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Yes. Nykaa reported a net profit in FY2026 and in Q1 FY2027. For the year ended March 2026, FSN E-Commerce Ventures Limited, which operates Nykaa, reported ₹204 crore in profit after tax (PAT) on ₹10,022 crore of revenue from operations. In the quarter ended June 30, 2026, it reported ₹80 crore in PAT on ₹2,782 crore of revenue. Those results show positive earnings, but they do not mean that revenue growth, operating margins and cash generation are interchangeable measures.
Nykaa’s latest reported results at a glance
The figures below are company-reported. FY2026 is a full financial year; Q1 FY2027 is a three-month period, so their revenue and profit totals should not be compared as though they cover the same length of time.
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| Measure | FY2026 | Q1 FY2027 |
|---|---|---|
| Revenue from operations | ₹10,022 crore, up 26% year on year | ₹2,782 crore, up 29% year on year |
| EBITDA | ₹752 crore, up 59% year on year | Not stated in the cited Q1 results release as a comparable figure in this summary |
| EBITDA margin | 7.5%, versus 6.0% in FY2025 | 8.5%, versus 6.5% a year earlier |
| Profit after tax (PAT) | ₹204 crore, up 183% year on year | ₹80 crore, up 226% year on year |
| PAT margin | 2.0% | Not stated in the cited Q1 results release as a comparable figure in this summary |
| Cash flows from operations | ₹644.3 crore, versus ₹466.6 crore in FY2025 | Not stated in the cited Q1 results release as a comparable year-to-date figure |
Sources: Nykaa’s FY2026 results, FY2026 investor presentation and Q1 FY2027 results release. These three labels are not URLs, so the linked source addresses are not reproduced here.
What “profitable” means in this case
The clearest answer is PAT: profit remaining after expenses and tax. Nykaa reported ₹204 crore of PAT for FY2026, equal to 2.0% of net revenue, and ₹80 crore for Q1 FY2027. By that bottom-line measure, the company was profitable in both reported periods.
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That answer is narrower than saying the business is highly profitable or that earnings will continue to rise. PAT is an accounting result for a particular period; it does not by itself show how much cash operations generated, how much capital the company invested, or whether its shares are attractively valued.
How to read revenue growth alongside margins
Revenue: growth in scale
Revenue from operations measures sales and service revenue recognized by the company. Nykaa’s FY2026 revenue rose 26% year on year to ₹10,022 crore. In Q1 FY2027, it rose 29% year on year to ₹2,782 crore. Each growth rate compares its period with the corresponding year-earlier period; a quarterly revenue total should not be compared directly with a full-year total.
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Gross margin: what remains after cost of goods sold
Gross margin is the share of revenue left after cost of goods sold. Nykaa’s FY2026 investor presentation reports a gross margin of 45.1%, up from 43.7% in FY2025. This is an earlier stage of the income statement than EBITDA or PAT: it does not include every operating expense.
EBITDA: operating earnings before several costs
EBITDA means earnings before interest, taxes, depreciation and amortisation. It can help show operating performance before financing costs, taxes and non-cash depreciation and amortisation, but it is neither net profit nor cash flow. Nykaa reported FY2026 EBITDA of ₹752 crore, up 59%, and an EBITDA margin of 7.5%, compared with 6.0% in FY2025. In Q1 FY2027, EBITDA margin was 8.5%, compared with 6.5% a year earlier.
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The gap between the 7.5% FY2026 EBITDA margin and the 2.0% PAT margin matters: costs and items below EBITDA affect how much operating earnings ultimately remains as profit after tax. Do not use the higher EBITDA margin as a substitute for the bottom-line margin.
PAT margin: the share that reached the bottom line
PAT margin expresses profit after tax as a share of revenue. Nykaa’s FY2026 PAT margin was 2.0%, meaning the reported PAT was much smaller relative to revenue than EBITDA. Reading both margins together gives a more complete view than either one alone: EBITDA describes one stage of operating performance, while PAT captures the after-tax result.
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What Nykaa’s operating cash flow adds
Nykaa’s FY2026 investor presentation reports cash flows from operations of ₹644.3 crore, compared with ₹466.6 crore in FY2025. The same presentation lists a negative ₹15.1 crore contribution from working-capital changes in FY2026. These figures are useful alongside PAT because cash flows from operations reflect operating cash generation after working-capital movements in the presentation’s table.
Positive operating cash flow supports an assessment of earnings quality, but one annual figure does not establish a sustained cash-conversion trend. It also does not include the whole picture of cash use: investing and financing cash flows matter when assessing the company’s overall cash position. The Q1 FY2027 results release does not provide a comparable year-to-date operating-cash-flow figure, so the annual cash-flow numbers do not establish a Q1 trend.
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What the results do—and do not—establish
- Established: Nykaa reported positive PAT in FY2026 and Q1 FY2027, with year-on-year revenue growth in both periods.
- Established: FY2026 EBITDA and EBITDA margin increased year on year, and the Q1 FY2027 EBITDA margin was higher than a year earlier.
- Established: The FY2026 investor presentation reports higher operating cash flows than FY2025.
- Not established by these figures alone: whether recent performance will continue, whether the company’s shares are fairly valued, or what future investor returns may be.
Nykaa’s Q1 FY2027 results release quotes Executive Chairperson, Founder and CEO Falguni Nayar saying that growth momentum and EBITDA margins had reached their highest levels in the last 12 quarters. That is management’s characterization of the quarter, not an independent explanation of what caused the performance. The company’s materials attribute improvement to operating leverage and scale efficiencies; treat that as the company’s explanation rather than proof that those factors alone caused the change.
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