Nykaa Sees Strong October-December with Late-Twenties GMV, NSV Growth

Nykaa said consolidated GMV and NSV growth for the third quarter ended December 31, 2025, is expected to be in the late twenties on a year-on-year basis, driven by a continued recovery in the fashion business and steady performance in beauty.

The company expects consolidated net revenue growth to come in at the upper end of the mid-twenties in the third quarter, marking a slight acceleration from the growth trend seen over the past few quarters.

Nykaa’s beauty vertical is expected to post NSV growth in the late twenties, the highest in the last six quarters, supported by a seasonally strong quarter and broad-based demand across categories. The company cited strong performance of House of Nykaa brands, the Pink Friday sale and robust new customer additions as key growth drivers. Net revenue growth in the beauty business is expected at the upper end of the mid-twenties.

The fashion vertical is expected to continue its recovery, with NSV growth projected in the mid-twenties during the quarter, supported by strong core platform performance, new brand additions and customer acquisition. Net revenue growth for the fashion segment is, however, expected to trail NSV growth and come in at late-teens levels due to subdued content and marketing income and ongoing channel optimisation of owned brands.