Nykaa adds 14 stores to reach 338 as Beauty and Fashion growth accelerates

MUMBAI: Nykaa is keeping its growth streak in full swing. Nykaa expects consolidated net revenue growth to be in the late twenties in Q2 FY2027, with both its Beauty and Fashion businesses continuing to expand.

The company said consolidated gross merchandise value (GMV) growth is expected to be close to the thirties, while net sales value (NSV) growth is expected to be in the early thirties. The update covers the quarter ended 30 September 2026 and is provisional.

Nykaa said the performance was supported by increasing scale in its Fashion business and steady growth in Beauty.

Nykaa’s Beauty vertical is expected to record NSV and net revenue growth in the late twenties during the quarter.

Its omnichannel business continued to gain momentum, driven by a combination of new customer acquisition and repeat purchases. The company added 14 net new stores during Q2, taking its retail network to 338 stores as of 30 September.

Like-for-like store sales growth came in at the early twenties, which Nykaa said was its strongest performance in the last six quarters.

Its House of Nykaa portfolio also continued to grow faster than the overall Beauty vertical, with both established and emerging brands contributing to the performance.

Nykaa’s Fashion business continued to build momentum as it scaled up, with NSV growth expected to be in the late forties and net revenue growth in the early forties.

Customer acquisition remained a key growth driver during the quarter. More than 250 brands were added across categories, further expanding the platform’s assortment.

The company’s partnership with Nike also continued to gain traction, supported by exclusive product drops.

Nykaa noted that the timing of the festive season affected the quarterly comparison, with a larger portion of the festive period falling in Q3 this year. As a result, some festive-led growth that would ordinarily have contributed to Q2 has shifted into the following quarter.

The company said it remains confident about its underlying growth drivers and long-term ambitions, with the festive season expected to provide another opportunity to build momentum in Q3.

The Q2 FY27 update is provisional and will be subject to limited review by Nykaa’s statutory auditors. The company also clarified that the update is being issued voluntarily and does not constitute financial results or earnings guidance. All growth figures are on a year-on-year basis.