Nykaa shares in focus as Q2 GMV growth nears 30%, revenue rises mid-20s

FSN E-Commerce Ventures (Nykaa) shares are in focus on Monday after the company reported an acceleration in growth momentum in the September quarter of FY2026, with consolidated gross merchandise value (GMV) growth expected to be in the high thirties, compared to the mid-twenties recorded in recent quarters. The performance was driven by renewed strength in the Fashion vertical and continued healthy growth in the Beauty vertical, Nykaa said..

The Beauty vertical is expected to post net sales value (NSV) and net revenue growth in the mid-twenties, extending its streak of over ten consecutive quarters of sustained momentum. Growth was led by the House of Nykaa brands, with strong contributions from acquired labels such as Dot & Key, as well as homegrown offerings including Kay Beauty and Nykaa Cosmetics.

The Fashion vertical is expected to deliver NSV growth in the higher mid-twenties, supported by strong traction in the core platform business, driven by expanding brand assortment and robust customer acquisition. Net revenue growth in the vertical is estimated to improve to the low twenties, up from the low-to-mid teens in recent quarters. However, net revenue growth remains lower than NSV growth due to a lag in advertising and marketing income.

Overall, Nykaa is expected to deliver consolidated net revenue growth in the mid-twenties during Q2 FY2026, aided by an early start to the festive season. The company also welcomed the government’s recent GST reforms, noting that the measures will enhance disposable income and support long-term demand across consumer and discretionary categories.