Indian retailer Nykaa said it expects net revenue to rise in the late twenties range in Q4 FY26, its quickest quarterly increase in 12 quarters.
The company linked the outlook to a stronger fashion business and steady demand in beauty.
For the quarter ended 31 March 2026, the retailer said consolidated gross merchandise value (GMV) growth is expected in the late twenties.
It also forecasts consolidated net sales value (NSV) growth in the early thirties. Consolidated net revenue growth is also expected in the late twenties.
Nykaa said the improvement reflects faster growth in its fashion vertical, alongside continued resilience in the beauty segment.
For the full-year FY26, it expects consolidated NSV growth to reach the late twenties, compared with mid-twenties growth over the prior two years.
In beauty, Nykaa expects GMV, NSV and net revenue growth in the late twenties. It added that NSV is expected to grow slightly faster than GMV and net revenue.
The company said GMV-to-NSV conversion improved meaningfully, citing funnel improvements across businesses.
It also reported solid omnichannel performance and said its owned brands portfolio, House of Nykaa, continued to scale and contribute meaningfully.
During the quarter, Nykaa expanded its retail network by adding 26 stores and integrating 11 Kiehl’s outlets.
This took its store count to 313 as of 31 March 2026.
Nykaa said its fashion vertical has remained on a recovery path since the start of FY26.
It expects Q4 fashion GMV growth in the late twenties, with NSV growth in the early forties.
Net revenue growth in the segment is projected in the late thirties, which the company said marks a sharp acceleration from earlier quarters.
The retailer attributed the fashion performance to stronger platform momentum, funnel improvements and robust customer acquisition.
It also pointed to wider brand assortment, early progress from its Nike partnership and the Pink Love Sale. It added that higher marketing income also supported growth.
Nykaa said it is monitoring geopolitical developments in West Asia but reported no material impact during the quarter.
It added that revenue exposure to the Middle East remains below 1%, with the business in the region still at an early stage.
