Nykaa Eyes Nearly 30% Growth in Revenue and GMV in Q2 FY27

FSN E-Commerce Ventures, the parent company of Nykaa, is expecting strong growth for the quarter ended September 2026. According to media reports and the company’s quarterly business update, Nykaa expects its consolidated gross merchandise value (GMV) to grow by nearly 30% year-on-year.

The company expects consolidated net sales value (NSV) to grow in the low thirties, while net revenue growth is likely to remain in the high twenties. The growth has been supported mainly by continued strength in Nykaa’s beauty business and the growing scale of its fashion business.

Beauty Business Continues to Lead

Nykaa’s beauty business is expected to report NSV and net revenue growth in the high twenties during the quarter. The company also continued to expand its offline presence, adding 14 new stores during the period.

With these additions, Nykaa’s total retail network reached 338 stores by the end of September 2026. The expansion gives the company a stronger presence across India and helps it reach customers beyond its online platform.

Fashion Business Sees Strong Momentum

Nykaa’s fashion business continued to grow at a faster pace. The company expects NSV in the fashion segment to rise in the high forties, while net revenue is expected to grow in the low forties.

Nykaa said the growth was partly supported by continued customer acquisition. During the quarter, the company also added more than 250 brands across different categories, giving customers a wider range of products to choose from.

Its partnership with sportswear giant Nike also continued to gain traction, with exclusive product launches helping strengthen the fashion business.

Strong Q1 Performance Sets the Base

Nykaa had already delivered a strong performance in Q1 FY27. The company reported a 29% year-on-year rise in operating revenue to Rs 2,782 crore. Its profit increased more than three times to Rs 80 crore.

The beauty segment remained the biggest contributor, generating Rs 2,516 crore in revenue. Nykaa’s fashion business contributed Rs 253 crore during the quarter.

Focus on India’s Growing Beauty Brands

Along with growing its own business, Nykaa is also increasing its focus on emerging Indian beauty and personal care brands.

The company recently partnered with BOLD, the corporate venture capital arm of L’Oréal, to jointly invest in high-growth Indian beauty and personal care startups. Through this partnership, emerging brands can get access to capital, strategic guidance and Nykaa’s retail and distribution network.

With online beauty demand, offline expansion and fashion continuing to grow, Nykaa is strengthening its position in India’s fast-growing beauty and lifestyle market. The expected Q2 numbers show that the company is continuing to focus on growth while expanding its brand and retail ecosystem.