Nykaa’s Q2 FY26 Revenue Grows in Mid-Twenties Amid Festive Surge; Shares Rise 5.50%

Mumbai, October 6, 2025: FSN E-Commerce Ventures Limited (NSE: NYKAA, BSE: 543384), which owns online beauty and fashion retailer Nykaa, saw a pickup in the rate of growth for the September-ended 2025 (Q2 FY26), helped by a strong festive demand, as well as a revival of its fashion business. Following the news, the company’s shares surged by 5%.

Nykaa was established by Falguni Nayar in 2012 and is a leading Indian lifestyle retailer with business verticals spanning beauty, fashion, and B2B. A constituent of the NIFTY Midcap 150 index, the firm is listed on NSE and BSE. Nykaa has allied with several overseas brands such as Charlotte Tilbury, Elf Cosmetics, Urban Decay, Foot Locker, Revolve, and Cider, thus acting as a gateway for overseas beauty and fashion brands to enter the Indian market.

Q2 FY26 Performance Highlights

Nykaa expects its consolidated GMV YoY growth for the year to be “near thirties”, a step above the “mid-twenties” growth witnessed during the earlier quarters. This increase was driven primarily by the recovery of the Fashion vertical and the steady performance of the Beauty business.

Segment-wise Performance Highlights

• Beauty: Net sales value (NSV) and net revenue are expected to increase in the mid-20% range YoY on the strength of demand for in-store brands such as Dot & Key, Kay Beauty, and Nykaa Cosmetics.
• Clothing: Mid-20% growth should be visible at NSV, and net revenue could rise YoY in the mid-low-20% range. The rise is due to a growing brand mix alongside active acquisition efforts on the flagship platform.

Consolidated revenue for Q2 FY26 for Nykaa is likely to witness mid-20% YoY expansion driven by the better-than-expected arrival of the festival season and strong consumer sentiment.

Management Commentary

The firm said the recent government announcements on GST reforms are a “welcome step” that might lift disposable incomes and increase long-term consumption across discretionary segments.

Stock Market Snapshot (as on 1:24 PM IST)

At 1:24 PM IST, the FSN E-Commerce Ventures Limited stock was trading at ₹253, marking a 5.50% increase from its previous close. The stock opened at ₹239.81 and hit an intra-day high of ₹254.78 and a low of ₹239.50 during the session. The company’s market capitalization stands at ₹72,390 crore. Despite a high P/E ratio of 900.84, FSN E-Commerce Ventures currently does not offer a dividend. Over the past 52 weeks, the stock has ranged between ₹154.90 and ₹254.78.

REF: https://nsearchives.nseindia.com/corporate/NYKAA_05102025212020_NykaaQ2FY26RevenueUpdate.pdf

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