FSN E-Commerce Ventures, the parent company of beauty and fashion retailer Nykaa, expects its consolidated Gross Merchandise Value (GMV) to grow close to 30% year-on-year (YoY) in the quarter ended September 2026.
According to the company’s quarterly business update, consolidated Net Sales Value (NSV) is expected to grow in the early thirties, while consolidated net revenue growth is projected to be in the late twenties during Q2 FY27. The company said the growth was supported by continued momentum in its beauty business and the increasing scale of its fashion vertical.
Nykaa’s beauty business is expected to report NSV and net revenue growth in the late twenties during the quarter. The company added 14 net new stores during Q2 FY27, taking its total retail store count to 338 as of September 30, 2026.
The company’s like-for-like store sales growth was in the early twenties, marking the highest growth rate in six quarters. Nykaa said its House of Nykaa portfolio also continued to grow faster than the overall Beauty vertical, supported by its core and newer brands.
The fashion business continued to record stronger growth. Nykaa expects NSV in the fashion vertical to grow in the late forties, while net revenue is expected to increase in the early forties during the quarter.
New customer acquisition remained an important growth driver for the fashion business. Nykaa added more than 250 brands across categories during the quarter, expanding the range available to customers on its platform.
The company’s partnership with Nike also continued to see “encouraging early traction,” supported by exclusive product drops.
Nykaa noted that a larger portion of the festive season falls in the third quarter this year, resulting in some festive-led growth shifting from Q2 to Q3.
The company had reported strong performance in the first quarter of FY27. Nykaa’s operating revenue increased 29% YoY to Rs 2,782 crore in Q1 FY27, compared with Rs 2,155 crore in the corresponding period a year earlier. Its net profit rose to Rs 80 crore from Rs 24 crore in Q1 FY26.
The Beauty segment contributed Rs 2,516 crore to revenue during Q1 FY27, while the Fashion segment contributed Rs 253 crore.
Nykaa’s latest business update indicates continued growth across both its core Beauty business and the faster-growing Fashion vertical. The company’s retail expansion, addition of brands and customer acquisition efforts are contributing to growth as it enters the festive season.
For Q2 FY27, Nykaa expects consolidated GMV growth to remain close to 30% YoY, with NSV growth in the early thirties and consolidated net revenue growth in the late twenties.
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