Nykaa’s parent, FSN E-Commerce Ventures Limited, reported its highest revenue growth in 12 quarters for Q4 FY2026, with consolidated net revenue expansion expected in the late twenties per cent range on a year-on-year basis, according to a provisional update filed with stock exchanges on Monday.
The company said consolidated gross merchandise value (GMV) growth is expected in the late twenties, while net sales value (NSV) growth is tracking higher at early thirties per cent. The strong quarter was driven by acceleration in the Fashion vertical alongside continued momentum in Beauty.
For the full financial year FY2026, Nykaa said consolidated NSV growth is expected to reach the late twenties — an improvement from the mid-twenties growth recorded over the prior two years. Full-year net revenue is expected to come in at the upper end of mid-twenties growth.
The Beauty vertical is expected to post GMV, NSV and net revenue growth all in the late twenties, with NSV marginally ahead, aided by improved GMV-to-NSV conversion and strong omnichannel performance. The quarter also saw record store additions — 26 new stores and 11 Kiehl’s integrations — bringing the total retail footprint to 313 stores as of March 31, 2026.
The Fashion vertical, which had lagged in prior periods, showed a sharper recovery. GMV growth is expected in the late twenties while NSV is tracking into the early forties, boosted by improved customer acquisition, a Nike partnership showing early results, and the Pink Love Sale. Fashion net revenue growth improved to late thirties per cent.
The company noted that West Asia operations, run under the Nysaa brand, currently account for below 1 per cent of revenue and have seen no material impact from regional geopolitical developments.
Shares of FSN E-Commerce Ventures on the NSE rose 1.35 per cent to ₹249.30 on Monday, against a previous close of ₹245.98.
This update is provisional and subject to statutory audit.