Nykaa, a leading player in the beauty and personal care ecommerce sector, projects a significant boost in net revenue growth for the quarter ending March 31, 2026 (Q4 FY26). The company expects to achieve growth in the late twenties, the highest rate observed in the last three years.
According to an exchange filing, Nykaa anticipates a consolidated growth in gross merchandise value (GMV) in the late twenties for Q4, while net sales value (NSV) growth is expected to reach the early thirties. Year-over-year, NSV growth is also projected to be in the late twenties, a notable increase from the mid-twenties growth seen in the previous two years.
Following this announcement, Nykaa's shares experienced a rise of up to 3.88% during intraday trading on the BSE, with the stock trading at ₹252.80 by 11:14 IST.
In Q3 FY26, Nykaa reported a 27% year-over-year increase in revenue, following a trend of mid-twenties growth over the past twelve quarters. The company's consolidated GMV reached a record high of ₹5,795 Cr, marking a 28% increase year-over-year during this period.
Fashion Vertical Growth: The fashion segment is expected to maintain steady growth in Q4, with GMV growth projected in the late twenties and NSV growth in the early forties. The net revenue from this vertical is anticipated to improve to the early thirties, supported by enhanced customer acquisition and marketing income.
Nykaa is also seeing positive results from its partnership with Nike, which was established last quarter. This collaboration allows Nykaa to manage all of Nike's ecommerce operations in India, including digital marketing and customer experience.
Beauty Vertical Performance: The beauty segment is expected to achieve late-twenties growth in GMV, NSV, and net revenue, with NSV growth anticipated to outpace other areas. The conversion rate from GMV to NSV has improved significantly, aided by enhancements in business operations.
In Q3, revenue from the beauty vertical grew by 27% year-over-year to ₹2,622.4 Cr, while the fashion vertical saw an 18% increase to ₹235 Cr. Overall, Nykaa's consolidated net profit surged by 156% year-over-year to ₹68 Cr in Q3 FY26.
Omnichannel Strategy: Nykaa continues to advance its omnichannel strategy, having opened 26 new stores during the quarter, in addition to integrating 11 Kiehl’s locations, bringing the total store count to 313 by the end of the fiscal year. The 'House of Nykaa' concept is also experiencing robust growth.
Despite ongoing geopolitical tensions in West Asia, Nykaa reported no significant impact on its performance for the March quarter, noting that its exposure to the region is below 1% of overall revenue.
