Nykaa Projects High-Twenties Net Revenue Growth In Q4 FY26

Beauty and personal care ecommerce major Nykaa expects to report net revenue growth in the late twenties in the quarter ended March 31, 2026 (Q4 FY26), the highest increase in the past 12 quarters. The net revenue growth for the full FY26 is expected to be at the upper end of mid-twenties. 

In an exchange filing, Nykaa said that the consolidated growth in its gross merchandise value (GMV) is expected to be in the late twenties in Q4, while net sales value (NSV) growth is expected to be in the early thirties. On a yearly basis, NSV growth is expected to be in the late twenties, an increase from the mid-twenties growth reported over the past two years. 

Following the announcement, shares of the company rose as much as 3.88% during the intraday trading on the BSE today. At 11:14 IST, the stock was trading 2.79% higher at ₹252.80. 

For context, Nykaa reported a 27% YoY jump in revenue in Q3 of FY26, after 12 quarters of reporting mid-twenties growth. Its consolidated GMV soared to a record high, jumping 28% YoY to ₹5,795 Cr during this time. 

The Falguni Nayar-led company said its fashion vertical is expected to continue its steady growth in Q4, with its GMV growth projected in the late twenties and NSV growth in the early forties. Net revenue from the vertical is expected to improve to the early thirties, driven by funnel improvement, continued customer acquisition and uptick in marketing income. 

The company is also witnessing early traction from its Nike partnership, which was announced last quarter. Under this, Nykaa now handles the sportswear major’s complete ecommerce operations in India, including managing on-site experience, digital marketing, fulfillment and customer experience for its website and app. 

Meanwhile, the beauty vertical is expected to deliver late-twenties growth in GMV, NSV and net revenue, with NSV growth expected to be higher than the rest. Nykaa noted that conversion from GMV to NSV has improved drastically, aided by funnel improvement across businesses. 

In Q3, the company’s revenue from the beauty vertical grew 27% YoY to ₹2,622.4 Cr, while the fashion vertical’s revenue jumped 18% to ₹235 Cr. Overall, Nykaa reported a 156% YoY rise in consolidated net profit to ₹68 Cr in Q3 FY26. 

Nykaa is also pushing ahead with its omnichannel strategy, adding a record 26 new stores during the quarter on top of 11 Kiehl’s store integrations, bringing the total store count to 313 at the end of the fiscal year. The beauty major said its ‘House of Nykaa’ also continued to see robust growth.

The company also said that the ongoing conflict in West Asia had no material impact on its performance in the March quarter. Nykaa said its exposure to the region is currently below 1% of overall revenue.

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