Category Intelligence
Listed Indian consumer brands: margins, marketing and working capital from annual results
By Sylvr Founder's Desk · Last checked 4 Nov 2026
The listed brands' own results give the only margins we can quote: Honasa 71.2% gross margin in FY26, Bikaji 35.1%. Nykaa's 45.1% is a retailer's margin, not a brand's. Source: Honasa (NSE), read 4 Nov 2026; Bikaji (bikaji.com), read 4 Nov 2026; Nykaa IR, read 4 Nov 2026.
Gross margin and working capital, FY26
Source: Honasa (NSE), read 4 Nov 2026; Nykaa IR, read 4 Nov 2026; Brainbees (NSE), read 4 Nov 2026; Bikaji (bikaji.com), read 4 Nov 2026.
| Company | Gross margin | Working capital |
|---|---|---|
| Honasa (Mamaearth) | 71.2% | -14 days |
| Nykaa (FSN E-Commerce, a retailer) | 45.1% | 28 days |
| FirstCry (Brainbees) | 36.2% | 57 days |
| Bikaji (packaged snacks) | 35.1% | Bikaji at 31 Mar 2026: inventories ₹1,174 Mn; receivables ₹1,071 Mn; payables ₹648 Mn |
Marketing as a share of revenue, FY26
Source: Nykaa IR, read 4 Nov 2026; Brainbees (NSE), read 4 Nov 2026; Bikaji (bikaji.com), checked 4 Nov 2026.
| Company | Marketing share |
|---|---|
| Nykaa, all | 15.3% |
| Nykaa beauty (of net sales value) | 12.8% |
| Nykaa fashion (of net sales value) | 26.4% |
| FirstCry (advertising and promotion) | 8.1% |
| Bikaji | Not published |
Sources
Every figure above is here. A page with a figure and no source here does not publish.
- bikaji.com/pub/media/Investor-Presentation-21-05-2026.pdf, read 4 Nov 2026. Open the source ↗
- nsearchives.nseindia.com/corporate/BRAINBEES_26052026173614_InvestorPresentationMarch26.pdf, read 4 Nov 2026. Open the source ↗
- nsearchives.nseindia.com/annual_reports/AR_31317_HONASA_2025_2026_A_15554218_03092026205359.pdf, read 4 Nov 2026. Open the source ↗
- nykaa.com/media/wysiwyg/uiTools/2026-5/Investor-Presentation-Q4-2026.pdf, read 4 Nov 2026. Open the source ↗
Questions founders ask
Why not a margin for my category?
Only listed companies publish theirs. Use your own cost of goods in the planner; these show what scale looks like, not a target.