at lower levels before recovering. The counter then staged a steady recovery through May 20 and 21, climbing back above ₹274 heading into Friday’s session, suggesting renewed interest from buyers at the lower end of the range. Friday’s gap-up open to ₹285.60 the week’s high followed by a swift reversal to the previous close level of ₹274.50 points to a classic bull trap formation on the weekly chart, with the stock’s inability to hold gains above ₹280 likely to keep sentiment cautious heading into the weekend.

Strong Q4 FY26 Consolidated Results

Nykaa’s Q4 FY26 consolidated results were standout across virtually every metric. Revenue from operations grew 28% year-on-year to ₹2,648 crore the highest quarterly revenue growth in the last 12 quarters while consolidated GMV rose 28% to ₹5,241 crore, reflecting sustained mid-20s growth that the company has now maintained for 14 consecutive quarters.

EBITDA surged 67% year-on-year to ₹223 crore, with the EBITDA margin expanding sharply to 8.4% from 6.5% in Q4 FY25 a 190 basis point improvement that the company described as its highest-ever EBITDA margin. Gross profit grew 32% year-on-year to ₹1,203 crore, the highest gross margin in 14 quarters.

Most strikingly, net profit for the quarter came in at ₹79 crore, up 313% year-on-year a near-fourfold jump that underscored the operating leverage now visible in Nykaa’s maturing business model.

FY26 Full-Year Consolidated Results

The full-year numbers were equally compelling. Revenue from operations for FY26 grew 26% year-on-year to ₹10,022 crore a milestone crossing the $1 billion revenue mark for the first time in the company’s 14-year history. Consolidated GMV for the full year grew 28% to ₹19,963 crore, while gross profit rose 30% to ₹4,516 crore. EBITDA for FY26 grew 59% to ₹752 crore, with the full-year EBITDA margin expanding to 7.5% from 6.0% in FY25 the company’s highest-ever annual EBITDA margin.

Net profit for FY26 came in at ₹204 crore, up 183% year-on-year a record PAT margin that management described as a defining moment in Nykaa’s profitability journey. The Fashion business contributed strongly, with GMV growing 30% to ₹4,954 crore, while men’s wear grew 60%, kids grew 50% and home categories grew 40% year-on-year, driven by over 1,280 new brand launches and deeper partnerships with Nike and H&M.

Source:

• https://www.nseindia.com/get-quote/equity/NYKAA/FSN-E-Commerce-Ventures-Limited