FSN E-Commerce Ventures Ltd, which operates the Nykaa platform, expects to maintain strong growth momentum in the second quarter of FY2027, with consolidated Gross Merchandise Value (GMV) growth expected to be close to the 30% range.
The company, in its Q2 FY2027 business update, said consolidated Net Sales Value (NSV) growth is expected to be in the early thirties, while consolidated net revenue growth is expected to be in the late twenties.
The performance was supported by growth across both its Beauty and Fashion verticals, with Fashion benefiting from increasing scale and Beauty maintaining steady growth.
Beauty business maintains healthy growth
Nykaa’s Beauty vertical is expected to report NSV and net revenue growth in the late twenties in Q2 FY2027.
The company said its omnichannel Beauty business continued to perform well, supported by both new customer acquisition and repeat customer engagement.
Nykaa added 14 net new stores during the quarter, taking its retail network to 338 stores as of September 30, 2026.
Like-for-like store sales growth was in the early twenties, which Nykaa said was the highest level recorded in the last six quarters.
The company’s House of Nykaa portfolio continued to grow ahead of the overall Beauty vertical, supported by performance across both core and emerging brands.
Fashion vertical grows at faster pace
Nykaa’s Fashion vertical continued to build scale during Q2 FY2027, with NSV growth expected to be in the late forties and net revenue growth in the early forties.
New customer acquisition remained a key growth driver for the platform during the quarter.
The company added more than 250 brands across categories, strengthening its product and brand assortment.
The partnership with Nike also continued to gain early traction, supported by exclusive product drops, Nykaa said.
Festive demand shifts to Q3
Nykaa said the timing of the festive season has influenced the quarterly growth trajectory this year.
With a larger portion of the festive season falling in Q3 FY2027, some festive-led growth has shifted from the second quarter to the third quarter.
The company said it remains confident in the underlying growth drivers of the business and its ability to deliver its long-term ambitions.
Nykaa Q2 FY2027 growth outlook
On a consolidated basis, Nykaa expects GMV growth to be close to 30%, NSV growth in the early thirties and net revenue growth in the late twenties.
The update indicates continued momentum in the Beauty business while the faster-growing Fashion vertical is gaining scale and contributing to the company’s overall growth trajectory.