{"id":242261,"date":"2026-09-11T08:54:17","date_gmt":"2026-09-11T03:24:17","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=242261"},"modified":"2026-09-11T08:54:17","modified_gmt":"2026-09-11T03:24:17","slug":"beauty-ecommerce-stock-rises-129-percent-in-3-years","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/","title":{"rendered":"This Beauty Ecommerce Stock Rises 129% in 3 Years: Profits Finally Caught Up"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Close Rs 341.95 (10 Sep 2026). 3-year return 129.36%, 1-year return 47.9%. 52W range approximately Rs 228 to Rs 349.55. Market cap approximately Rs 98,000 Cr.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Nykaa is the beauty ecommerce stock behind a return of approximately 129% in three years. The rally came from profit growing nearly tenfold between FY23 and FY26, the end of early investor selling, a fashion turnaround and rising foreign holding. The 1-year return is about 47.9%, but a PE near 380 leaves little room for error.<\/p>\n<\/div>\n<p>This beauty ecommerce stock has turned Rs 1 lakh into approximately Rs 2.29 lakh in three years. The company delivered a 3-year return of 129.36%, ranking 37th in a screen of 101 large-cap and mid-cap NSE shares as of 10 September 2026.<\/p>\n<p>The company is <strong><a href='https:\/\/univest.in\/stocks\/nykaa\/fsn-e-commerce-ventures-ltd-share-price-today'>FSN E-Commerce Ventures Ltd<\/a> (NSE: NYKAA)<\/strong>, better known as Nykaa, India&#8217;s largest listed online beauty and fashion retailer. The Nykaa share price closed at approximately Rs 341.95 on 10 September 2026, down about 0.31% on the day, giving it a market capitalisation of around Rs 98,000 crore. In late August 2023 this beauty ecommerce stock hit a low near Rs 132.<\/p>\n<p style=\"margin-top:24px;\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#How_Much_Has_This_Beauty_Ecommerce_Stock_Returned\" title=\"How Much Has This Beauty Ecommerce Stock Returned?\">How Much Has This Beauty Ecommerce Stock Returned?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Why_Did_This_Beauty_Ecommerce_Stock_Rise_129_in_3_Years\" title=\"Why Did This Beauty Ecommerce Stock Rise 129% in 3 Years?\">Why Did This Beauty Ecommerce Stock Rise 129% in 3 Years?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#1_Profits_Grew_Almost_Tenfold\" title=\"1. Profits Grew Almost Tenfold\">1. Profits Grew Almost Tenfold<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#2_The_Early_Investor_Overhang_Cleared\" title=\"2. The Early Investor Overhang Cleared\">2. The Early Investor Overhang Cleared<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#3_Beauty_Stayed_Strong_and_Fashion_Turned_Profitable\" title=\"3. Beauty Stayed Strong and Fashion Turned Profitable\">3. Beauty Stayed Strong and Fashion Turned Profitable<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#4_Own_Brands_Stores_and_Quick_Commerce\" title=\"4. Own Brands, Stores and Quick Commerce\">4. Own Brands, Stores and Quick Commerce<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#5_Foreign_Funds_Returned_in_2025_and_2026\" title=\"5. Foreign Funds Returned in 2025 and 2026\">5. Foreign Funds Returned in 2025 and 2026<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#What_Makes_This_Beauty_Ecommerce_Stock_Different\" title=\"What Makes This Beauty Ecommerce Stock Different?\">What Makes This Beauty Ecommerce Stock Different?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Nykaa_Share_Price_Quarterly_Financial_Performance\" title=\"Nykaa Share Price: Quarterly Financial Performance\">Nykaa Share Price: Quarterly Financial Performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Who_Owns_This_Beauty_Ecommerce_Stock\" title=\"Who Owns This Beauty Ecommerce Stock?\">Who Owns This Beauty Ecommerce Stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Is_This_Beauty_Ecommerce_Stock_Expensive_Now\" title=\"Is This Beauty Ecommerce Stock Expensive Now?\">Is This Beauty Ecommerce Stock Expensive Now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Risks_for_This_Beauty_Ecommerce_Stock\" title=\"Risks for This Beauty Ecommerce Stock\">Risks for This Beauty Ecommerce Stock<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Valuation_Risk\" title=\"Valuation Risk\">Valuation Risk<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Competition_in_Beauty_and_Quick_Commerce\" title=\"Competition in Beauty and Quick Commerce\">Competition in Beauty and Quick Commerce<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Thin_Net_Margins\" title=\"Thin Net Margins\">Thin Net Margins<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Fashion_and_New_Bets\" title=\"Fashion and New Bets\">Fashion and New Bets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Consumer_Demand\" title=\"Consumer Demand\">Consumer Demand<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Nykaa_Share_Analyst_View\" title=\"Nykaa Share: Analyst View\">Nykaa Share: Analyst View<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Nykaa_Share_Price_Target\" title=\"Nykaa Share Price Target\">Nykaa Share Price Target<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Why_did_Nykaa_shares_rise_129_in_three_years\" title=\"Why did Nykaa shares rise 129% in three years?