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Nykaa’s beauty vertical is expected to deliver accelerated NSV growth of late twenties, highest in the past 6 quarters. This stellar growth comes in a seasonally strong quarter, making it the largest quarter till date in terms of absolute scale.
The outperformance of House of Nykaa brands, the success of Pink Friday sale as well as robust new customer acquisition contributed to the superior performance. As a result, beauty vertical’s net revenue growth is expected to be in the upper end of mid-twenties.
The fashion vertical is expected to continue its revived growth trajectory with NSV growth of mid-twenties in Q3 FY2026. Net revenue growth for the fashion vertical is expected to be in late teens in Q3 FY2026, lower than NSV growth primarily due to subdued content and marketing income and ongoing channel optimization of fashion owned brands.
FSN E-Commerce Ventures (Nykaa) journey began in 2012 as a digital-first, consumer tech beauty company. It has expanded its offerings to include fashion and B2B, launching platforms such as Nykaa Fashion, Nykaa Man, and Nykaa Superstore.
The company’s consolidated net profit soared 242.9% to Rs 34.43 crore on 25.1% increase in net sales to Rs 2,345.98 crore in Q2 FY26 over Q2 FY25.
EBITDA grew 53% year-on-year to Rs 159 crore. EBITDA margin expanded to 6.8% in Q2 FY26 as against 5.5% in Q2 FY25.
Gross merchandise value (GMV) jumped 30% to Rs 4,744 crore in Q2 FY26 compared with Rs 3,653 crore in Q2 FY25.
Nykaa’s Beauty vertical delivered strong performance in Q2 FY2026, with GMV jumped 28% YoY to Rs 3,551 crore, supported by sustained momentum across e-commerce, physical retail, and owned brands under the House of Nykaa. Revenue jumped 25% YoY to Rs 2,132 crore in Q2 FY26.
Nykaa Fashion delivered 37% YoY GMV growth to Rs 1,180 crore in Q2 FY26. Revenue from operations stood at Rs 201 crore during the quarter, up 21% YoY.
Nysaa, Nykaa’s GCC-based beauty multi-brand omnichannel venture, continues to strengthen its presence with five operational outlets— three in the UAE and two in Oman.
Falguni Nayar, executive chairperson, founder and CEO Nykaa said, “Our performance this quarter reflects accelerated growth momentum across Nykaa, with each of our businesses contributing meaningfully to this trajectory.
The Beauty business continues to deliver consistently, achieving over 25% GMV growth for several consecutive quarters. This quarter saw accelerated brand launches, particularly across Luxury and Korean Beauty, alongside the addition of 19 new stores, further strengthening our omnichannel presence. Through Nykaa Now, our rapid delivery model, we are able to deliver unparalleled convenience to consumers without compromising on assortment.
Our House of Nykaa portfolio recorded an impressive 54% YoY GMV growth, driven by sustained momentum in our owned beauty brands, which continue to resonate deeply with consumers. The Fashion business delivered 37% YoY GMV growth, complemented by the introduction of globally trending brands this year such as GAP, Guess, and H&M, reinforcing our differentiated curation and growing appeal in premium fashion. Even our customer acquisition has accelerated, now with 49 million cumulative customer base across beauty & fashion.”
Meanwhile, the company’s board approved the re-appointment of Falguni Nayar as an executive chairperson, managing director (MD) and chief executive officer (CEO) for a term of five years with effect from February 12, 2026 till February 11, 2031.