Nykaa Q2 FY 2026-27 Results Update Signals Late-20s Revenue Growth as Fashion Business Accelerates
Add Preferred News Source
Nykaa expects strong operating growth in the September quarter, with consolidated net revenue seen rising in the late twenties. Fashion is expected to remain the faster-growing business, while Beauty continued to expand its store network and deliver steady growth.
FSN E-Commerce Ventures, which operates beauty and fashion platform Nykaa, expects consolidated net revenue to grow in the late twenties year-on-year in the September quarter, according to its Q2 FY 2026-27 business update as reported on October 4th. Consolidated net sales value (NSV) growth is expected to be in the early thirties, while gross merchandise value (GMV) growth is projected to be close to the high twenties.
Growth during the quarter was supported by both of Nykaa’s main businesses, with the Fashion vertical gaining further scale and the Beauty business continuing to grow steadily. The company expects Fashion NSV growth in the late forties and net revenue growth in the early forties for the quarter.
Nykaa’s Beauty business is expected to post NSV and net revenue growth in the late twenties. The company added 14 net new stores during the quarter, taking its total store count to 338 as of September 30. Like-for-like store sales growth was in the early twenties, the strongest pace recorded in the last six quarters.
Nykaa Fashion Growth Leads Q2 Performance
Fashion remained the faster-growing part of Nykaa’s business during the September quarter. The company expects the vertical’s NSV to rise in the late forties, while net revenue growth is seen in the early forties.
New customer acquisition continued to support the Fashion platform during the quarter. Nykaa also added more than 250 brands across categories, expanding the range available on the platform.
The company’s partnership with Nike also gained traction during the quarter. Nykaa said exclusive product drops under the partnership supported customer engagement.
The stronger Fashion performance, along with steady growth in Beauty, contributed to the expected acceleration in Nykaa’s consolidated operating performance.
Nykaa Beauty Business Adds Stores And Customers
The Beauty vertical is expected to deliver NSV and net revenue growth in the late twenties during Q2 FY 2026-27.
Nykaa added 14 stores on a net basis during the quarter, taking its total retail network to 338 stores as of September 30. Like-for-like store sales growth was in the early twenties, marking the strongest pace recorded in the last six quarters.
The House of Nykaa portfolio also continued to grow faster than the overall Beauty business, supported by performance across its core and emerging brands.
Nykaa Q2 Growth And Festive Season Timing
Nykaa expects consolidated NSV growth in the early thirties for the September quarter, ahead of the late-twenties growth expected for consolidated net revenue. GMV growth is projected to be close to the high twenties.
The company also highlighted the timing of the festive season. A larger portion of the festive period falls in the October-December quarter this year, which means some festive demand is expected to be reflected in Q3 rather than Q2.
The latest update provides operating indicators for the September quarter ahead of Nykaa’s final financial results. The company will report its quarterly financial numbers separately.
Nykaa Share Price
Shares of FSN E-Commerce Ventures ended at ₹324.50 on October 1, up ₹4.50, or 1.41%, on the BSE.
The stock closed higher as Nykaa’s Q2 business update highlighted continued growth across its Beauty and Fashion operations. The September-quarter update also provides a snapshot of the company’s retail expansion, customer acquisition and segment-level growth ahead of its final Q2 FY 2026-27 financial results.
Also Read - Pre-Market 5 October 2026: GIFT Nifty Hints At Firm Start; RBI MPC Meeting & Geopolitical Risks In Focus
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
Right Tools, Rich Insights
