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Nykaa expects around 30% GMV growth in Q2 FY27

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Nykaa expects around 30% GMV growth in Q2 FY27

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.

Nykaa’s beauty vertical is expected to post NSV and net revenue growth in the late twenties, as per the release. Its retail network expanded by 14 net new stores during the quarter, taking the total store count to 338 as of September-end. 

The fashion vertical continued to gain momentum, with NSV expected to grow in the late forties and net revenue in the early forties. Nykaa said new customer acquisition remained a key growth driver for the fashion business.

It added more than 250 brands across categories during the quarter, while its partnership with Nike continued to see encouraging early traction through exclusive product drops.

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 fashion 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.


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