Nykaa expects Q1 revenue growth near 30% on fashion rebound

Bengaluru: Beauty e-tailer Nykaa’s parent company, FSN E-Commerce Ventures Ltd, said on Sunday it expects net sales to grow around 30% in the April-June quarter (Q1FY27), driven by the consistent performance of the beauty segment and a rebound in the fashion business.

In a stock exchange filing, the company said consolidated gross merchandise value (GMV) and net sales value (NSV) are both expected to grow in the “early thirties percent range” in Q1FY27, compared to the same period last year.

GMV is the total value of goods sold before any returns or discounts are subtracted, while NSV is what’s left after accounting for returns, taxes and discounts—a more accurate picture of actual sales.

The company said net revenue growth would be “one of its best quarters in recent times”, driven mainly by its fashion business and beauty.

NSV growth in the fashion segment, the standout performer, is expected to be in the “mid-fifties percent range”, a sharp jump from earlier quarters. Net revenue growth for fashion is expected to be close to 50%, marking its best showing in several quarters. The company said this was helped by a wider range of brands on the platform, continued marketing spend, and strong demand across categories, including women’s, men’s, kids’ and home.

“The Nike partnership has delivered encouraging early results, further reinforcing Nykaa Fashion’s premium brand proposition,” the filing added.

Beauty business, Nykaa's steady revenue generator, is expected to post NSV and net revenue growth in the “late twenties percent range”. The company said net revenue growth in beauty is likely to be a tad slower than NSV growth, because a larger share of sales now comes from its own House of Nykaa brands, which don’t generate the marketing income that third-party brands do. However, overall marketing income for the platform grew well in Q1, it added.

The company’s retail store count stood at 324 as of June 30, 2026, with existing stores also seeing “healthy sales growth”.

Nykaa said these numbers are provisional and still need to go through a limited review by its auditors. It added that this is not the same as official financial results or earnings guidance, and full results for the quarter are expected in the coming weeks.

Nykaa’s most recent financial results also showed strong growth. Revenue for the March quarter rose 28% year-on-year to about ₹2,648 crore, which the company had called its best quarterly growth in three years. Net profit for the quarter more than tripled to around ₹79 crore.

For the full year, revenue crossed ₹10,000 crore for the first time, up 26% from the previous year, while annual net profit rose to about ₹204 crore from ₹72 crore. The company had said the fashion business gained through the year, with full-year revenue for that segment rising to around ₹832 crore.

Sowmya is a senior correspondent covering retail, FMCG, corporate strategy, and consumer technology, with a focus on how companies navigate demand, competition, and shifting consumption patterns across both urban and emerging markets. She reports on business decisions through both breaking news and long-form stories.<br><br>An alumna of the Asian College of Journalism, she has reported on a range of consumer-facing industries, including e-commerce, healthcare, and startups. Her work focuses on understanding how companies grow, compete, and adapt in a changing economic environment, as well as how broader trends translate into everyday consumption and business outcomes.<br><br>She is particularly interested in how business decisions show up in everyday consumer experiences, and often looks at trends through the lens of how they play out on the ground.<br><br>Prior to her current role, Sowmya was part of the editorial team at YourStory, where she covered startups and entrepreneurship. She has also worked on longform stories at The Morning Context and reported on technology at The Hindu in Chennai, gaining experience across diffe...