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FSN E-Commerce Ventures Limited (Nykaa) has announced a strong performance for the third quarter of FY2026, with consolidated Gross Merchandise Value (GMV) and Net Sales Value (NSV) growth anticipated to be in the late twenties year-on-year.

This performance is driven by a renewed growth in the Fashion vertical and the consistent strong performance of the Beauty vertical. Nykaa expects to achieve consolidated Net Revenue growth in the upper end of the mid-twenties, indicating a slight acceleration from previous quarters.

The Beauty vertical is projected to deliver an accelerated NSV growth of late twenties, marking its highest growth in six quarters. This growth was broad-based across Nykaa's beauty businesses, boosted by the outperformance of 'House of Nykaa' brands, the success of the 'Pink Friday' sale, and robust new customer acquisition. The Beauty vertical's Net Revenue growth is expected to be in the upper end of the mid-twenties.

The Fashion vertical is expected to continue its revived growth trajectory with an NSV growth of mid-twenties in Q3 FY2026. This was supported by the core platform business, new brand additions, and strong customer acquisition. However, Net revenue growth for the Fashion vertical is expected to be in the late teens, primarily due to subdued content and marketing income, and ongoing channel optimization for fashion owned brands.

This update for the quarter ended December 31, 2025, is provisional and subject to audit. Growth numbers are on a Year-on-Year basis.