Nykaa Projects Nearly 30% GMV Growth in Q2 FY27

FSN E-Commerce Ventures, Nykaa’s parent company, expects consolidated GMV to grow close to 30% year-on-year in the quarter ended September 2026. The company’s quarterly business update also projects consolidated NSV growth in the early thirties and net revenue growth in the late twenties.

The update points to two clear drivers: continued momentum in the beauty business and rising scale in the fashion vertical. For readers tracking Nykaa, the key takeaway is that growth is broad-based rather than limited to one segment.

Nykaa’s beauty vertical is expected to post NSV and net revenue growth in the late twenties, according to the release. The segment remains a major contributor to the company’s overall performance.

The company also expanded its retail footprint by 14 net new stores during the quarter. That took Nykaa’s total store count to 338 as of September-end.

Nykaa’s fashion vertical continued to gain momentum, with NSV expected to grow in the late forties and net revenue in the early forties. The company said new customer acquisition remained a key growth driver for the fashion business.

Nykaa added more than 250 brands across categories during the quarter. Its partnership with Nike also continued to see encouraging early traction through exclusive product drops.

In Q1 FY27, Nykaa reported 29% year-on-year operating revenue growth to Rs 2,782 crore, while profit surged 3.3X to Rs 80 crore. The beauty segment contributed Rs 2,516 crore, while fashion brought in Rs 253 crore during the quarter.

Separately, Nykaa recently partnered with BOLD, the corporate venture capital arm of L’Oréal, to jointly invest in emerging Indian beauty and personal care brands. The partnership is aimed at high-growth startups and includes capital, strategic mentorship and access to Nykaa’s retail and distribution capabilities.