Nykaa Expects Nearly 30% YoY GMV Growth in September Quarter
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Khushi Jain
- October 5, 2026
FSN E-Commerce Ventures, the parent company of beauty and fashion retailer Nykaa, expects its consolidated GMV to grow close to 30% year-on-year in the quarter ended September 2026.
According to the company’s quarterly business update, consolidated NSV is expected to grow in the early thirties, while net revenue growth is projected to be in the late twenties. The growth was led by continued momentum in the beauty business and the increasing scale of its fashion vertical.
Beauty Business Growth
Nykaa’s beauty vertical is expected to post NSV and net revenue growth in the late twenties, according to the release.
The company added 14 net new stores during the quarter, taking its total retail network to 338 stores as of September-end.
Fashion Business Gains Momentum
Nykaa’s fashion vertical continued to gain momentum, with NSV expected to grow in the late forties and net revenue in the early forties.
The company said new customer acquisition remained a key growth driver for the fashion business.
Nykaa added more than 250 brands across categories during the quarter. Its partnership with Nike also continued to see encouraging early traction through exclusive product drops.
Nykaa’s Q1 FY27 Performance
Nykaa reported a 29% year-on-year growth in operating revenue to Rs 2,782 crore in Q1 FY27, while its profit surged 3.3X to Rs 80 crore.
The beauty segment contributed Rs 2,516 crore, while the fashion segment brought in Rs 253 crore during the quarter.
Meanwhile, Nykaa recently partnered with BOLD, the corporate venture capital arm of L’Oréal, to jointly invest in emerging Indian beauty and personal care brands.
The partnership will target high-growth startups and provide them with capital, strategic mentorship, and access to Nykaa’s retail and distribution capabilities.
FAQs
1. What GMV growth does Nykaa expect for the quarter ended September 2026?
FSN E-Commerce Ventures expects consolidated GMV to grow close to 30% year-on-year.
2. How many Nykaa stores were there as of September-end?
Nykaa had 338 stores as of September-end after adding 14 net new stores during the quarter.
3. How did Nykaa’s fashion vertical perform during the quarter?
The fashion vertical’s NSV is expected to grow in the late forties, while net revenue is expected to grow in the early forties.
4. What was Nykaa’s operating revenue in Q1 FY27?
Nykaa reported operating revenue of Rs 2,782 crore in Q1 FY27, up 29% year-on-year.
5. What is the partnership between Nykaa and BOLD focused on?
Nykaa and BOLD are partnering to jointly invest in emerging Indian beauty and personal care brands.
