Bengaluru: Shares of Nykaa parent FSN E-Commerce Ventures Ltd rose over 7% on Thursday after the company said it is targeting gross merchandise value (GMV) of more than $5 billion by FY30, up from nearly ₹20,000 crore in FY26.
The beauty and fashion retailer, at its investor day event on Wednesday, said it expects its overall business to grow 2.5-3x its current levels in the next four years, supported by expansion across its core beauty platform, fashion business, retail store network and owned brands.
At 11:40 am, the company’s shares were at their new 52-week high of ₹301 apiece on the National Stock Exchange, up over 7% from the previous close. The stock has gained about 50% in the last one year, with investors rewarding the company’s improving profitability, sustained growth in its core beauty business, and a sharper focus on execution after a prolonged period of post-listing underperformance.
Nykaa, which reported net revenue of ₹10,022 crore in FY26, said it is focusing on faster earnings growth going ahead. Its beauty business, the largest segment, is expected to remain the key driver of growth.
The company said it plans to more than double its beauty customer base to 100 million by FY30 from about 45 million customers in FY26. Beauty GMV stood at nearly ₹15,000 crore in FY26, roughly double the level recorded three years earlier. GMV is the value of all goods sold before discounts, returns, and other adjustments.
The company plans to drive this expansion through deeper penetration in tier-II and tier-III cities, greater engagement with Gen Z and Gen Alpha consumers, vernacular content, creator-led discovery and expansion of its physical store footprint, the presentation added.
Nykaa also expects its fashion business to expand significantly over the next four years. While fashion remains smaller than beauty, the company sees it as one of its fast-growing segments alongside its business-to-business platform Superstore and its portfolio of in-house brands. Mint reported earlier this week about how Nykaa Fashion’s turnaround is taking shape.
Nykaa also highlighted that India’s beauty and personal care (BPC) and fashion categories are expected to be among the fastest-growing discretionary consumption segments, with both forecast to grow at more than 12% CAGR between FY26 and FY31. Combined spending on beauty and fashion is expected to nearly double to about $200 billion by FY31 from $110 billion in FY26.
The retailer is also betting on its offline presence to support growth. Nykaa ended FY26 with 313 stores across 99 cities, after adding 76 stores during the year. The company said its retail network is expected to grow substantially by FY30.
The projections come after Nykaa reported 28% growth in GMV and 26% growth in revenue during the year, while profitability improved, with Ebitda margin reaching 7.5% and profit after tax rising to ₹204 crore.
The beauty business benefited from growing demand for premium, luxury and Korean beauty products. The company launched more than 200 brands during FY26 and said Korean beauty and dermacosmetics were among the fastest-growing segments on its platform.
