Nykaa is still doing great in India’s direct-to-consumer market. They’re saying their growth for the December quarter will be pretty good. The beauty and personal care e-commerce company thinks net revenue will be up in the high mid-twenties for Q3 FY26, instead of what it was last year. This means people are still buying a lot from their main product lines and they are doing well.
In a filing, Nykaa mentioned that their gross merchandise value (GMV) and net sales value (NSV) will likely be up by almost thirty percent for Q3 FY26. This is a bit better than the last few quarters, where they were growing in the mid-twenties. It also shows that Nykaa is a big player in D2C news in India.
Investors seem happy. Nykaa’s stock went up almost 3% on the BSE after the news came out, which shows they believe in the company. As of 2:21 PM IST, the stock was up 1.36% at ₹268.35. This shows people are positive about how big the brand is getting and how profitable it will become.
Just so you know, Nykaa’s revenue was up 25% to ₹2,346 crore in Q2 FY26. That’s twelve quarters in a row of growth in the mid-twenties. Not many D2C brands in India can do that at this scale. In the same quarter, their consolidated GMV went up 30% to ₹4,744 crore, which proves Nykaa is a leader in the D2C market in India.
The company, led by Falguni Nayar, said that their beauty section is still selling better than fashion. It’s their main source of growth in Q3 FY26. Net sales in beauty are expected to be up in the high twenties, which is the best they have done in a year and a half. Nykaa had their big Pink Friday Sale in Q3, so they said it was their biggest quarter ever.
Because of all this, net revenue growth for the beauty section should be in the high mid-twenties. In Q2 FY26, beauty revenue was ₹2,131 crore, up 25.2% from last year. People are still buying skincare, makeup, fragrances, and personal care.
Nykaa’s fashion section is also doing well, with net sales expected to grow in the mid-twenties for Q3 FY26. This is because they are doing a good job with their platform, adding new brands, and getting more customers. Net revenue growth in fashion is expected to be in the high teens, though, because of less income from content and marketing, and changes in how they sell fashion brands they own. In Q2, fashion GMV was ₹1,180 crore, while revenue was up 21% to ₹201 crore.
Nykaa is also making more money. In Q2 FY26, their consolidated net profit jumped 166% to ₹33 crore.
Overall, Nykaa’s Q3 forecast shows they are one of the most consistent and best D2C brands in India. People want beauty, personal care, and online shopping, so Nykaa is in a good spot to grow, be a leader in their categories, and shape the future of direct-to-consumer sales in India.
