Nykaa Reports Q2 FY2026 Revenue Growth with Superior Performance in Beauty and Fashion Verticals

FSN E-Commerce Ventures Limited, also known as Nykaa, has reported an accelerated growth momentum in Q2 FY2026. The Consolidated GMV growth is expected to be close to thirties compared to mid twenties in the last few quarters. This growth is driven by renewed expansion in the Fashion vertical and healthy performance of the Beauty vertical. Nykaa's Beauty vertical is expected to deliver NSV and Net Revenue growth of mid-twenties, marking 10+ consecutive quarters of sustained growth momentum. The Fashion vertical is expected to deliver NSV growth of higher mid twenties and Net Revenue growth of low twenties. As a result, Nykaa has delivered yet another quarter of healthy performance with Consolidated Net Revenue growth expected to be mid-twenties in Q2 FY2026. The recent GST reforms are expected to increase disposable income and drive long-term growth across several consumer and discretionary categories.