The call has ended.

Key takeaways

Q2 FY27: revenue ₹3,006 Cr (+28%), EBITDA ₹263 Cr (+65%, 8.7% margin), PAT ₹101 Cr (+207%). Growth is real, but the festive quarter is unfinished and H1 operating cash flow is negative.

Highlights
Revenue growth	Net revenue +28% YoY to ₹3,006 Cr; no one-offs cited.
Margins	EBITDA margin 8.7%, +196 bps YoY; marketing efficiency driving gains.
Demand visibility	Festive quarter unquantified; October pre-festive described as strong.
Management confidence	Balanced to optimistic; evasive on Nika Now economics and festive trends.

Growth

Broad-based: beauty NSV +28%, fashion NSV +47%. Fashion EBITDA turned positive at ₹1 Cr after a ₹12 Cr loss a year ago.

Outlook

Fashion EBITDA margin high single digits by FY30, 10%+ steady state. No revenue or PAT growth guidance given.

Risks

H1 operating cash flow negative on inventory build; festive results unknown; marketplace order-volume disclosure dropped.

Last quarter's promises, checked

Delivered

Guided fashion 3–3.5x growth over 4–5 yrs → Fashion NSV +47% YoY (= BEAT)
Guided fashion profitability sustained → Fashion EBITDA +₹1 Cr vs ₹-12 Cr a year ago (= BEAT)

Partly delivered

Guided working capital days <30, sustained → H1 operating cash flow negative on inventory build; WC days not disclosed (= PARTIAL)

Missed

Guided full funnel transparency every call → marketplace order-volume disclosure dropped (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 4 Nov 2026, 10:39 PM IST. Open it on ALFA Filings ›