Nykaa expects upper mid-twenties revenue growth in Q3 FY26

Ahead of its third-quarter earnings for FY26, omnichannel beauty and fashion retailer Nykaa has guided for consolidated gross merchandise value (GMV) and net sales value (NSV) growth in the late twenties, signalling continued momentum across its core businesses.

The company said it expects consolidated net revenue growth to come in at the upper end of the mid-twenties in Q3 FY26.

Nykaa’s beauty vertical is projected to deliver accelerated NSV growth in the late twenties, which would mark its strongest performance in the past six quarters. The company attributed the expected growth to the strong performance of its House of Nykaa brands, the success of its Pink Friday sale, and robust new customer acquisition.

Net revenue growth for the beauty segment is also expected to be at the upper end of the mid-twenties during the quarter.

For its fashion business, Nykaa expects NSV growth in the mid-twenties in Q3 FY26, driven by new brand additions and continued customer acquisition. However, net revenue growth in the fashion vertical is expected to be in the late teens, trailing NSV growth due to subdued content and marketing income as well as ongoing channel optimisation of its owned fashion brands.

In Q2 FY26, Nykaa reported a net profit of Rs 10.04 crore. Revenue from operations rose 25.13% year-on-year to Rs 2,345.98 crore, compared with Rs 1,874.74 crore in the year-ago period.

During the quarter, Nykaa Beauty’s GMV increased 28% to Rs 3,551 crore, while Nykaa Fashion’s GMV grew 37% to Rs 1,180 crore.

Commenting on the performance, Nykaa founder and CEO Falguni Nayar said during the Q2 earnings call, “The beauty business continues to deliver consistently, achieving over 25% GMV growth for several consecutive quarters. This quarter saw accelerated brand launches, particularly across luxury and Korean beauty, alongside the addition of 19 new stores, further strengthening our omnichannel presence.”