Nykaa Q2 Business Update: GMV Growth Expected To Be Close To Thirties

Nykaa parent FSN E-Commerce Ventures Ltd. and its subsidiaries saw an accelerated growth momentum in the second quarter of fiscal 2026, with the consolidated gross-merchandise-value growth expected to be close to thirties, compared to mid-twenties in the last few quarters.

This superior performance is driven by renewed growth in the fashion vertical and healthy performance of beauty vertical. Nykaa’s beauty vertical is expected to deliver net-sales-value and net-revenue growth of mid-twenties, marking over 10 consecutive quarters of sustained growth momentum, according to an exchange filing on Sunday.

House of Nykaa brands continue to witness rapid growth, driven by robust performance of acquired brands like Dot & Key, as well as homegrown brands like Kay Beauty and Nykaa Cosmetics, it said.

Nykaa’s fashion vertical is expected to deliver an NSV growth of higher mid-twenties on the back of strong traction in core platform business, which was led by expanding brand assortment and robust customer acquisition. The vertical’s net revenue growth is expected to improve to low twenties from low to mid-teens in the last few quarters. Net revenue growth for the vertical is lower than the NSV growth due to lag in advertising and marketing income, it added.

As a result, Nykaa has delivered yet another quarter of healthy performance with consolidated-net-revenue growth expected to be mid-twenties in the second quarter of fiscal 2026, aided by an early start to the festive season. The recent GST reforms announced by the government are a welcome step toward stimulating demand. These reforms are expected to increase disposable income and drive long-term growth across several consumer and discretionary categories.