Nykaa - Public Comps and Valuation Multiples

Nykaa Overview

About Nykaa

FSN E-Commerce Ventures Ltd is engaged in the business of manufacturing, selling and distributing beauty, wellness, fitness, personal care, health care, skin care, hair care products, fashion garments, fashion accessories and equipments on the online portals or websites such as e-commerce, m-commerce, internet, intranet as well as through physical stores, stalls, general trade and modern trade etc. In addition, it also provides marketing support services. The group operates in the following segments: Beauty, Fashion, and Others. The majority of its revenue is generated from the Beauty segment, which comprises online beauty platform, beauty-owned brands, physical retail stores, eB2B distribution business, and Nykaa Man BPC business. Geographically, the group derives key revenue from India.

Founded

2012

HQ

Employees

491

Website

nykaa.com

Sectors

Consumer E-commerce
Vertical E-commerce
Fitness & Wellness
SportsTech

Financials

LTM Revenue $1.0B

LTM EBITDA $70.0M

EV

$8.4B

Valuation Multiples

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Nykaa Financials

As of September 2025, Nykaa reported last 12-month revenue of $1.0B and EBITDA of $70.0M.

In the same period, Nykaa generated $450M in LTM gross profit and $18.4M in net income.

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Nykaa P&L

In the most recent fiscal year, Nykaa reported revenue of $888M and EBITDA of $56.2M.

Nykaa expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.0B	XXX	$888M	XXX	XXX	XXX
Gross Profit	$450M	XXX	$376M	XXX	XXX	XXX
Gross Margin	44%	XXX	42%	XXX	XXX	XXX
EBITDA	$70.0M	XXX	$56.2M	XXX	XXX	XXX
EBITDA Margin	7%	XXX	6%	XXX	XXX	XXX
EBIT	$37.5M	XXX	$23.9M	XXX	XXX	XXX
EBIT Margin	4%	XXX	3%	XXX	XXX	XXX
Net Profit	$18.4M	XXX	$7.4M	XXX	XXX	XXX
Net Margin	2%	XXX	1%	XXX	XXX	XXX
Net Debt	XXX	XXX	$94.2M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Nykaa including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.0B. EBITDA for the last twelve months was $70.0M. In the most recent fiscal year, Nykaa achieved $888M in revenue and $56.2M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.0B	Analyst estimates available to subscribers	$888M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$450M	Analyst estimates available to subscribers	$376M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	44.1% gross margin	Analyst estimates available to subscribers	42.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$70.0M	Analyst estimates available to subscribers	$56.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	6.9% EBITDA margin	Analyst estimates available to subscribers	6.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$37.5M	Analyst estimates available to subscribers	$23.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	3.7% EBIT margin	Analyst estimates available to subscribers	2.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$18.4M	Analyst estimates available to subscribers	$7.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	1.8% net profit margin	Analyst estimates available to subscribers	0.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$94.2M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Nykaa

This financial data table provides comprehensive performance metrics for Nykaa, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Nykaa generated $1.0B in revenue over the last twelve months.
The company achieved $70.0M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $450M.
Net income over the last twelve months reached $18.4M.

Fiscal Year Performance

In the most recent fiscal year, Nykaa reported $888M in total revenue.
Fiscal year EBITDA was $56.2M.
The company maintained a gross profit margin of 42.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 6.3%.
Net profit margin reached 0.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Nykaa. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Nykaa Stock Performance

Nykaa has current market cap of INR 732B (or $8.2B), and EV of INR 742B (or $8.4B).

Market Cap Evolution

Nykaa Stock Data

As of October 15, 2025, Nykaa's stock price is INR 256 (or $3).

See Nykaa trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$8.4B	$8.2B	XXX	XXX	XXX	XXX	$0.01

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Nykaa Valuation Multiples

Nykaa's trades at 9.9x EV/Revenue multiple, and 158.6x EV/EBITDA.

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Nykaa Financial Valuation Multiples

As of October 15, 2025, Nykaa has market cap of $8.2B and EV of $8.4B.

Equity research analysts estimate Nykaa's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Nykaa has a P/E ratio of 447.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$8.2B	XXX	$8.2B	XXX	XXX	XXX
EV (current)	$8.4B	XXX	$8.4B	XXX	XXX	XXX
EV/Revenue	8.2x	XXX	9.9x	XXX	XXX	XXX
EV/EBITDA	119.4x	XXX	158.6x	XXX	XXX	XXX
EV/EBIT	222.8x	XXX	391.4x	XXX	XXX	XXX
EV/Gross Profit	18.6x	XXX	n/a	XXX	XXX	XXX
P/E	447.2x	XXX	1269.6x	XXX	XXX	XXX
EV/FCF	337.2x	XXX	327.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Nykaa Margins & Growth Rates

Nykaa's last 12 month revenue growth is 25%

Nykaa's revenue per employee in the last FY averaged $1.8M, while opex per employee averaged $0.7M for the same period.

Nykaa's rule of 40 is 31% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Nykaa's rule of X is 69% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Nykaa Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	25%	XXX	26%	XXX	XXX	XXX
EBITDA Margin	7%	XXX	6%	XXX	XXX	XXX
EBITDA Growth	49%	XXX	46%	XXX	XXX	XXX
Rule of 40	31%	XXX	31%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	69%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.8M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.7M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	20%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	40%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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