Nykaa Delivers Strong Q2 FY2026 Growth Led by Beauty and Fashion Segments

FSN E-Commerce Ventures Limited (Nykaa) and its subsidiaries have reported a strong business performance for the quarter ended September 30, 2025 (Q2 FY2026).

The company’s Consolidated Gross Merchandise Value (GMV) growth is expected to be in the high thirties, compared to the mid-twenties range seen over the past few quarters.

This acceleration was fueled by robust expansion in both the Beauty and Fashion verticals, supported by renewed consumer demand and an early start to the festive season.

Beauty Segment Continues to Lead Growth

Nykaa’s Beauty vertical has maintained its leadership momentum, with Net Sales Value (NSV) and Net Revenue growth projected to remain in the mid-twenties on a year-on-year basis. This marks more than ten consecutive quarters of consistent growth, reaffirming Nykaa’s dominance in India’s beauty and personal care market.

The House of Nykaa brands, including Kay Beauty and Nykaa Cosmetics, have shown remarkable performance. Additionally, acquired brands such as Dot & Key have contributed significantly to the vertical’s overall growth trajectory.

Fashion Vertical Gains Strong Traction

The Fashion vertical witnessed a sharp rebound, with NSV growth expected to reach the higher mid-twenties. This improvement stems from an expanding brand portfolio and increased customer acquisition on the platform.

Net Revenue growth for the segment is expected to improve to the low twenties, compared to the low-to-mid teens seen in recent quarters. The company attributed the difference between NSV and Net Revenue growth to a lag in advertising and marketing income, which is expected to normalise in the upcoming quarters.

Outlook Supported by GST Reforms and Festive Demand

The early onset of festive shopping and recent GST reforms introduced by the government have further bolstered consumer sentiment. These tax adjustments are expected to enhance disposable incomes and stimulate demand across consumer and discretionary spending categories, benefiting Nykaa’s growth outlook in the long term.

Nykaa Share Price Performance

On October 3, 2025, Nykaa share price (NSE: NYKAA) opened at ₹241.00 and closed at ₹238.62, down by 1.09%. The stock price touched its day’s low at ₹237.10.

Also Read: Nykaa Goes Global: Kay Beauty Debuts in the UK!

Conclusion

Nykaa’s Q2 FY2026 performance underscores its strong brand equity, diversified portfolio, and ability to capitalise on market opportunities. With sustained growth in both Beauty and Fashion segments, and a favourable policy environment, the company is well-positioned for continued expansion in the coming quarters.

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