Nykaa Q4 FY26 Projection: Revenue Growth Accelerates to Late-Twenties as Fashion Rebounds

Fashion and wellness e-commerce platform Nykaa is expecting to deliver a strong performance in Q4 FY2026, with consolidated GMV growth expected in the late twenties, the company said in an exchange filing.

The company’s consolidated NSV growth is projected to be higher, in the early thirties, while consolidated net revenue growth is also expected to be in the late twenties, marking the company’s highest growth in the past 12 quarters.

This performance was driven by an acceleration in the fashion vertical, along with sustained strength in the beauty vertical.

Nykaa Performance

For the full year FY2026, Nykaa’s consolidated NSV growth is expected to accelerate to the late twenties, compared with mid-twenties growth over the previous two years. Net revenue growth for FY2026 is projected to reach the upper end of the mid-twenties, reflecting consistently healthy performance across all verticals.

The beauty vertical is expected to deliver GMV, NSV and net revenue growth in the late twenties, with NSV slightly outpacing the other metrics.

GMV-to-NSV conversion improved meaningfully, driven by better funnel performance across businesses. Omnichannel performance remained strong, while House of Nykaa continued to scale rapidly and contribute significantly to overall growth.

The company’s retail network also expanded sharply during the quarter, with a record 26 new store openings and 11 Kiehl’s store integrations in Q4 FY2026, the highest quarterly addition to date. As of March 31, 2026, Nykaa’s total store count stood at 313.

Nykaa Fashion Vertical

Nykaa’s fashion vertical has shown a steady recovery since the beginning of FY2026, with momentum strengthening further in Q4. GMV growth is expected in the late twenties, while NSV growth is projected in the early forties.

This performance was driven by improving traction in the platform business, stronger customer acquisition and funnel optimisation. The brand portfolio continued to expand, with the Nike partnership showing early traction. Events such as the Pink Love Sale also delivered strong results, supported by an uptick in marketing income. As a result, net revenue growth in the fashion vertical accelerated to the late thirties.

While the company remains cautious about the evolving geopolitical situation in West Asia, it said there was no material impact during the quarter. Exposure to the Middle East remains limited, contributing less than 1% of overall revenue.

This update for the quarter ended March 31, 2026, is provisional and subject to audit by the company’s statutory auditors.

It is a voluntary update and does not constitute formal financial results or earnings guidance. All growth figures are year-on-year percentages. GMV refers to gross merchandise value before returns and cancellations, while NSV refers to net sales value after returns, taxes, discounts and cancellations.