Nykaa Q2 update: Consolidated net revenue growth seen in late twenties, GMV in high twenties

FSN E-Commerce Ventures Ltd, which operates Nykaa, on Sunday (October 4) said consolidated net revenue growth for the September quarter is expected to be in the late twenties year-on-year, while consolidated gross merchandise value (GMV) growth is expected to be close to the high twenties.

Net sales value (NSV) growth is expected to be in the early thirties, with growth across both its Beauty and Fashion verticals.

"NSV growth is expected to be higher in the early thirties. The business strengthened across both verticals, supported by the increasing scale of the Fashion vertical and steady growth in the Beauty vertical.

With this, the Consolidated Net Revenue growth is expected to be in the late twenties, marking yet another quarter of solid growth for Nykaa," according to a stock exchange filing.

The Beauty vertical's NSV and net revenue growth are expected to be in the late twenties in Q2 FY27. The omnichannel business continued to grow, supported by new customer acquisition and repeat customer engagement.

Nykaa added 14 net new stores during the quarter, taking its total store count to 338 as of September 30, 2026. Like-for-like store sales growth was in the early twenties, the highest in the last six quarters.

House of Nykaa continued to grow ahead of the overall Beauty vertical, supported by performance across its core and emerging brands.

The Fashion vertical's NSV growth is expected to be in the late forties, while net revenue growth is expected to be in the early forties. New customer acquisition remained a key growth driver during the quarter, while more than 250 brands were added across categories.

The company said its partnership with Nike continued to see early traction, supported by exclusive drops.

"New customer acquisition remained strong during the quarter and continued to be an important growth driver for the platform. More than 250 brands were added across categories during the quarter, further strengthening the brand assortment. The Nike partnership continued to see encouraging early traction, supported by exclusive drops," the company said.

Nykaa said a larger part of the festive season falls in the third quarter this year, resulting in some festive-led growth shifting from Q2 to Q3. The company said it remains confident in its underlying growth drivers and long-term ambitions.

"With a larger part of the festive season falling in Q3 this year, some of the festive-led growth has shifted from Q2 to Q3. We remain confident in the underlying growth drivers of the business and in delivering our long-term ambitions," it added.

GMV refers to gross merchandise value before returns and cancellations, while NSV refers to net sales value after returns, taxes, discounts and cancellations.

On Thursday (October 1), shares of FSN E-Commerce Ventures Nykaa Ltd ended at ₹324.50, up by ₹4.50, or 1.41%, on the BSE.