Nykaa’s beauty vertical is expected to deliver another healthy quarter with NSV and net revenue growth in the late twenties
FSN Ecommerce Ventures, the parent company of beauty and fashion retailer Nykaa, is expecting its consolidated gross merchandise value (GMV) and net sales value (NSV) growth to be in the early thirties in the first quarter of the current financial year. The consolidated net revenue growth is also expected to accelerate to near thirties.
The growth uplift was driven by a healthy performance of the fashion vertical, along with steady momentum in the beauty vertical, both of which also saw strong customer acquisition. Nykaa’s beauty vertical is expected to deliver another healthy quarter with NSV and net revenue growth in the late twenties, the company said in an exchange filing.
Net revenue growth is expected to trail NSV growth marginally, given the higher contribution of House of Nykaa, which does not have any marketing income component. However, the platform’s overall marketing income saw strong growth.
The omnichannel beauty business continued to see accelerated growth, similar to that in Q4FY26. Retail performance strengthened further on the back of mid-teens like-for-like growth and store network expansion, with the total store count standing at 324 as of 30 June 2026. House of Nykaa continued to demonstrate rapid growth, anchored by the consistent success of Kay Beauty, Nykaa Cosmetics and Dot & Key, the company added.
Strong Growth In Fashion Segment
Nykaa’s fashion vertical has started FY2027 on a notably stronger footing, with NSV growth expected to be in the mid-fifties, marking a sharp acceleration from previous quarters. The fashion business continues to see improvement in the GMV-to-NSV funnel, supported by a reduction in leakages.
The solid growth of core platform business was driven by expanding brand assortment and marketing investments over the past few quarters, translating into new customer acquisitions. All the major fashion categories delivered strong performance including women, men, kids and home, the company pointed out.
The Nike partnership has delivered encouraging early results, as per the exchange filing. As a result, the fashion vertical’s net revenue growth is expected to accelerate to near fifties, reaching a multi quarter high.
