Nykaa, operated by FSN E-Commerce Ventures Limited, has reported a robust performance in the fourth quarter of FY2026, with consolidated gross merchandise value (GMV) growth expected to be in the late twenties percentage range. The consolidated net sales value (NSV) growth is projected to be higher, in the early thirties, while consolidated net revenue growth is anticipated to be in the late twenties, marking the highest growth in the last 12 quarters. This impressive performance is attributed to the acceleration in the Fashion vertical alongside sustained strong performance in the Beauty vertical.
For the full year FY2026, Nykaa‘s consolidated NSV growth is expected to accelerate to the late twenties, up from the mid-twenties growth observed in the previous two years. The net revenue for FY2026 is expected to improve to the upper end of the mid-twenties, reflecting consistently healthy performance across all verticals.
In the Beauty vertical, Nykaa is expected to achieve GMV, NSV, and net revenue growth in the late twenties, with NSV slightly higher than GMV and net revenue growth. The GMV to NSV conversion has shown meaningful improvement, driven by funnel enhancement across businesses. The omnichannel performance remained robust, and the House of Nykaa continued to grow at a faster pace, contributing significantly to the overall performance.
The retail network witnessed strong expansion in this quarter, with a record number of store additions. Nykaa opened 26 new stores and integrated 11 Kiehl’s stores in Q4 FY2026, marking the highest quarterly addition to date. This brings the total store count to 313 as of 31st March 2026.
Nykaa’s Fashion vertical has shown steady growth revival since the start of FY2026. This trend is expected to strengthen further in Q4 FY2026, with GMV growth in the late twenties and NSV growth tracking ahead at the early forties. The superior performance was driven by improving momentum in platform business, including funnel improvement and robust customer acquisition. Brand assortment continued to get richer, with the Nike partnership showing early traction, and the Pink Love Sale delivering a solid outcome along with an uptick in marketing income. Consequently, the Fashion vertical’s net revenue growth improved to the late thirties, marking a sharp acceleration from previous quarters.
While Nykaa remains watchful of the evolving geopolitical landscape in West Asia, there has been no material impact this quarter. The Middle East exposure is currently below 1% of overall revenue, given the business is in its early stages.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).