Mumbai, January 5, 2026 – FSN E-Commerce Ventures Limited (NSE: NYKAA, BSE: 543384) said its consolidated business performance for the third quarter of FY26 remains robust, with growth trends indicating a slight acceleration supported by strong execution across its Beauty and Fashion verticals.
The company expects consolidated Gross Merchandise Value (GMV) and Net Sales Value (NSV) growth to be in the late twenties on a year-on-year basis for the quarter ended December 31, 2025, reflecting sustained consumer demand during a seasonally strong period.
Consolidated Growth Outlook
Nykaa indicated that consolidated net revenue growth for Q3 FY26 is likely to come in at the upper end of the mid-twenties range. This represents a modest improvement over the mid-twenties growth maintained over the past several quarters, aided by improved traction in Fashion alongside continued strength in Beauty.The company highlighted that the ongoing revival in its Fashion business since the start of the financial year has complemented the consistent performance of its core Beauty vertical.
Beauty Vertical Delivers Strongest Performance in Six Quarters
Nykaa’s Beauty vertical is expected to post NSV growth in the late twenties during Q3 FY26, marking its highest growth rate over the past six quarters. The quarter is also expected to be the largest so far in terms of absolute scale for the Beauty segment.Performance was driven by broad-based demand across beauty categories, strong traction in House of Nykaa brands, a successful Pink Friday sale, and robust new customer additions. Net revenue growth for the Beauty vertical is also expected to be in the upper end of the mid-twenties range for the quarter.
Fashion Vertical Continues Revival
The Fashion vertical continued its recovery momentum in Q3 FY26, with NSV growth expected to be in the mid-twenties. The company attributed this performance to steady growth in the core platform business, new brand additions, and sustained customer acquisition.Net revenue growth in the Fashion segment, however, is expected to be in the late teens. This gap between NSV and revenue growth was attributed to subdued content and marketing income, along with ongoing channel optimisation efforts within fashion-owned brands.
Business Context
All growth figures are reported on a year-on-year basis. GMV refers to gross merchandise value before returns and cancellations, while NSV represents net sales value after returns, taxes, discounts, and cancellations. The company noted that the Q3 FY26 update is provisional and subject to audit.About the Company
Nykaa is a digital-first consumer technology company operating across beauty, fashion, and B2B segments. Founded in 2012, the company serves nearly 49 million customers through its online platforms and 265 offline beauty destinations as of September 2025. Nykaa is listed on the National Stock Exchange of India and BSE and continues to expand its omnichannel footprint and brand portfolio.Source:
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