Nykaa expects nearly 30 per cent revenue growth in Q1 FY2027

NEW DELHI: Beauty may be skin deep, but Nykaa’s growth story is starting to look anything but superficial. FSN E-Commerce Ventures Ltd, the parent company of Nykaa, has projected a strong start to FY2027, with consolidated gross merchandise value (GMV) and net sales value (NSV) expected to grow in the early thirties during the April-June quarter, driven by robust demand across its beauty and fashion businesses.

The company expects consolidated net revenue to rise by nearly 30 per cent in the first quarter, reflecting stronger momentum in its fashion vertical while the beauty business continues to deliver consistent growth.

Nykaa’s core beauty business is expected to post late twenties growth in both NSV and net revenue. The company said revenue growth is likely to be marginally lower than NSV growth because of the increasing contribution of the House of Nykaa portfolio, which does not include a marketing income component. Even so, overall marketing income across the platform continued to register healthy growth.

Offline retail also remained a key contributor during the quarter. The company reported mid-teen like-for-like growth across its stores while continuing to expand its physical footprint. As of 30 June 2026, Nykaa operated 324 retail stores across the country.

The standout performer, however, was the fashion business. The company expects NSV in the segment to grow in the mid-fifties, marking a sharp acceleration from recent quarters. Nykaa attributed the improvement to better conversion of GMV into NSV, supported by lower operational leakages and stronger execution. Performance was broad-based across the fashion portfolio, with categories including women’s wear, men’s wear, kids’ fashion and home all recording strong growth during the quarter.

Nykaa also highlighted encouraging early traction from its partnership with Nike, saying the collaboration has strengthened its premium brand offering while expanding the platform’s portfolio of international labels.

The upbeat business update suggests Nykaa continues to capitalise on resilient consumer demand in beauty while steadily narrowing the gap with larger fashion-focused e-commerce players. With beauty remaining a dependable growth engine and fashion gathering pace, the company appears to be entering FY2027 with stronger momentum across both its online and offline businesses.