\">Why did Nykaa shares rise 129% in three years?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#What_is_the_Nykaa_share_price_today\" title=\"What is the Nykaa share price today?\">What is the Nykaa share price today?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Is_Nykaa_a_beauty_ecommerce_stock\" title=\"Is Nykaa a beauty ecommerce stock?\">Is Nykaa a beauty ecommerce stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#What_is_the_Nykaa_share_price_target\" title=\"What is the Nykaa share price target?\">What is the Nykaa share price target?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Did_Nykaa_issue_bonus_shares\" title=\"Did Nykaa issue bonus shares?\">Did Nykaa issue bonus shares?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#What_were_Nykaas_Q1_FY27_results\" title=\"What were Nykaa&#8217;s Q1 FY27 results?\">What were Nykaa&#8217;s Q1 FY27 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#Who_owns_the_most_Nykaa_shares\" title=\"Who owns the most Nykaa shares?\">Who owns the most Nykaa shares?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/univest.in\/blogs-2\/beauty-ecommerce-stock-rises-129-percent-in-3-years\/#What_are_the_main_risks_for_Nykaa\" title=\"What are the main risks for Nykaa?\">What are the main risks for Nykaa?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_Much_Has_This_Beauty_Ecommerce_Stock_Returned\"><\/span><strong>How Much Has This Beauty Ecommerce Stock Returned?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This beauty ecommerce stock has returned 129.36% over three years, and the shorter periods are strong too. The 1-year return is 47.9%, ranking 34th out of 101, and the 6-month gain is 42.28%.<\/p>\n<p>Here is how this beauty ecommerce stock has performed across time frames, with its rank in a screen of 101 NSE stocks:<\/p>\n<table>\n<thead>\n<tr>\n<th>Period<\/th>\n<th>Return (%)<\/th>\n<th>Rank (out of 101)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1 Month<\/td>\n<td>5.22%<\/td>\n<td>41<\/td>\n<\/tr>\n<tr>\n<td>6 Months<\/td>\n<td>42.28%<\/td>\n<td>38<\/td>\n<\/tr>\n<tr>\n<td>1 Year<\/td>\n<td>47.90%<\/td>\n<td>34<\/td>\n<\/tr>\n<tr>\n<td>3 Years<\/td>\n<td>129.36%<\/td>\n<td>37<\/td>\n<\/tr>\n<tr>\n<td>5 Years (listed Nov 2021)<\/td>\n<td>1.95%<\/td>\n<td>93<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Returns are simple price changes and are not annualised. The company issued 5 bonus shares for every 1 share held in November 2022. That bonus sits outside the 3-year window, so the 129% gain is genuine price appreciation, and all older prices here are bonus-adjusted.<\/p>\n<p>The 5-year figure tells a different story. The stock listed in November 2021 at approximately Rs 2,018 before the bonus, or around Rs 336 after adjusting for it. Investors who bought on listing day are roughly flat, while those who bought in the 2023 slump have more than doubled their money.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Did_This_Beauty_Ecommerce_Stock_Rise_129_in_3_Years\"><\/span><strong>Why Did This Beauty Ecommerce Stock Rise 129% in 3 Years?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This beauty ecommerce stock rose 129% in three years because profits finally started to grow faster than revenue. Share overhang from early investors cleared, the fashion arm turned around, and foreign funds came back. Each reason below shows up in reported numbers.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Profits_Grew_Almost_Tenfold\"><\/span><strong>1. Profits Grew Almost Tenfold<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In FY23 the company earned a net profit of only about Rs 21 crore. That rose to approximately Rs 40 crore in FY24, Rs 72 crore in FY25 and Rs 204 crore in FY26. For a beauty ecommerce stock once valued mostly on hope, a nearly tenfold rise in profit changed the debate.<\/p>\n<p>Revenue from operations crossed Rs 10,000 crore for the first time in FY26, at approximately Rs 10,022 crore, up 26% from the previous year. EBITDA grew about 59% to around Rs 752 crore, lifting the margin from roughly 5.95% to 7.5%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_The_Early_Investor_Overhang_Cleared\"><\/span><strong>2. The Early Investor Overhang Cleared<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In 2022 and 2023, the stock fell sharply as pre-IPO investors sold after their lock-in periods ended. By August 2023 it had dropped about 60% from its listing price. That selling pressure faded over 2024 as large block deals were absorbed by institutions.