Nykaa buys 51% of skincare brand Aminu for Rs 32 crore

Nykaa has approved the acquisition of a 51% stake in Aminu Wellness Private Limited for up to Rs 32 crore in cash. Aminu was incorporated in 2019 and manufactures and sells skincare products. It recorded a turnover of Rs 19.4 crore in FY26.

Nykaa said the acquisition will strengthen its presence in the premium beauty and personal care segment by adding Aminu’s research and development capabilities and its omnichannel distribution network. At Rs 32 crore for 51%, the price implies a value of roughly Rs 63 crore for the whole company, a little over three times FY26 revenue. The structure leaves 49% with the existing owners.

The deal was disclosed alongside Nykaa’s Q1 FY27 numbers. Operating revenue rose 29% to Rs 2,782 crore from Rs 2,155 crore a year earlier, with beauty at Rs 2,516 crore and fashion at Rs 253 crore. Profit was Rs 80 crore, up 3.3 times from Rs 24 crore, and broadly flat against Rs 79 crore in the preceding quarter. Total expenditure was Rs 2,662 crore.

For an Indian D2C founder, the number to read is not the 51% but the Rs 19.4 crore. Nykaa did not buy a brand at scale. It bought a small premium label and named two assets in its reasoning: formulation capability and existing offline distribution. Neither is a performance marketing skill. A brand whose only real asset is a low cost per acquisition on its own website is not what this class of buyer is shopping for.

The second read is about shelf. Selling control to your largest retail channel hands pricing, placement and assortment calls to a counterparty that also stocks your competitors. If you compete in premium skincare on Nykaa, watch which sub-categories the company keeps buying into. A house-owned brand can run margins you cannot match on a rented shelf, and it does not need to win the ad auction to get seen.