FSN E-Commerce Ventures, the parent company of beauty and fashion retailer Nykaa, expects to deliver one of its strongest quarterly performances in recent years, projecting consolidated net revenue growth of nearly 30% year-on-year for the quarter ended June 2026.
In its quarterly business update, the company said it expects both Gross Merchandise Value (GMV) and Net Sales Value (NSV) to grow in the early thirties, supported by a strong rebound in the fashion business and sustained momentum in its core beauty segment.
Nykaa expects its beauty vertical to report NSV and net revenue growth in the late twenties. The company said its omnichannel beauty business maintained the strong momentum witnessed in the previous quarter, driven by continued store expansion and steady customer acquisition.
As of the end of June, Nykaa’s offline retail network had expanded to 324 stores. The company also highlighted strong growth across its owned brands, including Kay Beauty, Nykaa Cosmetics and Dot & Key.
Fashion Segment Records Sharp Growth on Strong Customer Demand
Meanwhile, the fashion vertical is expected to post NSV growth in the mid-fifties, marking a significant acceleration compared to previous quarters. Nykaa attributed the performance to lower leakages between GMV and NSV, a broader brand portfolio and continued marketing investments that boosted customer acquisition across women’s, men’s, kids’ and home categories. The company also said its partnership with Nike has delivered encouraging early results, further strengthening its premium brand offering.
The latest business update signals a strong recovery in Nykaa’s fashion business after a period of slower growth over recent quarters. Investors will now look to the company’s detailed quarterly earnings for clarity on whether the improved growth has translated into stronger margins and profitability, as well as management’s outlook for the remainder of FY27.
Following the business update, Nykaa’s shares were trading at Rs 317.35 at 10:07 AM, giving the company a market capitalisation of Rs 90,883 crore.
