The company reported strong performance for the quarter, with consolidated gross merchandise value (GMV) growth expected in the late twenties, while net sales value (NSV) growth is projected to be in the early thirties. Consolidated net revenue is also anticipated to rise in the late twenties, marking Nykaa’s fastest growth in the past 12 quarters.
This growth was primarily driven by a sharp acceleration in the fashion vertical, alongside continued resilience in the beauty segment. For the full financial year FY2026, Nykaa expects consolidated NSV growth to pick up to the late twenties, compared to mid-twenties growth recorded over the previous two years. Net revenue for the year is projected at the upper end of the mid-twenties range, reflecting steady performance across business segments.
The beauty vertical remained a key growth engine, with GMV, NSV, and net revenue all expected to expand in the late twenties, with NSV slightly outpacing the other metrics. Improved GMV-to-NSV conversion, driven by stronger customer funnels and operational efficiencies, further supported performance. The company’s omnichannel strategy also continued to deliver, while its in-house brands under House of Nykaa scaled rapidly and contributed meaningfully.
Retail expansion remained aggressive during the quarter, with a record 26 new store openings and 11 Kiehl’s store integrations, taking the total store count to 313 as of March 31, 2026.
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Meanwhile, the fashion vertical showed a sustained recovery trajectory since the beginning of FY2026, with momentum expected to strengthen further in Q4. GMV growth in this segment is estimated in the late twenties, while NSV growth is projected in the early forties. The segment benefited from improved platform performance, stronger customer acquisition, an expanding brand portfolio, early traction from its Nike partnership, and solid demand during the Pink Love Sale event, alongside higher marketing income. As a result, fashion net revenue growth accelerated to the late thirties, marking a significant improvement over previous quarters.
On the international front, Nykaa stated that while it remains cautious about geopolitical developments in West Asia, there was no material impact on operations during the quarter. The region currently contributes less than 1% to overall revenue, as the business there remains at a nascent stage.
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