FSN E-Commerce, the parent company of Nykaa, has reported its voluntary business update for the fourth quarter of the financial year ending March 2026, notably registering its strongest revenue performance in three years, the company confirmed in an exchange filing on Monday.
Investors have reacted positively to Nykaa's Q4 business update, with the shares surging as much as 3% and even reaching an intraday high of 4% in trade on Monday.
For the March quarter, Nykaa has reported a revenue growth in the late twenties, marking its highest growth rate in the last 12 quarters. This was largely driven by a significant revival in the Fashion vertical and sustained momentum in the Beauty segment.
For the full year of FY26, Nykaa expects its consolidated Net Sales Value (NSV) growth to accelerate to the late twenties, up from mid-twenties, which has been the form over the past couple of years.
Fashion and Beauty Momentum
The biggest takeaway from Nykaa's Q4 business update was the sharp recovery shown by the Fashion vertical, with net revenue growth improving to the late thirties. This was supported by a strong 'Pink Love Sale' and early traction from its partnership with Nike.
In the Beauty segment, GMV and Net Revenue both grew in the late twenties, with the company noting that conversion from Gross Merchandise Value (GMV) to NSV has improved meaningfully due to better "funnel" efficiency, the company added.
Record Retail Expansion
In addition to growth in key segments, Nykaa also hit a key milestone in its physical expansion, notably adding 26 new stores and integrating 11 Kiehl's stores in Q4 alone - a record.
This marks the highest quarterly addition to date, bringing the total retail network to 313 stores as of March 31, 2026.
The company also offered a clarification on the ongoing Middle East war, maintaining that there will be no material impact of the Iran War, as less than 1% of its revenue comes from that region.
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