<\/p>\n<p>One block deal in 2024 was worth approximately Rs 810 crore, and the stock still gained. When supply stopped weighing on the price, this beauty ecommerce stock could trade on its results again.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Beauty_Stayed_Strong_and_Fashion_Turned_Profitable\"><\/span><strong>3. Beauty Stayed Strong and Fashion Turned Profitable<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Beauty remains the core engine of this beauty ecommerce stock. In the June 2026 quarter, beauty net sales value rose 29% to approximately Rs 2,371 crore, with segment EBITDA margin of about 10.3%. The customer base reached around 60 million, up 33% year on year.<\/p>\n<p>Fashion, long a drag, finally broke even at the EBITDA level in Q1 FY27, against a margin of minus 6.2% a year earlier. Fashion GMV grew about 53%. That turnaround removed a major worry that had capped this beauty ecommerce stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Own_Brands_Stores_and_Quick_Commerce\"><\/span><strong>4. Own Brands, Stores and Quick Commerce<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The House of Nykaa portfolio of in-house brands has reached an annualised GMV of approximately Rs 3,760 crore, growing about 39%. Own brands usually carry better margins than third-party products, which helps this beauty ecommerce stock widen its profit share.<\/p>\n<p>The offline network expanded to 324 stores across 105 cities, and the quick delivery service Nykaa Now reached 13 cities, with a plan for 25 or more by the end of FY27. In August 2026, the company also bought a 51% stake in premium skincare brand Aminu Wellness for about Rs 32 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Foreign_Funds_Returned_in_2025_and_2026\"><\/span><strong>5. Foreign Funds Returned in 2025 and 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Foreign institutional holding in this beauty ecommerce stock climbed from about 8.8% in March 2025 to around 13.7% by June 2026. This return of foreign money coincided with the 1-year rally of nearly 48% and a fresh 52-week high of approximately Rs 349.55.<\/p>\n<p style=\"margin-top:24px;\"><strong>Check the Univest Screener for Live Fundamentals of High-Return Stocks<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Makes_This_Beauty_Ecommerce_Stock_Different\"><\/span><strong>What Makes This Beauty Ecommerce Stock Different?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Most online retailers in India sell everything. This beauty ecommerce stock built its business around one category first, and beauty buyers tend to return often for skincare, makeup and haircare refills.<\/p>\n<p>That repeat buying gives this beauty ecommerce stock steadier demand than many general shopping platforms. It also sells more than 10,000 brands, including premium international labels sold through its app and stores.<\/p>\n<p>The mix of online reach, physical stores and its own brands is hard to copy quickly. That is a key reason investors pay a premium for this beauty ecommerce stock, even when profit margins remain slim.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Nykaa_Share_Price_Quarterly_Financial_Performance\"><\/span><strong>Nykaa Share Price: Quarterly Financial Performance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Nykaa share price has followed the steady rise in quarterly profits. Revenue growth has picked up to 29%, its fastest pace in 13 quarters, while margins have widened almost every quarter.<\/p>\n<table>\n<thead>\n<tr>\n<th>Quarter<\/th>\n<th>Revenue (Rs Cr)<\/th>\n<th>EBITDA Margin<\/th>\n<th>Net Profit (Rs Cr)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Q1 FY26 (Jun 2025)<\/td>\n<td>2,155<\/td>\n<td>6.5%<\/td>\n<td>24.5<\/td>\n<\/tr>\n<tr>\n<td>Q2 FY26 (Sep 2025)<\/td>\n<td>2,346<\/td>\n<td>6.8%<\/td>\n<td>34.4<\/td>\n<\/tr>\n<tr>\n<td>Q3 FY26 (Dec 2025)<\/td>\n<td>2,873<\/td>\n<td>8.0%<\/td>\n<td>63.3<\/td>\n<\/tr>\n<tr>\n<td>Q4 FY26 (Mar 2026)<\/td>\n<td>2,648<\/td>\n<td>8.4%<\/td>\n<td>78.8<\/td>\n<\/tr>\n<tr>\n<td>Q1 FY27 (Jun 2026)<\/td>\n<td>2,782<\/td>\n<td>8.5%<\/td>\n<td>79.8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>In Q1 FY27, net profit rose about 226% year on year to approximately Rs 80 crore, and EBITDA grew 68% to around Rs 236 crore. Gross margin stood near 45.9%, and annualised return on capital employed reached approximately 26.8%.<\/p>\n<p>Total GMV for the quarter was about Rs 5,590 crore. For a beauty ecommerce stock, the mix of faster growth and wider margins in the same quarter is what investors had been waiting years to see.