Nykaa’s E-Commerce Growth Insights

FSN E-Commerce Ventures, the parent entity of beauty and fashion retailer Nykaa, anticipates its consolidated Gross Merchandise Value (GMV) to increase by nearly 30% year-on-year for the quarter ending September 2026. As per the company’s latest business update, consolidated Net Sale Value (NSV) is projected to grow in the early thirties, while net revenue is expected to rise in the late twenties. This growth momentum is primarily attributed to the sustained performance in the beauty segment and the expanding scale of the fashion division.

Growth in Beauty and Fashion

Nykaa forecasts that its beauty segment will record NSV and net revenue growth in the late twenties, according to the released information. During this quarter, the retailer’s network expanded with 14 new stores, increasing the total count to 338 by the end of September.

The fashion division has also shown significant advancement, with NSV expected to rise in the late forties and net revenue in the early forties. Nykaa identified new customer acquisition as a crucial driver of growth for its fashion business. More than 250 brands were added across various categories throughout the quarter, and the collaboration with Nike has begun to generate promising early results through exclusive product launches.

Financial Performance in Q1 FY27

In Q1 FY27, Nykaa recorded a remarkable 29% year-on-year increase in operating revenue, totalling Rs 2,782 crore, while profits surged 3.3 times to reach Rs 80 crore. The beauty segment contributed Rs 2,516 crore, whereas the fashion sector generated Rs 253 crore in revenue during the quarter.

Additionally, Nykaa has recently formed a partnership with BOLD, the corporate venture capital division of L’Oréal, aiming to invest collectively in emerging beauty and personal care startups in India. This alliance is designed to support high-growth startups by providing capital, strategic guidance, and access to Nykaa’s retail and distribution resources.