FSN E-Commerce Ventures, which operates Nykaa, reported a strong March quarter performance, with consolidated net revenue growth expected in the late twenties, marking its highest growth in the past 12 quarters, according to an exchange filing.
Gross merchandise value (GMV) growth is also expected in the late twenties, while net sales value (NSV) is projected to grow in the early thirties, indicating improved conversion and demand during the quarter, the filing said.
The performance was led by a continued steady showing in the beauty segment and a sharp acceleration in the fashion business, as per the filing.
Fashion rebounds, outpaces beauty
Nykaa’s fashion vertical emerged as the key growth driver, with GMV growth in the late twenties and NSV growth accelerating to the early forties. Campaigns such as the Pink Love Sale and early traction from partnerships, including Nike, also supported growth, as per the filing.
As a result, fashion net revenue growth improved to the late thirties, reflecting a sharp sequential acceleration.
Beauty business remains steady
The core beauty vertical continued to deliver consistent growth, with GMV, NSV and net revenue all expected to rise in the late twenties.
The company said omnichannel performance remained strong, while its in-house brands, under the ‘House of Nykaa’ portfolio, continued to scale faster and contribute meaningfully to overall growth, as per the filing.
Retail expansion hits record pace
Nykaa added a record number of physical stores during the quarter, opening 26 new outlets and integrating 11 Kiehl’s stores.
This took its total store count to 313 as of March-end, reflecting an aggressive push on offline expansion alongside its digital business.
FY26 outlook strengthens
For the full year FY26, Nykaa expects NSV growth to accelerate to the late twenties, compared with mid-twenties growth over the past two years. Net revenue growth is projected to improve to the upper end of the mid-twenties.
The company said it remains watchful of geopolitical developments in West Asia, although it reported no material impact during the quarter, with the region contributing less than 1% to overall revenue, the filing said.
