In a major development in D2C news India and the broader Direct-to-consumer India ecosystem, Nykaa-parent FSN E-Commerce Ventures saw its shares jump over 6% to hit a fresh 52-week high of ₹255.17 following a positive Q2 business update for FY26. For those tracking D2C daily news, D2C startup news, and Indian D2C updates, this rally underscores renewed investor confidence in one of the most closely watched D2C brands India.
According to the company’s exchange filing released post market hours on September 5, Nykaa expects consolidated Gross Merchandise Value (GMV) growth to be close to the thirties in the July–August quarter of FY26, compared to mid-twenties growth in recent quarters. Consolidated net revenue growth is expected to be in the mid-twenties, supported by an early start to the festive season and improved consumer demand. The company also highlighted that recent GST reforms by the Government are expected to increase disposable income and stimulate long-term growth across consumer and discretionary categories — a positive signal for the D2C business India landscape.
Nykaa shares have gained more than 9% in the past five days and over 48.5% in the last six months. The stock is up more than 54% so far in 2025, reflecting strong market sentiment around D2C revenue growth and profitability improvement. The stock’s P/E ratio currently stands above 817, signaling high investor expectations for sustained growth in one of India’s leading VC-backed D2C brands.
Within the Beauty vertical, Nykaa expects NSV and Net Revenue growth in the mid-twenties, marking more than 10 consecutive quarters of sustained growth momentum. House of Nykaa brands continue to witness rapid expansion, driven by robust performance of acquired brands like Dot & Key as well as homegrown labels such as Kay Beauty and Nykaa Cosmetics. In the context of D2C beauty and skincare India and D2C personal care brands, this reinforces Nykaa’s leadership in Premium D2C brands India and the wider D2C ecosystem India.
The Fashion vertical is also expected to deliver NSV growth in the higher mid-twenties, supported by strong traction in the core platform business, expanding brand assortment, and robust customer acquisition. Net Revenue growth for Fashion is expected to improve to low twenties from low-to-mid teens in previous quarters, although revenue growth may lag NSV growth due to timing differences in advertising and marketing income. This signals strengthening fundamentals across D2C fashion and lifestyle within the omnichannel D2C strategy Nykaa has built over the years.
The company’s quarterly updates for the period ended September 30 remain provisional and subject to audit. However, the forward guidance suggests accelerating D2C market trends 2025, especially across beauty, fashion, and discretionary consumption. As discussions around D2C IPO news, D2C funding news, and D2C startup valuation continue to evolve, Nykaa’s performance serves as a benchmark for Best performing D2C brands FY25 transitioning into FY26 with strong operating leverage.
For observers asking what’s happening in India’s D2C space today, Nykaa’s share price surge highlights how D2C brands scaling in 2025 are benefiting from festive demand, policy tailwinds, and resilient consumer behavior India. As a flagship name in Direct-to-consumer India, Nykaa continues to shape D2C industry news, influence D2C investor insights, and reinforce confidence in the long-term growth of India’s D2C ecosystem.
