Nykaa, a leading beauty and lifestyle brand, had a great Q2 FY26. This shows that the D2C model in India can still grow profits, even with lots of competition.
This online platform, a major player in Indian D2C, saw revenue jump 25% year-over-year. Quarterly profit went up 2.5 times, which points to good management and strong customer interest.
According to filings with the National Stock Exchange (NSE), Nykaa’s operating revenue went up to ₹2,346 crore in Q2 FY26, from ₹1,875 crore last year. This revenue increase shows the brand’s strength in beauty and fashion, which are key to its D2C business.
Looking at the first half of the year, operating revenue rose 24% to ₹4,501 crore in H1 FY26, from ₹3,621 crore last year. That’s good progress for a top Indian startup.
Beauty is still king, making up about 91% of total operating revenue at ₹2,132 crore. This confirms Nykaa’s lead in beauty and skincare. Fashion brought in 8.7% of revenue, showing progress in Nykaa’s plans to grow beyond just beauty. This mix of products shows Nykaa’s strategy of combining online and offline retail for India’s growing customer base.
Even with rising costs, Nykaa’s profits are still looking good. Net profit was ₹33 crore in Q2 FY26, up from ₹13 crore last year, a 2.5 times increase. For the first half of the year, profit doubled to ₹57 crore from ₹27 crore last year. Good management and focus on efficiency helped, even though total expenses rose to ₹2,297 crore because of material costs, marketing, and tech upgrades.
At the end of trading, Nykaa’s stock price was ₹246, giving it a market value of ₹70,375 crore ($8 billion). This makes it one of India’s most valuable D2C unicorns and gives investors confidence in D2C brands that are growing well after listing.
For the Indian D2C world, Nykaa’s results are a good example of how to scale and make a profit. Its ability to balance growth and margins, keep brand trust, and grow its fashion and lifestyle business shows how far India’s D2C industry has come. With a good understanding of Indian consumer behavior, smart strategies, and a focus on great experience, Nykaa is still a leader among fast-growing brands in the region.
As D2C business in India gets bigger, thanks to investor interest and omnichannel retail, Nykaa’s Q2 FY26 results show how Indian startups can compete globally and still be profitable. With its digital base, strong brand, and growing product line, Nykaa is a success story in the latest D2C updates, showing that India’s direct-to-consumer market is getting stronger.
