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Nykaa buys stock outright, owns warehouses, and sells on its own account, not as a marketplace. In Q1 FY27, it spent ₹1,757.9 Cr on traded goods, up 21.7% YoY. Gross margin hit 45.9%, with revenue of ₹2,791.3 Cr and net profit of ₹79.8 Cr.
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