Nykaa Reports Strong Quarterly Growth in Q4 FY2026

Nykaa Reports Strong Quarterly Growth in Q4 FY2026​

FSN E-Commerce Ventures Limited, operating as Nykaa, reported strong performance indicators for the fourth quarter of fiscal year 2026 (Q4 FY2026). The company’s growth trajectory suggests significant acceleration across its beauty and fashion verticals.

For Q4 FY2026, the company anticipates that Consolidated Gross Merchandise Value (GMV) growth will be in the late twenties. Consolidated Net Sales Value (NSV) growth is projected to be higher, landing in the early thirties. Furthermore, Consolidated Net Revenue growth is expected to be in the late twenties, marking the highest growth recorded in the last 12 quarters.

This robust performance is attributed to acceleration within the Fashion vertical, complemented by sustained strength in the Beauty vertical.

Segment Performance Highlights​

The Beauty vertical is expected to deliver GMV, NSV, and Net Revenue growth in the late twenties, with the NSV growth slightly outpacing both GMV and Net Revenue growth. This improvement in GMV to NSV conversion is credited to enhanced funnel improvement across the business. The omnichannel performance remained solid, and the House of Nykaa continued to expand, making a meaningful contribution to the overall results.

The Fashion vertical has shown a steady growth revival since the beginning of FY2026. This trend is set to strengthen in Q4 FY2026, with GMV growth anticipated in the late twenties. NSV growth for this segment is projected to track ahead at the early forties. This superior performance in fashion was fueled by improving momentum in the platform business, robust customer acquisition, and funnel improvements. The Net Revenue growth for the Fashion vertical improved to the late thirties, reflecting a sharp acceleration from prior quarters.

Retail Expansion and Full Year Projections​

The retail network experienced significant expansion during the quarter, recording a record number of store additions. Specifically, there were 26 new store openings and 11 Kiehl's store integrations in Q4 FY2026. These additions bring the total store count to 313 as of March 31, 2026.

Looking at the full year for FY2026, Nykaa's Consolidated NSV growth is expected to accelerate to the late twenties, an increase from the mid-twenties growth observed over the preceding two years. Net Revenue for FY2026 is expected to improve to the upper end of the mid-twenties, reflecting consistent, healthy performance across all operational verticals.

Company Overview and Market Position​

Nykaa’s business model, which also includes B2B offerings, has expanded its consumer touchpoints by launching platforms such as Nykaa Fashion, Nykaa Man, and Nykaa Superstore. The company's commitment to authenticity has established it as a preferred retailer for international brands entering the Indian market. Global brands like CHANEL, H&M, and Foot Locker utilize Nykaa’s Global Store, leveraging its supply chain and marketing expertise.

The company continues to build its house of brands, featuring names like Nykaa Cosmetics, Dot & Key, and Kay Beauty, alongside fashion labels including KICA and RSVP.

The operational updates for the quarter ended March 31, 2026, are provided on a Year-over-Year (YoY) basis in percentage terms for all growth metrics.

NYKAA Stock Price Movement​

FSN E-Commerce Ventures Limited shares edged up by ₹1.59, settling at ₹247.57, as the equity trading between ₹243.31 and ₹248.89. The stock is moving with moderate activity today, holding a position well within its 52-week trading range.

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