Nykaa Eyes 3-4X Growth in Fashion Business, Targets EBITDA Breakeven by FY26

FSN E-Commerce Ventures (

) , the parent company of beauty and fashion retailer Nykaa, aims to expand its fashion business three- to four-fold over the next five years. The company is leveraging strong repeat customer demand to improve margins and achieve a steady-state EBITDA margin of 10% within five years. It expects Nykaa Fashion to become EBITDA-breakeven as early as FY26, up from an EBITDA margin of -8.3% in FY25. The House of Nykaa, its private label segment, reported a GMV of ₹2,100 crore in FY25 and aims for ₹6,000 crore by FY30 at a 30% CAGR. Nykaa Fashion’s GMV stood at ₹3,800 crore in FY25. To enhance customer experience, the company launched NykaaNow , offering ultra-fast delivery in 7 cities, with plans to scale further. Currently, it fulfils 80% of orders within one or two days in 12 cities. With a total GMV growth CAGR of 42% over five years—well above the broader e-commerce market—Nykaa continues to outperform, driven by its beauty business, expanding global brand partnerships, and growing Gen Z consumer base.