Nykaa projects 30% GMV growth in Q2 FY26; Fashion vertical may outpace beauty
Nykaa’s beauty business is projected to deliver net sales value (NSV) and net revenue growth in the mid-twenties, marking over ten consecutive quarters of sustained expansion.
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FSN E-Commerce Ventures, the parent company of Nykaa, expects its consolidated Gross Merchandise Value (GMV) growth to hover around 30% in the second quarter of FY2026 — an improvement from the mid-20% range seen in recent quarters. The growth is being driven by a strong performance in the fashion vertical and steady momentum in the beauty segment, the company said in its BSE filing.
Nykaa’s beauty business is projected to deliver net sales value (NSV) and net revenue growth in the mid-twenties, marking over ten consecutive quarters of sustained expansion. The House of Nykaa portfolio continued to post robust gains, led by the strong performance of acquired brands such as Dot & Key and homegrown labels like Kay Beauty and Nykaa Cosmetics.
The company’s fashion vertical is expected to report higher mid-twenties NSV growth, supported by strong traction on its core platform, driven by an expanding brand assortment and continued customer acquisition momentum.
The net revenue growth in the fashion vertical is likely to improve to the low twenties, up from the low-to-mid teens recorded over the last few quarters. Nykaa noted that net revenue growth lagged NSV growth due to a delay in advertising and marketing income realization.
