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Nykaa Projects Robust Q1 FY26 Growth, Eyes Fashion Breakeven and Rapid Expansion

Updated: July 06, 2025 22:26

Image Source: Indian Retailer
Nykaa, India's luxury beauty and fashion online retailer, said it is expecting to see its Q1 FY26 consolidated net revenue grow towards the lower end of the mid-20% range, reflecting continued momentum in its core business despite a tough consumer climate. The company is also expecting to reach significant milestones in its fashion business and overall business as well.
 
Key Highlights:
 
Revenue Estimates:
  • Q1 FY26 consolidated net revenue is anticipated to grow in the lower range of mid-twenties percent led by beauty demand and a revival in the fashion vertical.
  • Gross Merchandise Value (GMV) growth will surpass revenue growth, which will be more than in the mid-20%.
Segment Performance:
  • Beauty & Personal Care (BPC): Is the growth driver, with strong-twenties YoY GMV growth expected, albeit with slowing retail growth due to elections and heatwaves.
  • Fashion: Revenue would grow around 20% YoY in Q1 FY26, and GMV growth would be mid-teens since the segment is nearing breakeven in FY26.
Strategic Initiatives:
  • Nykaa is comfortably on the path to breakeven for fashion business in FY26 and aims to achieve 3–4x fashion scale-up in the next five years.
  • Its own-line venture is anticipated to grow at 30% CAGR to reach ₹6,000 crore GMV by FY30 with focus on fragrances, bath & body, and clean beauty.
  • Nykaa Now, the company's fast-commerce platform, is expanding in seven cities, with 30–120 minute delivery to ride the wave of fast-fulfillment trend.
Retail Expansion:
  • Nykaa has just crossed the 200-store mark and added 50 new stores in FY25, a testament to its omnichannel growth focus.
Analyst's View:
  • Brokerages are divided, with some hoping for Nykaa's aggressive growth strategy and others being skeptical in the wake of expensive valuations and competition.
Source: Business Standard, Moneycontrol, Economic Times, Financial Express, Inc42, NSE Corporate Filings.

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