Strongest quarterly growth in 12 quarters driven by fashion recovery and steady beauty momentum
FSN Ecommerce Ventures (Nykaa) is expecting consolidated net revenue growth of 27–29 per cent year-on-year for the March quarter (Q4 FY26), marking its strongest quarterly performance in 12 quarters. The company said the growth was driven by a rebound in its fashion business alongside sustained momentum in the beauty segment.
The stock reacted positively to the update, rising as much as 3 per cent in early trade before paring gains to close 2.72 per cent higher at Rs 252.65 per share.
“This strong performance came on the back of acceleration in fashion vertical, along with sustained strong performance of beauty vertical,” the company said in its provisional update filed with exchanges.
According to the filing, consolidated gross merchandise value (GMV) growth is expected to be in the late 20 per cent range, while net sales value (NSV) growth is likely to be higher, in the early 30 per cent range. The figures are provisional and remain subject to audit.
For FY26 as a whole, Nykaa expects net revenue growth in the range of 25–27 per cent, while NSV growth is projected to be slightly higher in the late twenties, reflecting improving conversion efficiency across the platform.
Based on FY25 revenue of Rs 7,949.82 crore, analysts estimate FY26 revenue in the Rs 9,900–10,100 crore range, placing the company close to the Rs 10,000-crore milestone.
Growth during the quarter was broad-based across both its core verticals. The beauty segment maintained steady momentum, with GMV, NSV and net revenue all expected to grow in the high 20 per cent range. The company attributed this performance to improved funnel conversion, strong omnichannel demand, and continued traction in its in-house brands under the “House of Nykaa” portfolio.
The fashion business saw a sharp turnaround in performance. GMV growth is expected in the high 20 per cent range, while NSV growth is projected in the early 40 per cent range. Net revenue growth for the segment is estimated in the late 30 per cent range, driven by improved customer acquisition, better assortment, and early traction from partnerships such as Nike.
“This strong performance came on the back of acceleration in the fashion vertical, along with sustained strong performance of beauty vertical,” the company added in its filing.
During the quarter, Nykaa also expanded its offline presence aggressively, adding 26 new stores and integrating 11 Kiehl’s outlets, taking its total store count to 313 as of 31 March 2026. This marks its highest-ever quarterly store addition.
On the macro front, the company said it continues to monitor geopolitical developments in West Asia, although any impact on operations has been negligible so far. The region contributes less than 1 per cent of overall revenue.
The company also highlighted that improved GMV-to-NSV conversion during the quarter reflected stronger funnel efficiency, with NSV growth outpacing GMV growth across segments.
