(Nykaa) expects consolidated net revenue to grow 27–29 per cent year-on-year in the March quarter, marking its fastest expansion in 12 quarters, driven by a rebound in its fashion business and steady momentum in beauty, according to a regulatory filing.
For FY26, Nykaa expects net revenue growth of around 25–27 per cent, with net sales value growth seen slightly higher in the late twenties range, indicating improving conversion trends, the company said in a regulatory filing.
Based on the FY25 revenue of ₹7,949.82 crore, analysts estimate FY26 revenue in the range of ₹9,900–10,100 crore, within reach of the ₹10,000-crore milestone.
Nykaa’s core beauty and personal care business has continued to deliver steady growth in the late twenties across metrics, supported by a strong omnichannel performance and faster scaling of its House of Nykaa brands.
The company expanded its physical retail footprint during the quarter, adding 26 stores and integrating 11 Kiehl’s outlets, taking the total store count to 313 as of March 31, 2026, marking its highest quarterly store addition to date.
It remains watchful of the evolving geopolitical situation in West Asia, though it has not reported any material impact in the quarter. Exposure to the region remains limited, contributing less than 1 per cent of overall revenue, it added.
For the full year FY26, net revenue growth is projected at the upper end of the mid-twenties range, indicating an acceleration over the past two years, while improved conversion metrics saw net sales value (NSV) growth outpace gross merchandise value (GMV) during the quarter. The GMV-to-NSV conversion improved meaningfully, reflecting better funnel efficiency.
The company said the improved performance was led by a sharp recovery in its fashion vertical, where NSV growth is expected in the early forties, significantly ahead of GMV growth in the late twenties, signalling better conversion and lower discounting impact.
Net revenue growth in the segment is also seen accelerating to the late thirties, aided by improved platform funnel, customer acquisition, traction from its Nike partnership and sales events such as the Pink Love Sale.
“This strong performance came on the back of acceleration in the fashion vertical, along with the sustained strong performance of the beauty vertical,” the company said in its regulatory filing.
Based on FY25 Beauty GMV of ₹11,775 crore and guided high-twenties growth, the segment is likely to scale to around ₹15,000–15,200 crore in FY26, implying an incremental addition of over ₹3,000 crore year-on-year.