India’s biggest digital-first consumer companies just posted big jumps in profit. Their profits are growing faster than their sales. That is our Big Story.
The big get bigger: Nykaa’s Q2 profit tripled to ₹101 Cr. Lenskart’s rose 2.3X to ₹232 Cr. Honasa’s jumped 87% to ₹73 Cr. And GIVA raised over $100 Mn to reach 1,000 stores.
The money: 5 D2C rounds, over ₹900 Cr disclosed. GIVA alone is more than 95% of it.
The number: ₹1.27. That is what Eggoz spent to earn every rupee of revenue in FY26.
New this week, The Report Card: 12 consumer brands’ latest results, on one page. Who passed, and who is still working on it.
The Big Story: The Big Get Bigger
What happened
The listed giants of Indian D2C reported their September quarter this week. All three grew sales by 28–36%. All three grew profit much faster.
Nykaa grew Q2 FY27 revenue 28% to ₹3,006 Cr. Net profit tripled to ₹101 Cr, from ₹33 Cr.
Lenskart grew revenue 36% to ₹2,845 Cr. Net profit rose 2.3X to ₹232 Cr, and its EBITDA margin was nearly 22%.
Honasa (Mamaearth’s parent), beyond Pulse, grew revenue 36% to ₹731 Cr. Net profit rose 87% to ₹73 Cr (Entrackr).
And the week’s biggest private round went to a brand already at scale. GIVA raised over $100 Mn, led by Multiples. It made about ₹865 Cr in FY26, runs 400+ stores and wants more than 1,000 in three to five years.
Why it matters
This is what scale buys. Once a brand covers its fixed costs (rent, tech, teams), most of each extra rupee of sales turns into profit. Lenskart grew sales 36% and profit about 125%.
The brands one level below are not there yet. Their costs are still rising faster than their sales:
Snitch: revenue up 67.7% to ₹835 Cr, expenses up 71.9%, a ₹27 Cr loss.
Bakingo: revenue up 35% to ₹406 Cr, expenses up 38.7%, its loss more than doubled to ₹37 Cr.
Our view
The gap between India’s D2C leaders and everyone else is widening, not closing. The leaders make profit, and profit attracts cheaper capital: GIVA raised $100 Mn+ in one round. That capital funds more stores and more reach, which brings more scale.
For the brands in the ₹400–900 Cr band, like Snitch and Bakingo, the next year is about one thing: making costs grow slower than sales. The ones that manage it will join the top table. The rest will find capital harder to raise.
What to watch
Whether Snitch, now at 142 stores, can bring its expense growth below its sales growth in FY27.
How fast GIVA moves from 400 stores towards 1,000.
Whether Nykaa, Lenskart and Honasa hold these margins through the festive quarter.
The Deal Sheet
5 D2C rounds. Over ₹900 Cr disclosed (our calculation, with dollars at about ₹88).
GIVA · Fine jewellery · Growth · $100 Mn+ · Lead investor: Multiples Alternate Asset Management (existing investors Epiq Capital and Edelweiss Discovery Fund participated)
The Croffle Guys · QSR · Not disclosed · ₹14 Cr · Lead investor: V3 Ventures (N.A.N Partners participated; ₹100 Cr post-money)
Solgram · Premium grocery · Pre-seed · $1 Mn+ · Lead investors: DSG Consumer Partners and Saama Capital (Kapil Chopra participated)
Hyeglo Beauty · Skincare-led makeup · Not disclosed · ₹7 Cr · Lead investor: Sauce (with Giga Capital, Consumer Collective and others)
Qiroko · Fashion accessories · Pre-seed · ₹1.5 Cr · Lead investor: ISV Capital
The signal: One cheque made the week. GIVA’s round is more than 95% of the total (our calculation). Beyond Pulse, Daksham Growth Ventures hit a ₹125 Cr first close for its maiden consumer fund (Entrackr), so more early-stage consumer money is on the way.
The Number: ₹1.27
That is what Eggoz spent to earn every ₹1 of revenue in FY26.
The branded egg company grew 39% to ₹180 Cr. But procurement, staff and ad costs all rose, and its loss widened 83% to ₹42 Cr. It has raised over $32 Mn so far.