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_Owns_This_Beauty_Ecommerce_Stock\"><\/span><strong>Who Owns This Beauty Ecommerce Stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Promoters led by founder Falguni Nayar hold approximately 52.1% of this beauty ecommerce stock, a level that has barely moved. The bigger shift is among institutions, with foreign investors adding steadily while retail holding shrank.<\/p>\n<table>\n<thead>\n<tr>\n<th>Quarter<\/th>\n<th>Promoter<\/th>\n<th>FII<\/th>\n<th>DII<\/th>\n<th>Public<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Mar 2025<\/td>\n<td>52.16%<\/td>\n<td>8.80%<\/td>\n<td>25.20%<\/td>\n<td>13.81%<\/td>\n<\/tr>\n<tr>\n<td>Jun 2025<\/td>\n<td>52.10%<\/td>\n<td>11.60%<\/td>\n<td>23.60%<\/td>\n<td>12.60%<\/td>\n<\/tr>\n<tr>\n<td>Sep 2025<\/td>\n<td>52.10%<\/td>\n<td>12.50%<\/td>\n<td>25.00%<\/td>\n<td>10.41%<\/td>\n<\/tr>\n<tr>\n<td>Dec 2025<\/td>\n<td>52.10%<\/td>\n<td>12.20%<\/td>\n<td>25.40%<\/td>\n<td>10.41%<\/td>\n<\/tr>\n<tr>\n<td>Mar 2026<\/td>\n<td>52.09%<\/td>\n<td>12.40%<\/td>\n<td>25.40%<\/td>\n<td>10.15%<\/td>\n<\/tr>\n<tr>\n<td>Jun 2026<\/td>\n<td>52.08%<\/td>\n<td>13.73%<\/td>\n<td>24.08%<\/td>\n<td>10.12%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Mutual funds alone hold around 18.9%. Institutions together own nearly 38% of this beauty ecommerce stock, which adds stability but also means large fund moves can swing the price quickly.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_This_Beauty_Ecommerce_Stock_Expensive_Now\"><\/span><strong>Is This Beauty Ecommerce Stock Expensive Now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Yes, by most standard measures this beauty ecommerce stock is expensive. It trades at a price to earnings ratio of approximately 380 on trailing profits and a price to book ratio of around 65.<\/p>\n<p>Bulls argue that earnings are growing far faster than revenue, so the multiple should shrink quickly if growth holds. One analyst estimate points to EBITDA growth of approximately 48% a year between FY26 and FY28. Even so, much of that growth already appears to be priced into this beauty ecommerce stock.<\/p>\n<table>\n<thead>\n<tr>\n<th>Metric<\/th>\n<th>Value<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Close (10 Sep 2026)<\/td>\n<td>Rs 341.95<\/td>\n<\/tr>\n<tr>\n<td>Market Cap<\/td>\n<td>Approximately Rs 98,000 Cr<\/td>\n<\/tr>\n<tr>\n<td>52-Week High<\/td>\n<td>Rs 349.55<\/td>\n<\/tr>\n<tr>\n<td>52-Week Low<\/td>\n<td>Approximately Rs 228<\/td>\n<\/tr>\n<tr>\n<td>PE Ratio (TTM)<\/td>\n<td>Approximately 380<\/td>\n<\/tr>\n<tr>\n<td>Price to Book<\/td>\n<td>Approximately 65<\/td>\n<\/tr>\n<tr>\n<td>FY26 Revenue<\/td>\n<td>Rs 10,022 Cr<\/td>\n<\/tr>\n<tr>\n<td>FY26 Net Profit<\/td>\n<td>Rs 204 Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The balance sheet of this beauty ecommerce stock is not a worry. Debt is low relative to equity, and the business generates cash from its beauty operations.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_for_This_Beauty_Ecommerce_Stock\"><\/span><strong>Risks for This Beauty Ecommerce Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A beauty ecommerce stock trading at around 380 times earnings leaves little room for disappointment. These are the main risks to track.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Valuation_Risk\"><\/span><strong>Valuation Risk<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>At this multiple, even a small miss can hit this beauty ecommerce stock hard. After the strong Q1 FY27 results, the stock still fell around 3% intraday as traders booked profits near the 52-week high.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Competition_in_Beauty_and_Quick_Commerce\"><\/span><strong>Competition in Beauty and Quick Commerce<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Large quick commerce platforms, marketplaces and brand-owned websites all want a share of beauty spending. Faster delivery rivals could push up discounts and marketing costs, which would squeeze margins in this beauty ecommerce stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Thin_Net_Margins\"><\/span><strong>Thin Net Margins<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Net profit is still only about 2.9% of revenue. A rise in marketing, store rent or delivery costs could quickly erase a large part of the profit growth.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Fashion_and_New_Bets\"><\/span><strong>Fashion and New Bets<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Fashion has only just reached breakeven. Store expansion, Nykaa Now and acquisitions such as Aminu Wellness all need capital, and any of them could dilute returns if execution slips.