Nykaa is expecting a strong start to FY27, projecting nearly 30% year-on-year consolidated net revenue growth in Q1, driven by a sharp acceleration in its fashion business and continued momentum across its core beauty segment.
FSN E-Commerce Ventures, the owner of Nykaa, expects consolidated Gross Merchandise Value (GMV) and Net Sales Value (NSV) to grow in the early thirties year-on-year for the quarter ended June 30, 2026. The outlook highlights continued growth across one of India’s largest omnichannel beauty and fashion businesses.
The strongest momentum is expected from Nykaa Fashion, which has started FY27 on a significantly stronger footing. The company expects the vertical’s NSV to grow in the mid-fifties, marking a sharp acceleration from previous quarters. The fashion business has also seen an improvement in its GMV-to-NSV funnel, supported by a reduction in leakages.
Nykaa attributed the growth of its core platform business to a wider brand assortment and recent marketing investments, which helped drive new customer acquisition. Meanwhile, the company’s flagship beauty segment is projected to deliver growth in the late twenties, maintaining its position as a key engine of the overall business.
The company continues to strengthen its omnichannel presence alongside digital growth. As of the end of June 2026, Nykaa operated 324 physical stores, expanding its ability to serve consumers across both online and offline touchpoints.
The latest growth outlook follows a strong financial performance in FY26. During the March quarter, Nykaa reported a multifold increase in consolidated net profit to ₹78.75 crore, supported primarily by beauty sales and narrowing losses in the fashion vertical. Revenue from operations grew approximately 28% to ₹2,648.17 crore during the quarter.
For the full year ended March 31, 2026, Nykaa’s net profit nearly tripled to ₹203.94 crore, compared with ₹72.07 crore in FY25. Annual revenue from operations increased 26% to ₹10,022.35 crore over the same period.
With its fashion business gaining momentum, beauty continuing to deliver strong growth, and its physical network reaching 324 stores, Nykaa is entering FY27 with broad-based momentum. The company’s Q1 outlook reflects how its expanding brand assortment, customer acquisition efforts, and omnichannel strategy are supporting the next phase of growth across India’s beauty and fashion market.
Source: Based on reporting by Indian Retailing, with additional editorial adaptation and analysis.
