Nykaa vs Plum Goodness: Revenue, Profit and Business Model
Nykaa reported ~$1.2B of revenue in FY2026 and ~$23.1M of net income. Plum Goodness reported ~$46.6M of revenue in FY2025 and ~$2.9M of net income.
Latest financial snapshot
Nykaa
- Latest revenue
- ~$1.2B (FY2026)
- Net income
- ~$23.1M
- Net margin
- 2.0%
- Revenue growth
- +27.7% a year, FY2022–FY2026
Plum Goodness
- Latest revenue
- ~$46.6M (FY2025)
- Net income
- ~$2.9M
- Net margin
- 6.2%
- Revenue growth
- +11.7% a year, FY2023–FY2025
Financial summary
Nykaa
Nykaa (FSN E-Commerce Ventures, NSE: NYKAA) reported FY2026 revenue from operations of ~$1.16 billion (₹10,022 crore), up 26% from ~$922 million (₹7,950 crore), with GMV of ~$2.32 billion (₹19,963 crore) and net profit of about $23.2 million (₹200 crore). Q1 FY2027 revenue rose 29% to ~$323 million (₹2,782 crore).
Plum Goodness
Plum grew total revenue 71% to ~$37.4 million (₹322.3 crore) in FY23 while losses widened to ~$6.14 million (₹52.9 crore). Revenue from operations reached ~$37.8 million (₹326 crore) in FY24 with an ~$9.74 million (₹84 crore) loss. In FY25 revenue rose 23.3% to ~$46.6 million (₹402 crore), advertising fell 7% to ~$16.1 million (₹139 crore), and the company booked a ~$2.9 million (₹25 crore) profit with a 6.22% EBITDA margin and ~$10.7 million (₹92 crore) of cash and bank balances. Its last priced round, the $35 million Series C in March 2022, valued it at about $250 million.
Revenue and profit by year
Nykaa
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$1.2B | ~$23.1M | 2.0% | +26.1% | Source |
| FY2025 | ~$922.2M | ~$7.7M | 0.8% | +24.5% | Source |
| FY2024 | ~$740.7M | ~$3.7M | 0.5% | +24.1% | Source |
| FY2023 | ~$596.7M | ~$2.2M | 0.4% | +36.3% | Source |
| FY2022 | ~$437.8M | ~$4.8M | 1.1% | — | Source |
Plum Goodness
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$46.6M | ~$2.9M | 6.2% | +23.3% | Source |
| FY2024 | ~$37.8M | ~-$9.7M | -25.8% | +1.1% | Source |
| FY2023 | ~$37.4M | ~-$6.1M | -16.4% | — | Source |
Where the revenue comes from
Nykaa
No segment breakdown is published.
Plum Goodness
- Product sales (skincare, bodycare, haircare, fragrance, makeup)100
Sale of Plum, Plum BodyLovin' and Phy products is the company's only operating revenue stream (~$46.6 million (₹402 crore) in FY25). Another ~$1.97 million (₹17 crore) of interest and mutual fund gains is non-operating income.
Business model and strategy
Nykaa
How it makes money
Nykaa earns most of its money by buying beauty and personal care products from brands and reselling them at a margin through its app, website and stores.
Growth strategy
Nykaa's FY2030 plan targets $5 billion+ GMV through more stores, Nykaa Now quick delivery, owned-brand acquisitions such as Aminu, fashion growth and brand incubation with L'Oréal's BOLD fund.
Competitive advantage
Trust and assortment in beauty, built on an inventory-led model, plus owned brands that rivals cannot stock and a store network that doubles as quick-delivery infrastructure.
Plum Goodness
How it makes money
Plum makes money from one operating stream: selling its own beauty and personal care products. Products are formulated in-house and sold across skincare, bodycare (Plum BodyLovin'), haircare, fragrance, makeup and men's grooming (Phy). Distribution is omnichannel: plumgoodness.com, marketplaces such as Amazon, Flipkart and Nykaa, quick-commerce apps, multi-brand retail and roughly 35 exclusive brand outlets.
Growth strategy
Plum is seeking $75-100 million, with Rothschild & Co advising according to Mint in 2026, to expand offline retail beyond its ~35 exclusive outlets and launch new products. Shankar Prasad has said the goal is to cross ~$116 million (₹1,000 crore) in revenue.
Competitive advantage
Plum's edge is an early, consistent vegan and cruelty-free positioning paired with ingredient transparency, and a portfolio wide enough (500+ SKUs) to keep customers buying across face, body and hair. Reaching profitability in FY25 also gives it more room than loss-making rivals.
Questions about Nykaa vs Plum Goodness
Which company has higher revenue — Nykaa or Plum Goodness?
Nykaa reported ~$1.2B (FY2026), while Plum Goodness reported ~$46.6M (FY2025). By last reported revenue, Nykaa is the larger business, with Plum Goodness reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Nykaa vs Plum Goodness?
Nykaa's market capitalisation stands at $10.3B, while Plum Goodness's is $150M. Nykaa carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Plum Goodness.
Which is more financially efficient — Nykaa or Plum Goodness?
Nykaa generates $258k / employee in revenue per employee. A comparable figure for Plum Goodness requires matching employee and revenue data from the same reporting period.
How do Nykaa and Plum Goodness make money?
Nykaa and Plum Goodness generate revenue in fundamentally different ways. Nykaa: Nykaa earns most of its money by buying beauty and personal care products from brands and reselling them at a margin through its app, website and stores. Plum Goodness: Plum makes money from one operating stream: selling its own beauty and personal care products.
Which company is valued higher relative to revenue — Nykaa or Plum Goodness?
On a price-to-sales (P/S) basis, Nykaa trades at 8.9x P/S and Plum Goodness at 3.2x P/S. Nykaa commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Plum Goodness. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Nykaa bigger than Plum Goodness?
By last reported revenue, Nykaa (~$1.2B (FY2026)) is the larger company compared to Plum Goodness (~$46.6M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Nykaa vs Plum Goodness overview