Brands
Nykaa’s profit more than doubles as growth and margins align
MUMBAI: Nykaa’s latest numbers suggest the beauty playbook is working and this time, it’s not just about looking good. FSN E-Commerce Ventures Ltd reported a sharp jump in profitability for the quarter ended December 31, 2025, as scale, tighter cost control and stronger margins finally came together. Net profit attributable to equity shareholders surged 143 percent year on year to Rs 63.31 crore, compared with Rs 26.10 crore in the same quarter last year. The improvement came even as the company continued to invest in growth across beauty, fashion and physical retail.
Revenue from operations rose 26.7 percent to Rs 2,873.26 crore in Q3 FY26, up from Rs 2,267.21 crore a year earlier. Total income for the quarter stood at Rs 2,879.52 crore, reflecting sustained demand across Nykaa’s core verticals.
Costs moved higher, but at a slower pace than revenues. Total expenses increased to Rs 2,753.54 crore, compared with Rs 2,228.18 crore last year. Purchase of traded goods climbed to Rs 1,504.77 crore, while employee benefits expense rose to Rs 202.90 crore, underscoring continued expansion across teams and platforms.
Even so, operating leverage kicked in decisively. Profit before tax more than doubled to Rs 109.62 crore, from Rs 44.56 crore a year earlier, despite exceptional items of Rs 16.36 crore during the quarter. After a tax outgo of Rs 41.88 crore, net profit for the period came in at Rs 67.74 crore, with non-controlling interests accounting for the balance.
Earnings per share improved sharply to Rs 0.22, compared with Rs 0.09 in the same quarter last year, a small number, but a telling one for a company long judged on growth rather than profit.
Nykaa also delivered its highest-ever quarterly GMV, with consolidated GMV rising 28 percent year on year to Rs 5,795 crore. The performance was driven by steady momentum in Beauty and a faster-than-expected pickup in Fashion, resulting in mid-20s net sales value growth across verticals.
Profitability at the operating level showed the clearest shift. EBITDA jumped 63 percent to Rs 230 crore, while margins expanded to 8.0 percent, up from 6.2 percent a year earlier. Gross profit rose 31 percent to Rs 1,297 crore, signalling improving efficiency alongside scale.
The Beauty business once again did the heavy lifting. GMV in the segment climbed 27 percent to Rs 4,302 crore, marking its largest quarter to date, supported by growth across online channels, physical stores and owned brands under the House of Nykaa.
Customer metrics also moved in step. Nykaa’s cumulative Beauty customer base crossed 42 million, up 30 percent year on year, while its overall customer base across platforms rose to 52 million, a 31 percent increase.
The verdict from this quarter is clear. Nykaa’s growth story is no longer just about expanding the top line, it’s about proving that scale, when handled well, can finally pay back.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