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Consumer_Demand\"><\/span><strong>Consumer Demand<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Beauty and fashion are discretionary purchases, and this beauty ecommerce stock depends on them. A slowdown in urban spending would hurt order growth, as it did during weak quarters in 2023.<\/p>\n<p style=\"margin-top:24px;\"><strong>Download the <a href=\"https:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track the Nykaa share price live<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Nykaa_Share_Analyst_View\"><\/span><strong>Nykaa Share: Analyst View<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Most analysts turned more positive on this beauty ecommerce stock after the June 2026 quarter, and several raised estimates. Their main debate is whether strong growth can justify the current valuation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Nykaa_Share_Price_Target\"><\/span><strong>Nykaa Share Price Target<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>After the Q1 FY27 results, one domestic brokerage raised its Nykaa share price target to Rs 414 from Rs 351 with a buy rating. Another domestic brokerage lifted its target to Rs 395 from Rs 360, citing a 3% to 8% rise in its earnings estimates.<\/p>\n<p>A foreign brokerage kept a buy rating with a target of Rs 411, based on approximately 3.9 times FY28 estimated EV to sales. A third domestic brokerage stayed neutral with a Nykaa share price target of Rs 370, saying valuations remain a key deterrent.<\/p>\n<p>That puts the range of recent Nykaa share price target estimates at Rs 370 to Rs 414, or roughly 8% to 21% above the 10 September close. The 52-week high of Rs 349.55 is the nearest level to watch, while the 52-week low near Rs 228 marks the downside reference.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This beauty ecommerce stock earned its 129% gain in three years the hard way. It recovered from a post-listing slump, cleared the investor overhang and grew profit almost tenfold between FY23 and FY26. Fashion breakeven and returning foreign funds added momentum over the past year.<\/p>\n<p>The Nykaa share price now sits close to its record high after a 1-year rise of nearly 48%, at a valuation that assumes strong growth for years. Investors tracking this beauty ecommerce stock should watch margins, fashion profitability and competition from quick commerce before deciding on it.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_Nykaa_shares_rise_129_in_three_years\"><\/span><strong>Why did Nykaa shares rise 129% in three years?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Nykaa rose because net profit grew from about Rs 21 crore in FY23 to Rs 204 crore in FY26 while revenue crossed Rs 10,000 crore. The end of early investor selling, a fashion turnaround and higher foreign holding also supported the rally.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Nykaa_share_price_today\"><\/span><strong>What is the Nykaa share price today?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The Nykaa share price closed at approximately Rs 341.95 on 10 September 2026. The stock traded near its 52-week high of Rs 349.55 and well above its 52-week low near Rs 228.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Nykaa_a_beauty_ecommerce_stock\"><\/span><strong>Is Nykaa a beauty ecommerce stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes. FSN E-Commerce Ventures, which runs Nykaa, earns most of its revenue from selling beauty and personal care products online and through 324 stores. Beauty made up about Rs 9,139 crore of its FY26 revenue.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Nykaa_share_price_target\"><\/span><strong>What is the Nykaa share price target?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Recent brokerage targets for this beauty ecommerce stock after the Q1 FY27 results range from Rs 370 to Rs 414. Three of the four reports reviewed carry a buy rating, while one is neutral on valuation grounds.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Did_Nykaa_issue_bonus_shares\"><\/span><strong>Did Nykaa issue bonus shares?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes. Nykaa issued 5 bonus shares for every 1 share in November 2022. The bonus falls outside the 3-year window, so the 129% return is genuine, and older prices are adjusted for it.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_were_Nykaas_Q1_FY27_results\"><\/span><strong>What were Nykaa&#8217;s Q1 FY27 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose 29% to approximately Rs 2,782 crore and net profit rose about 226% to Rs 80 crore. EBITDA margin improved to 8.5%, and the fashion business turned EBITDA positive.