Nykaa Profit More Than Doubles as India’s Beauty Boom Defies Spending Slowdown

Indian fashion-to-beauty retailer Nykaa reported a more than two-fold rise in quarterly profit, driven by resilient demand for skincare and makeup products despite broader pressure on consumer spending. The company, formally known as FSN E-Commerce Ventures, posted a profit of 633.1 million rupees for the quarter ended December 31, compared with 261.2 million rupees a year earlier.

Demand for beauty products has remained strong, with shoppers increasingly spending on premium global brands such as Shiseido and Estee Lauder, as well as homegrown labels like Kay Beauty. Nykaa’s core beauty segment saw revenue rise 27% to 26.22 billion rupees, reflecting sustained interest in higher-end offerings.

Overall revenue climbed 27% to 28.73 billion rupees during the quarter. Nykaa also expanded its offline presence, adding 11 new stores and entering four new cities, taking its total beauty store count to 276. Improved product mix helped boost EBITDA margins to 8%, up from 6.2% a year ago.

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