Nykaa Q1 FY26 Revenue to Grow Mid-20% Amid Expansion

Nykaa, India’s leading online marketplace for beauty and fashion products is forecasted to report mid-20 percent revenue growth for the first quarter of the financial year 2025-2026, according to brokerages JM Financial and HDFC Securities.

The company’s beauty and personal care segment is expected to maintain strong momentum, with gross merchandise value (GMV) growth projected at approximately 26 percent to 27 percent year-on-year. HDFC Securities attributed this growth to an increase in active users and higher order volumes, while JM Financial highlighted the contribution from Nykaa’s expanding eB2B channels and men’s grooming platform.

Key Highlights

• Nykaa to post mid-20 percent revenue growth in Q1 FY26, driven by beauty and fashion
• GMV expected to grow ~26-27 percent in beauty and ~25 percent in fashion year-on-year
• Expansion to 110+ cities and improved EBITDA margins forecast for the quarter

The fashion segment is also anticipated to see improvement, with an estimated GMV growth of around 25 percent year-on-year; however, net revenue growth in fashion is expected to stay in the mid-teens.

Nykaa’s strategic expansion efforts have taken the company’s presence to over 110 cities, including the addition of more than 50 new stores during fiscal year 2025, strengthening its omnichannel footprint. Both brokerages also forecast an improvement in profitability, with a slight rise in EBITDA margins compared to the previous year.

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This performance outlook reflects Nykaa’s balanced growth approach, leveraging both its beauty vertical and newer segments like fashion and B2B to sustain top-line momentum and enhance profitability.