Nykaa Expects Strong Q1 FY27 Growth, Fashion Business Leads Momentum
Nykaa expects consolidated GMV and NSV to grow in the early 30% range in Q1 FY27, driven by strong fashion performance and steady growth in its beauty business.
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FSN E-Commerce Ventures Ltd, the holding company of Nykaa, expects a strong start to FY2027 with consolidated gross merchandise value (GMV) and net sales value (NSV) to rise in the early thirties in the April-June quarter.
Consolidated net revenue is expected to accelerate to almost 30 percent in the first quarter, driven by strong growth in its fashion business and sustained momentum in its beauty segment, the company said.
We expect Nykaa’s beauty business to grow in a healthy manner, with NSV and net revenue likely to be up in the late twenties. The company said net revenue growth could be slightly lower than NSV growth as the contribution from the House of Nykaa portfolio is higher, which does not generate marketing income. But marketing revenue on the platform continued to grow strongly overall.
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Fashion Momentum:
Retail operations also performed well in the quarter, supported by mid-teen like-for-like growth and continued store expansion. Nykaa had 324 physical retail stores in the country as on June 30, 2026.
The fashion segment turned out to be the fastest growing business for the company with NSV expected to grow in mid-fifties, a sharp acceleration over previous quarters. Nykaa said the improvement was due to better conversion of GMV into NSV with the help of lower operational leakages.
All of its major fashion categories – women, men, kids and home – grew strongly in the quarter, the company said.
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Nykaa also pointed out early positive performance from its partnership with Nike, saying the tie-up has enhanced its premium brand portfolio as it continues to build its stable of global brands.
The business update suggests Nykaa continues to benefit from resilient demand in the beauty segment while its fashion business gathers pace, positioning the company for a strong opening quarter of FY2027.
