Shares of FSN E-Commerce Ventures Ltd, the operator of Nykaa, jumped over 6% on Monday, October 5, after the company indicated strong growth across its Beauty and Fashion businesses in the September quarter. The company expects consolidated net revenue growth in the late twenties year-on-year, while consolidated gross merchandise value (GMV) growth is expected to be in the high twenties.
The company also expects net sales value (NSV) growth in the early thirties, with both its Beauty and Fashion verticals contributing to the performance.
GMV (gross merchandise value) refers to the total value of merchandise sold before accounting for returns and cancellations. NSV (net sales value) reflects sales after adjusting for returns, taxes, discounts and cancellations.
The strong expected growth in both metrics, along with continued customer acquisition, store expansion and Fashion momentum, will be key factors to watch when Nykaa reports its detailed Q2 FY27 financial results.
Nykaa Q2 update: NSV growth expected in early thirties
Nykaa said its consolidated business continued to strengthen during Q2 FY27, with NSV growth expected to be in the early thirties. The company attributed the performance to growth across both verticals, supported by the increasing scale of Fashion and steady momentum in Beauty.
As a result, consolidated net revenue growth is expected to be in the late twenties, marking another quarter of strong growth for the company.
Beauty business sees steady growth, store expansion
The Beauty vertical is expected to report NSV and net revenue growth in the late twenties during Q2 FY27.
Nykaa said its omnichannel Beauty business continued to benefit from new customer additions and repeat customer engagement. The company added 14 net new stores during the quarter, taking its total store count to 338 as of September 30, 2026.
Like-for-like store sales growth was in the early twenties, marking the highest growth in the past six quarters.
The House of Nykaa portfolio also continued to outperform the overall Beauty vertical, supported by growth across both core and emerging brands.
Fashion vertical delivers stronger growth
Nykaa’s Fashion business continued to grow at a faster pace, with NSV growth expected in the late forties and net revenue growth in the early forties for Q2 FY27.
New customer acquisition remained a key growth driver, while the company added more than 250 brands across categories during the quarter, further expanding its product assortment.
Nykaa also said its partnership with Nike continued to gain early traction, supported by exclusive product drops.
Festive demand shifts to Q3
While the Q2 business update points to strong underlying growth, Nykaa highlighted an important timing factor for investors: a larger portion of the festive season falls in Q3 this year.
As a result, some festive-led demand that would ordinarily have contributed to the September quarter is expected to shift into the December quarter. The company said it remains confident in its underlying growth drivers and long-term ambitions.
Nykaa share price today
Nykaa share price today opened at ₹335.50 apiece on the BSE; the stock touched an intraday high of ₹344.40and an intraday low of ₹335.40 apiece.
Sudeep Shah, Vice President – Technical and Derivatives Research at SBI Securities, said Nykaa has been consolidating in the ₹350– ₹316 range since mid-July. Despite the prolonged consolidation, the stock continues to trade above its key short- and long-term moving averages, indicating a positive underlying trend, he said.
Shah noted that the RSI on the daily chart had approached the 40 level before turning higher, signalling early signs of improving momentum. The +DI has also crossed above the -DI on the ADX indicator, suggesting that buyers are attempting to regain control.
A decisive breakout above ₹350 could trigger a fresh leg of upside, Shah said, while the ₹320– ₹315 zone is likely to act as a key support area.
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