Nykaa Q2 FY2027 consolidated net revenue growth is expected to be in the late twenties, parent FSN E-Commerce Ventures Ltd said in a BSE filing dated October 4, 2026. The provisional update for the quarter ended September 30, 2026 pointed to continued growth across its Beauty and Fashion businesses.

Consolidated gross merchandise value (GMV) growth is expected to be close to the thirties, while net sales value (NSV) growth is expected in the early thirties. All growth figures in the filing are expressed as year-on-year percentages.

The company attributed the performance to the increasing scale of its Fashion vertical and steady growth in Beauty. The update covers FSN E-Commerce Ventures Limited and its subsidiaries.

Beauty adds stores as customer engagement supports growth

Nykaa expects both NSV and net revenue growth in its Beauty vertical to be in the late twenties. Its omnichannel business continued to perform well, with platform growth supported by new customer acquisition and repeat customer engagement.

  • The retail network added 14 net new stores during the quarter, taking the total to 338 stores as of September 30, 2026.
  • Like-for-like store sales growth was in the early twenties, the highest in six quarters.
  • House of Nykaa grew faster than the overall Beauty vertical, supported by core and emerging brands.

Fashion expands assortment; festive timing shifts growth

Fashion NSV growth is expected in the late forties, with net revenue growth in the early forties. New customer acquisition remained strong and continued to drive platform growth.

Nykaa added more than 250 brands across categories during the quarter. Its Nike partnership saw encouraging early traction, supported by exclusive drops.

With a larger portion of the festive season falling in Q3 this year, Nykaa said some festive-led growth had shifted from Q2 to Q3.

The company clarified that the voluntary revenue update is provisional and constitutes neither financial results nor earnings guidance. Quarterly financial results will be subject to limited review by its statutory auditors.

GMV measures merchandise value before returns and cancellations. NSV represents sales value after returns, taxes, discounts and cancellations.