Nykaa Quarterly Revenue Update - Q4 FY2026

Nykaa (FSN E-Commerce Ventures Limited along with its subsidiaries) delivered strong performance in Q4 FY2026 with Consolidated GMV growth expected to be in late twenties. Consolidated NSV growth is expected to be higher in early thirties. Consolidated Net Revenue growth is expected to be in late twenties, marking the highest growth in the last 12 quarters. This strong performance came on the back of acceleration in Fashion vertical along with sustained strong performance of Beauty vertical.

With this, Nykaa's Consolidated NSV growth for full year FY2026 is expected to accelerate to late twenties, up from mid-twenties growth seen in last 2 years. Net Revenue for FY2026 is expected to improve to upper end of mid-twenties, reflecting consistently healthy performance across all verticals.

Nykaa's Beauty vertical is expected to deliver GMV, NSV and Net Revenue growth of late twenties with NSV slightly higher than the GMV and Net Revenue growth. GMV to NSV conversion has improved meaningfully, driven by funnel improvement across businesses. Omnichannel performance remained strong and House of Nykaa continued to grow faster, scaling well and contributing meaningfully to overall performance.

The retail network saw strong expansion this quarter with record number of store additions - 26 new store openings and 11 Kiehl's store integrations in Q4 FY2026, marking the highest quarterly addition to date. With this, the total store count stands at 313 as of 31st March 2026.

Nykaa's Fashion vertical has demonstrated steady growth revival since the start of FY2026. This trajectory is expected to strengthen further in Q4 FY2026, with GMV growth of late twenties and NSV growth tracking ahead at early forties. The superior performance was driven by improving momentum in platform business including funnel improvement and robust customer acquisition. Brand assortment continued getting richer, the Nike partnership showed early traction and Pink Love Sale delivered a solid outcome along with an uptick in marketing income.

As a result, Fashion vertical's Net Revenue growth improved to late thirties,marking a sharp acceleration from the previous quarters.

While we remain watchful of the evolving geopolitical landscape in West Asia, there has been no material impact this quarter. Middle East exposure is currently below 1% of overall revenue, given the business is in its early stages.

This update for the quarter ended 31st March 2026 is provisional, and subject to audit by the Statutory Auditors of the Company. This update is being issued as a voluntary update and does not constitute financial results or earnings guidance.

Source : Equity Bulls

Keywords

FSNECommerceVentures Nykaa Q4FY26 FY2026 BusinessUpdate