Beauty vertical likely to post highest NSV growth in six quarters, making Q3 its biggest yet
Fashion business shows steady revival, backed by platform growth and new brands
Nykaa shares gained nearly 2% following the update
Beauty and fashion retailer Nykaa on Sunday said its consolidated net revenue growth for the December quarter is expected to come in at the upper end of the mid-twenties year-on-year, according to a stock exchange filing by parent FSN E-Commerce Ventures.
The company stated that the growth will be largely driven by continued momentum in its beauty business. It is pertinent to note that Nykaa’s beauty business is the core growth engine, driving revenue, profit, and market leadership through premium brand expansion, including Kay Beauty, Dot & Key, Nykaa Cosmetics, etc.
1 January 2026
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The company, in the filing, said consolidated gross merchandise value (GMV) and net sales value (NSV) growth for the quarter is likely to be in the high twenties, reflecting a slight acceleration from the midtwenties growth maintained over the past several quarters.
“Nykaa’s Beauty vertical is expected to deliver accelerated NSV growth of late twenties, highest in the past 6 quarters. This stellar growth comes in a seasonally strong quarter, making it the largest quarter till date in terms of absolute scale,” the filing read.
Nykaa expects its beauty vertical to post net sales value growth in the high twenties, the strongest in six quarters, supported by robust festive demand, rising traction for in-house brands and fresh customer additions during its flagship Pink Friday sale.
The company said the December quarter marked the beauty segment’s biggest quarter yet in absolute terms, with net revenue growth seen at the upper end of the mid-twenties.
Meanwhile, the fashion vertical is expected to continue its revived growth trajectory with NSV growth of mid-twenties in Q3 FY2026, the statement said. This was supported by the strong performance of the core platform business, new brand additions and robust customer acquisition.
“Net revenue growth for the fashion vertical is expected to be in late teens in Q3 FY2026, lower than NSV growth primarily due to subdued content and marketing income and ongoing channel optimization of fashion-owned brands,” it added.
Nykaa shares were trading at ₹270.10 on Monday, up ₹5.20 or 1.96% in today’s session.
In September quarter, Nykaa reported a manifold growth in consolidated net profit to ₹34.4 crore. The company had posted a net profit (attributable to equity shareholders of the parent company) of ₹10.04 crore in the year-ago period.
Nykaa's revenue from operations rose 25.13 % to ₹2,345.98 crore during the quarter, as compared to ₹1,874.74 crore in the year-ago period.
