Nykaa Posts Fastest Growth in 12 Quarters, Shares Up 4%
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- Nykaa shares rose 4% on its strongest quarterly performance in 12 quarters, with consolidated net revenue projected to grow in the late twenties, GMV in the late twenties, and NSV in the early thirties.
- Fashion was the primary growth engine, with NSV growth projected in the early forties and net revenue growth in the late thirties, boosted by the Nike partnership, the Pink Love Sale event, and improved platform performance and customer acquisition.
- Beauty continued to anchor results, with GMV, NSV, and net revenue all expanding in the late twenties — NSV slightly outpacing the other metrics — supported by stronger customer funnels, improved GMV-to-NSV conversion, and scaling in-house brands under House of Nykaa.
- Retail expansion hit a record, with 26 new store openings and 11 Kiehl's integrations taking Nykaa's total store count to 313 as of March 31, 2026.
- FY2026 guidance points to consolidated NSV growth in the late twenties, up from mid-twenties over the prior two years, with full-year net revenue at the upper end of the mid-twenties range.
- West Asia operations remain nascent at less than 1% of overall revenue; Nykaa flagged caution over geopolitical developments but reported no material operational impact during the quarter.
Why it matters: Fashion's leap to early-forties NSV growth — against late-twenties for beauty — shows a second vertical is finally firing for Nykaa after years of beauty dependence. The upgrade in FY2026 NSV growth guidance to the late twenties (from mid-twenties in the prior two years) signals Nykaa is outperforming its own trajectory, while the push to 313 stores deepens the omnichannel moat that supports its GMV-to-NSV conversion edge.
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