Nykaa expects Q1FY26 consolidated net revenue to grow by around mid-20%

FSN E-Commerce projects Q1 FY26 revenue growth in the mid-20% range, led by strong performance in the beauty vertical, while fashion shows sequential improvement

FSN E-Commerce, the parent company of beauty and personal care and fashion firm Nykaa, expects its first-quarter FY26 consolidated net revenue to grow at around mid-20 per cent. The company gave an update on its business performance in a regulatory filing.

 

 

This growth is buoyed by strong growth in its beauty vertical, which it expects to deliver robust GMV growth in the higher 20 per cent range.

 

“This was despite disruption on account of geopolitical tensions (Indo-Pak border) that led to softer sentiment during Q1’s Flagship Sale, causing some loss of business. The strong growth came on the back of solid performance across all businesses, including the e-commerce platform, retail stores, eB2B distribution, and the House of Nykaa portfolio,” said the company.

 

The company further added that House of Nykaa brands continued their accelerated growth trajectory with strong performances from both home-grown and acquired brands. As a result, “The beauty vertical’s net revenue is expected to grow in the mid-20 per cent range, similar to previous quarters,” it said.

 

Whereas the fashion vertical will see improvement over previous quarters, it is expected to deliver GMV growth in the mid-20 per cent range. This performance was driven by improving traction in the core platform business, supported by an expanding assortment and robust customer acquisition. The fashion vertical’s net revenue growth is expected to improve sequentially to the mid-teens, though lower than the GMV growth.