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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Yes. Nykaa reported a net profit after tax (PAT) of ₹204 crore for FY2026 and ₹80 crore in Q1 FY2027. Its sales and operating profit also grew, while annual operating cash flow was positive. The figures answer different questions, though: revenue measures scale, EBITDA reflects operating earnings before several costs, PAT is profit after tax, and operating cash flow tracks cash generated by operations.
Nykaa’s latest reported results at a glance
These are company-reported figures from FSN E-Commerce Ventures Limited, Nykaa’s parent. FY2026 is the full financial year; Q1 FY2027 is the quarter ended June 30, 2026, so their revenue totals should not be compared as if they covered equal periods.
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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 release; EBITDA margin was 8.5% |
| EBITDA margin | 7.5%, compared with 6.0% in FY2025 | 8.5%, compared with 6.5% a year earlier |
| 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 release |
| Cash flows from operations | ₹644.3 crore | No comparable figure stated in the cited Q1 release |
Figures are from Nykaa’s FY2026 results, FY2026 investor presentation and Q1 FY2027 results release. The investor presentation reports FY2025 cash flows from operations of ₹466.6 crore alongside FY2026’s ₹644.3 crore.
What “profitable” means in this case
The clearest test of whether the company made a profit is PAT: profit after tax. Nykaa’s reported PAT was positive in both periods, so it was profitable on that measure in FY2026 and Q1 FY2027. For FY2026, PAT was 2.0% of revenue. That is a much narrower bottom-line margin than the 7.5% EBITDA margin.
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Revenue shows scale, not profit
Revenue from operations records income from the company’s operations. Nykaa’s revenue grew 26% in FY2026 and 29% in Q1 FY2027, each compared with the corresponding year-earlier period. Growth indicates that sales and services expanded; by itself, it does not show how much profit remained after costs.
EBITDA is an operating measure, not net income
EBITDA means earnings before interest, taxes, depreciation and amortisation. It helps assess operating performance before financing costs, tax and depreciation or amortisation, but it is neither PAT nor cash flow. In FY2026, EBITDA rose 59% to ₹752 crore and EBITDA margin improved to 7.5% from 6.0%. The 8.5% EBITDA margin in Q1 FY2027 was also above the 6.5% reported for the year-earlier quarter.
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PAT shows what remained after tax
PAT is the after-tax profit attributable under the reported accounting results. Its margin expresses PAT as a share of revenue. The FY2026 PAT margin of 2.0% puts the higher EBITDA margin in perspective: costs and items between EBITDA and PAT mean that operating earnings do not translate one-for-one into bottom-line profit.
What margins say about FY2026
Nykaa’s FY2026 investor presentation reports gross margin of 45.1%, up from 43.7% in FY2025. Gross margin is the share of revenue left after cost of goods sold; it is not the final profit margin because other operating expenses, financing, tax and other items still matter.
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Read alongside the EBITDA and PAT figures, the year shows stronger operating profitability as well as revenue growth: EBITDA increased faster than revenue, and EBITDA margin rose by 1.5 percentage points. The company attributes the trend to operating leverage and scale efficiencies; that is management’s explanation, rather than a separately established cause.
What the cash-flow figures establish—and what they do not
The FY2026 investor presentation reports cash flows from operations of ₹644.3 crore, compared with ₹466.6 crore in FY2025. Its table also shows a negative ₹15.1 crore from working-capital changes in FY2026. Positive operating cash flow is useful evidence alongside accounting profit because it shows cash generated by operating activities after working-capital movements in that presentation.
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Cash generation should still be assessed over multiple periods and alongside investing and financing cash flows. The Q1 FY2027 results release does not provide a comparable year-to-date operating-cash-flow figure, so the annual cash-flow increase cannot establish a Q1 cash-flow trend or cash conversion for that quarter.
How to assess the trend without mixing measures
- Match the periods. Compare FY2026 with FY2025, or Q1 FY2027 with Q1 FY2026. Do not compare a full-year revenue total directly with one quarter’s total.
- Check growth and margins together. Revenue growth shows expansion; gross and EBITDA margins help show how costs are changing relative to revenue.
- Use PAT to answer the bottom-line question. EBITDA can improve while taxes, financing costs or other items leave a different amount as net profit.
- Check operating cash flow separately. Review working-capital movements and compare cash flows across periods rather than treating a single annual figure as proof of durable cash conversion.
Nykaa’s Q1 FY2027 release quotes Executive Chairperson, Founder and CEO Falguni Nayar saying that growth momentum and EBITDA margins reached their highest levels in the last 12 quarters. That is the company’s characterization of its operating trend; it does not replace the distinction between EBITDA, PAT and cash flow.
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These results establish that Nykaa reported profit in the periods above. They do not, on their own, determine whether its shares are attractively valued or predict future returns.
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