Nykaa Q1 FY26 Revenue Update: Beauty and Fashion Segments Show Solid Growth

Nykaa (FSN E-Commerce Ventures Limited and its subsidiaries) began FY26 on a strong note. For the first quarter (Q1 FY26), the company expects consolidated net revenue growth at the lower end of the mid-20% range, or around 25% year-on-year. Gross Merchandise Value (GMV) growth should be even higher, crossing the mid-20% mark, reflecting consistent momentum over several quarters.

Beauty Business Performs Despite Challenges

Nykaa’s Beauty segment is projected to achieve GMV growth in the higher mid-20% range, even though geopolitical tensions impacted consumer sentiment during Q1’s flagship sales event, causing some loss of sales.

The growth was powered by strong contributions from:

• The online marketplace
• Retail stores
• eB2B distribution
• House of Nykaa brands

The House of Nykaa brands continued to expand rapidly, driven by both in-house and acquired labels. As a result, Beauty net revenue is estimated to grow in the mid-20% range, similar to prior quarters.

Fashion Business Shows Improvement

Nykaa’s Fashion vertical has shown clear improvement, with GMV expected to grow in the mid-20% range, stronger than in previous quarters. This was supported by:

• A broader product range
• Robust customer acquisition on the platform

However, Fashion's net revenue growth is projected to be in the mid-teens, a sequential improvement but lower than GMV growth.

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About Nykaa

FSN E-commerce Ventures Ltd., popularly known as Nykaa, is a digital-first consumer technology platform that delivers a content-led lifestyle shopping experience. The company offers a wide portfolio of beauty, personal care, and fashion products, including owned brands developed and manufactured by Nykaa itself.

Nykaa Share Price Movement

As of July 7, 2025, 2:28 PM IST, Nykaa share price was trading at ₹201.17, up ₹2.94 or 1.48% for the day. The stock opened at ₹200.00, hit an intraday high of ₹203.13 and a low of ₹199.31. Nykaa has a market capitalisation of ₹57,530 crore and a price-to-earnings (P/E) ratio of 874.65. Over the past year, the stock has traded between a 52-week low of ₹154.90 and a high of ₹229.80.

Conclusion

Nykaa’s Q1 FY26 performance highlights its ability to deliver strong growth across both Beauty and Fashion segments despite headwinds like geopolitical disruptions. The consistent expansion in GMV and steady revenue gains indicate that the company’s diversified platform, growing brand portfolio, and focus on customer acquisition continue to pay off. Investors may see this as a positive sign of resilience and sustained momentum as Nykaa navigates the evolving consumer environment in India.

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