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_owns_the_most_Nykaa_shares\"><\/span><strong>Who owns the most Nykaa shares?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Promoters led by Falguni Nayar hold about 52.1% as of June 2026. Domestic institutions own around 24.1%, foreign investors about 13.7%, and the public roughly 10.1%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_main_risks_for_Nykaa\"><\/span><strong>What are the main risks for Nykaa?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The biggest risk for this beauty ecommerce stock is valuation, with a PE of approximately 380. Rising competition from quick commerce platforms, thin net margins of about 2.9% and weaker consumer spending could also hurt the stock.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why did Nykaa shares rise 129% in three years?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Nykaa rose because net profit grew from about Rs 21 crore in FY23 to Rs 204 crore in FY26 while revenue crossed Rs 10,000 crore. The end of early investor selling, a fashion turnaround and higher foreign holding also supported the rally.\"}},{\"@type\":\"Question\",\"name\":\"What is the Nykaa share price today?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The Nykaa share price closed at approximately Rs 341.95 on 10 September 2026. The stock traded near its 52-week high of Rs 349.55 and well above its 52-week low near Rs 228.\"}},{\"@type\":\"Question\",\"name\":\"Is Nykaa a beauty ecommerce stock?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes. FSN E-Commerce Ventures, which runs Nykaa, earns most of its revenue from selling beauty and personal care products online and through 324 stores. Beauty made up about Rs 9,139 crore of its FY26 revenue.\"}},{\"@type\":\"Question\",\"name\":\"What is the Nykaa share price target?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Recent brokerage targets for this beauty ecommerce stock after the Q1 FY27 results range from Rs 370 to Rs 414. Three of the four reports reviewed carry a buy rating, while one is neutral on valuation grounds.\"}},{\"@type\":\"Question\",\"name\":\"Did Nykaa issue bonus shares?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes. Nykaa issued 5 bonus shares for every 1 share in November 2022. The bonus falls outside the 3-year window, so the 129% return is genuine, and older prices are adjusted for it.\"}},{\"@type\":\"Question\",\"name\":\"What were Nykaa's Q1 FY27 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose 29% to approximately Rs 2,782 crore and net profit rose about 226% to Rs 80 crore. EBITDA margin improved to 8.5%, and the fashion business turned EBITDA positive.\"}},{\"@type\":\"Question\",\"name\":\"Who owns the most Nykaa shares?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Promoters led by Falguni Nayar hold about 52.1% as of June 2026. Domestic institutions own around 24.1%, foreign investors about 13.7%, and the public roughly 10.1%.\"}},{\"@type\":\"Question\",\"name\":\"What are the main risks for Nykaa?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The biggest risk for this beauty ecommerce stock is valuation, with a PE of approximately 380. Rising competition from quick commerce platforms, thin net margins of about 2.9% and weaker consumer spending could also hurt the stock.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>One online beauty retailer more than doubled investor money in three years. Here is what drove the 129% rally, how rich the valuation looks and the risks to weigh.<\/p>\n","protected":false},"author":29,"featured_media":242260,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[],"class_list":["post-242261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["242260"],"rank_math_title":["Beauty Ecommerce Stock Up 129% in 3 Years: What Drove It"],"rank_math_description":["This beauty ecommerce stock rose approximately 129% in 3 years as profits jumped and fashion turned around. See returns, results, targets and key risks ahead."],"rank_math_focus_keyword":["beauty ecommerce stock"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/09\/beauty-ecommerce-stock-rises-129-percent-in-3-years.png","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/242261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=242261"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/242261\/revisions"}],"predecessor-version":[{"id":242262,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/242261\/revisions\/242262"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/242260"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=242261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=242261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=242261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}