Indian retail company Nykaa said its first quarter of FY27 began with a clear pick-up in growth, with consolidated gross merchandise value (GMV) and net sales value (NSV) projected to rise in the low-30% range.
The business said consolidated net revenue is also expected to increase at close to 30%, pointing to one of its better quarterly performances in recent times.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
According to Nykaa, the improvement was “driven by an excellent performance of the fashion vertical, along with steady momentum in the beauty vertical, both of which also saw robust customer acquisition”.
In beauty, the company expects another solid quarter, with both NSV and net revenue likely to grow in the high-20% range.
Nykaa said net revenue in this segment would expand slightly more slowly than NSV because House of Nykaa comprised a larger share of the mix and does not carry any marketing income component.
Even so, the company said overall marketing income across the platform registered strong growth.
Nykaa added that its omnichannel beauty operation continued to grow at an accelerated rate, broadly in line with the momentum seen in the final quarter of FY26.
Store performance also improved, helped by mid-teen like-for-like growth and further additions to the retail network.
As of 30 June 2026, the company had 324 stores.
The House of Nykaa portfolio maintained rapid growth, driven by the continued performance of Kay Beauty, Nykaa Cosmetics and Dot & Key.
The fashion segment recorded a stronger start to the year, with NSV growth expected in the mid-50% range, a noticeable increase from the pace reported in earlier quarters.
Nykaa said the fashion business also continued to improve the movement from GMV to NSV, aided by a reduction in leakages.
The company linked growth in the core platform to “expanding brand assortment and marketing investments over the past few quarters translating into robust new customer acquisition. All the major fashion categories delivered strong performance, including women, men, kids and home”.
It added that the partnership with Nike has shown encouraging initial traction, adding support to Nykaa Fashion’s premium brand positioning.
With this, net revenue growth in the fashion vertical is expected to rise to around 50%, which the company said would mark a multi-quarter high.
Separately, last month Nykaa set out its FY30 plan, focused on creating a beauty and lifestyle business with gross merchandise value of more than $5bn by FY30.
The company said it is targeting revenue growth of two to three times and EBITDA [earnings before interest, taxes, depreciation and amortisation] growth of four to five times by FY30, supported by “disciplined execution, operating leverage and capital-efficient investments”.
Nykaa also said its GMV has grown more than seven times over the past six years.
