Nykaa expects Q1 revenue growth near 30% on fashion rebound

Bengaluru: Parent company of beauty e-retailer Nykaa, FSN E-Commerce Ventures Ltd said on Sunday that it expects net sales to grow around 30% in the April-June quarter (Q27), driven by steady performance in the beauty segment and recovery in the fashion business.

In a filing to the stock exchange, the company said its consolidated gross merchandise value (GMV) and net sales value (NSV) are both expected to grow in the “early thirties range” in the first quarter of 2027 compared to the same period last year.

GMV is the total value of goods sold before subtracting any returns or discounts; NSV is the remaining value after rebates, taxes and discounts are calculated; that is, it is a more accurate picture of actual sales.

The company said net income growth would be “one of the best quarters in recent memory,” driven primarily by the fashion business and beauty.

NSV growth in the standout performing fashion segment is expected to be in the “mid-fifty percent range,” a sharp jump from previous quarters. Net revenue growth in fashion is expected to be close to 50%; This represents its best performance in several quarters. The company said this was helped by a broader range of brands on the platform, ongoing marketing spend and strong demand across categories including women’s, men’s, kids and home.

“The Nike partnership has delivered encouraging early results, further strengthening Nykaa Fashion’s premium brand offering,” the filing stated.

The beauty industry, Nykaa’s stable source of revenue, is expected to show NSV and net revenue growth in the “late twenties range.” The company said net revenue growth in the beauty business will likely be slightly slower than NSV growth because a larger share of sales come from its own House of Nykaa brands, which can no longer generate the marketing revenue of third-party brands. But he added that the platform’s overall marketing revenue grew well in the first quarter.

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

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

Nykaa’s newest financial results also showed strong growth. March quarter revenue was up 28% year-on-year to approximately ₹2,648 crore, the company termed it as the best quarterly growth in the last three years. Quarterly net profit more than tripled to approximately ₹79 crore.

Revenues for the entire year exceeded ₹10,000 crore for the first time, up 26% from the previous year, with annual net profit of approx. ₹204 crore ₹72 crore. The company stated that the fashion industry increased throughout the year and the full year revenue of this segment was approximately ₹832 crore.