Nykaa Q2 FY2026 Growth Outlook: Beauty & Fashion Lead the Way

Nykaa is set to post strong growth in Q2 FY2026, with solid momentum across both Beauty and Fashion verticals. Key Highlights: Consolidated GMV growth expected around 30% YoY. Beauty vertical likely to report mid-20s growth in NSV and Net Revenue. Fashion vertical expected to grow NSV in the higher mid-20s, with Net Revenue improving to low-20s. Consolidated Net Revenue projected to grow in the mid-20s range. Nykaa now serves 45 million online customers and runs 250 offline stores across India. Strategic Drivers: The House of Nykaa brands (Dot & Key, Kay Beauty, Nykaa Cosmetics) continue to outperform and enhance profitability. Expansion of the Global Store brings top international names like Charlotte Tilbury, Elf Cosmetics, and Urban Decay to Indian consumers. Positive GST reforms may uplift consumer spending power, supporting long-term demand in beauty and lifestyle categories. Recognition continues: Nykaa featured in TIME100 Most Influential Companies, while founder Falguni Nayar was named EY Entrepreneur of the Year. Learning: Nykaa’s strong Q2 momentum highlights the scalability of omnichannel retail and homegrown brands in India’s premium consumption story. Investors should track sustained growth in its owned-brand portfolio and margin expansion trends.