Nykaa anticipates accelerated growth in Q2 FY2026, with consolidated GMV growth close to thirties. This is compared to the mid-twenties in previous quarters, driven by fashion vertical growth and sustained healthy performance in the beauty segment. Nykaa’s Beauty vertical is expected to deliver NSV and Net Revenue growth of mid-twenties, marking more than ten consecutive quarters of sustained growth. Consolidated Net Revenue growth is projected to be mid-twenties in Q2 FY2026.
Overall Performance
Nykaa (FSN E-Commerce Ventures Limited), along with its subsidiaries, has demonstrated an accelerated growth momentum in Q2 FY2026. The company expects its Consolidated GMV growth to be close to thirties, a significant increase compared to the mid-twenties observed in the preceding quarters. This strong performance is primarily attributed to the renewed growth in the Fashion vertical, combined with the steady performance of the Beauty vertical.
Beauty Vertical
The Beauty vertical is expected to achieve NSV and Net Revenue growth in the mid-twenties. This milestone marks over ten consecutive quarters of sustained growth momentum. The growth is further fueled by House of Nykaa brands, which continue to experience rapid expansion, including acquired brands like Dot & Key, and homegrown brands such as Kay Beauty and Nykaa Cosmetics.
Fashion Vertical
Nykaa’s Fashion vertical is expected to deliver NSV growth of higher mid twenties, driven by strong traction in the core platform business. This growth is supported by expanding brand assortment and robust customer acquisition. The vertical’s Net Revenue growth is expected to improve to low twenties. The Net Revenue growth for the fashion vertical lags the NSV growth due to differences in the recognition of advertising and marketing income.
Consolidated Net Revenue
As a result of these performances, Nykaa anticipates another quarter of healthy performance. Consolidated Net Revenue growth is expected to be in the mid-twenties in Q2 FY2026, with an early start to the festive season as an additional factor. The recent GST reforms announced by the Government are expected to increase disposable income and drive long-term growth across several consumer and discretionary categories.
Source: BSE