Why it matters: It is the Big Story in one number. Below scale, growth costs more than it earns. The test for Eggoz is how quickly it can bring that ₹1.27 below ₹1.
The Report Card
New section. Twelve consumer brands reported results this week. Here is how each one did, on one page.
In profit:
Lenskart · Q2 FY27 · ₹2,845 Cr, up 36% · ₹232 Cr profit
Honasa · Q2 FY27 · ₹731 Cr, up 36% · ₹73 Cr profit
Nykaa · Q2 FY27 · ₹3,006 Cr, up 28% · ₹101 Cr profit
iD Fresh Food · FY26 · ₹870 Cr, up 27.7% · ₹79 Cr pre-tax profit (before exceptional items, up from ₹24 Cr)
Campus Activewear · Q2 FY27 · ₹452 Cr, up 16.9% · ₹24 Cr profit
Still in the red:
Snitch · FY26 · ₹835 Cr, up 67.7% · ₹27 Cr loss
Bakingo · FY26 · ₹406 Cr, up 35% · ₹37 Cr loss
Yes Madam · FY26 · ₹195 Cr, up 2.1X · ₹7.75 Cr loss
Eggoz · FY26 · ₹180 Cr, up 39% · ₹42 Cr loss
Pernia’s Pop-Up Shop · Q2 FY27 · ₹142 Cr, up 30.7% · ₹68.3 Cr loss (but EBITDA turned positive at ₹4 Cr)
Sleepy Owl · FY26 · ₹82 Cr, up 86% · ₹1.76 Cr loss (close to breakeven)
Boba Bhai · FY26 · ₹68 Cr, up 139% · ₹21.8 Cr loss
Our view: Every brand on the profit list is either big, old, or both. Every brand on the loss list is growing fast. The question for each one is the same: when does growth start paying for itself?
Store Watch
GIVA: 400+ stores today, more than 1,000 in three to five years.
Snitch: 142 stores, and now pushing into quick commerce.
Boba Bhai: About 100 stores in eight cities. It plans to add 150–200 stores and reach 10 cities by the end of FY27.
The Croffle Guys: From 8 outlets, adding 40+ more, mainly in Mumbai and Delhi. It targets ₹100 Cr revenue in 10–12 months, from a ₹24 Cr run rate.
Campus Activewear: 315+ exclusive outlets, and sales in 850+ districts.
Quick Hits
Marico expects 4700BC to break even ahead of schedule, and two more of its digital brands to turn profitable within a year. Its Foods business crossed a ₹1,500 Cr run rate.
Milky Mist grew Q2 FY27 revenue 41.6% on high-protein dairy like Skyr and protein paneer. H1 profit after tax rose 308%.
Yuvraj Singh launched PROTOCOL32, a 32-ingredient daily supplement, sold by invitation-only subscription with blood tests on day 1 and day 90. The Celebrity Shelf grows again.
Mivi is investing ₹200 Cr in a Hyderabad plant that will make 5 lakh earbuds a month and employ about 2,500 people.
Sleepy Owl, beyond Pulse, grew coffee sales 86% to ₹82 Cr in FY26 and cut its loss to just ₹1.76 Cr (Entrackr).
Decathlon India, beyond Pulse, grew FY26 revenue 8.35% to ₹4,478 Cr and swung to a ₹63 Cr profit, from a ₹65 Cr loss (Entrackr).
Shiprocket, which ships for thousands of D2C brands, swung to a small ₹60 lakh profit in Q2 FY27 as revenue rose 35% to ₹674 Cr (Entrackr).
D2C Insider Updates
Super Angels Pulse: from operator to angel, live. A three-part webinar series from the Super Angels Network, with founders who built brands and now back new ones. Every episode runs 6–7 PM IST, live on Zoom.
20 November: Arjun Vaidya, Co-Founder, V3 Ventures
27 November: Hitaysh Dhingra, Founder & CEO, The Man Company
4 December: Shaily Mehrotra, CEO & Founder, Fixderma
Register here. (Fun fact: Arjun’s V3 Ventures led The Croffle Guys’ ₹14 Cr round this week.)
That’s the week. Which brand do you think joins the top table next? Reply and tell us. We read every message.
See you next Saturday.
The D2C Insider Editorial Team