Nykaa Expects Upper Mid-Twenties Revenue Growth In Q3 FY26

Beauty and personal care ecommerce major Nykaa expects to report net revenue growth in the upper end of mid-twenties in the quarter ended December 2025 (Q3 FY26) compared to Q3 FY25.

In an exchange filing yesterday, Nykaa said the consolidated growth in its gross merchandise value (GMV) and net sales value (NSV) is expected to be in the late twenties in Q3. This would be a slight increase from the previous quarters which saw growth in the mid-twenties, it added.

Following the announcement, shares of the company rose as much as 2.94% during the intraday trading on the BSE today. At 14:21 IST, the stock was trading 1.36% higher at INR 268.35.

For context, Nykaa reported a 25% YoY jump in revenue to INR 2,346 Cr in Q2 FY26, the 12th consecutive quarter in which mid-twenties growth was reported. Meanwhile, its consolidated GMV grew 30% QoQ to INR 4,744 in the previous quarter.

The Falguni Nayar-led company said its beauty vertical continued to outshine the fashion vertical in Q3, with NSV growth for the former seen in the late twenties – the highest in the last six quarters. Moreover, since Nykaa’s flagship Pink Friday Sale was live during this period, Q3 FY26 was its “largest quarter till date in terms of absolute scale”.

Consequently, net revenue growth in the beauty vertical is expected to be in the upper end of mid-twenties. In Q2, net revenue of the beauty vertical stood at INR 2,131 Cr, up 25.2% YoY.

Nykaa expects its fashion vertical to report NSV growth of mid-twenties during the quarter under review, aided by strong performance of the core platform business, new brand additions and continued customer acquisition as drivers of growth over the past few quarters.

However, the net revenue growth for the fashion vertical is expected to be in late teens in Q3 FY26 due to lower content and marketing income, along with “ongoing channel optimisation of fashion owned brands”, Nykaa said.

In Q2, Nykaa’s fashion segment reported NSV growth of nearly 27%, with a GMV contribution of INR 1,180 Cr. The segment’s revenue contribution in Q2 stood at INR 201 Cr, up 21% YoY.

Overall, Nykaa reported a 166% YoY rise in its consolidated net profit to INR 33 Cr in Q2 FY26.