Nykaa: High Revenue Growth Expected in Q4 FY26

Nykaa (NSE: NYKAA), India’s leading beauty and personal care e-commerce platform, anticipates a net revenue growth in the high twenties for the quarter ending March 31, 2026 (Q4 FY26). This projection marks the highest increase in the past 12 quarters, with the full FY26 growth expected to be at the upper end of mid-twenties, according to an exchange filing.

The company’s gross merchandise value (GMV) is expected to grow in the high twenties for Q4, while net sales value (NSV) growth is projected in the early thirties. Annually, NSV growth is anticipated in the high twenties, an increase from the mid-twenties growth reported over the past two years.

Following the announcement, Nykaa’s shares experienced a boost, rising as much as 3.88% during intraday trading on the BSE. At 11:14 IST, the stock was trading 2.79% higher at ₹252.80.

In Q3 FY26, Nykaa reported a 27% year-over-year (YoY) jump in revenue, following 12 quarters of mid-twenties growth. The consolidated GMV soared to a record high, jumping 28% YoY to ₹5,795 Cr during this period.

The company’s fashion vertical is expected to continue its steady growth in Q4, with GMV growth projected in the high 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 an uptick in marketing income.

Nykaa is also experiencing early traction from its Nike partnership, where it now manages the sportswear major’s complete e-commerce operations in India. This includes managing on-site experience, digital marketing, fulfillment, and customer experience for Nike’s website and app.

The beauty vertical is expected to deliver high-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 stated that the ongoing conflict in West Asia had no material impact on its performance in the March quarter, with exposure to the region currently below 1% of overall revenue.