Nykaa Sees Strong Start To 2025-26, June Quarter Net Revenue Up In Mid-20s

FSN E-Commerce Ventures Ltd., owner of the Nykaa brand, said consolidated net revenue for the April–June quarter is expected to grow at the lower end of the mid-20% range, with gross merchandise revenue rising slightly higher, crossing mid-20s. This comes despite softer sentiment during its flagship sale due to geopolitical tensions, the company said late Sunday.

The growth was led by solid performance across e-commerce, retail stores, B2B distribution, and its House of Nykaa brands. In 2024-25, 67% of the fashion segment’s gross merchandise value under House of Nykaa came from its own platforms, up from 57% the previous year, aligning with its push to reduce offline third-party reliance.

The beauty vertical is expected to sustain mid-20s growth in net revenue, while the fashion vertical’s gross merchandise value is also seen up in the mid-20% range, driven by wider assortment and customer traction. However, net revenue from fashion is likely to grow sequentially to mid-teens, still trailing the GMV growth.