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Nykaa guides Q2 FY27 net revenue growth in late twenties, nets 14 new stores to reach 338
Our read
Nykaa is likely to land near its late-twenties growth guide, with some of the festive demand that slipped into Q3 coming back and fashion and stores driving the mix.
For strategy teams
With fashion net sales value up in the late forties, 250+ new brands and a 338-store network growing on strong like-for-like sales, Nykaa is building both category breadth and offline reach organically, which raises the bar for any partnership, brand-portfolio or acquisition conversation with it.
Watch
Q3 FY27 reported net revenue growth against the late-twenties guide
The report,
Nykaa added 14 net new stores in the September quarter, taking its total to 338 as of September 30, 2026. It expects consolidated net revenue growth in the late twenties and GMV growth in the high twenties, with some festive demand shifting to Q3.
- Total stores at 30 September 2026
- 338
- Net new stores added in quarter
- 14
- Q2 FY27 consolidated net revenue growth
- late twenties
- Q2 FY27 consolidated GMV growth
- high twenties
Reported figures
From the report. Source details below
| Like-for-like store sales growth: | early twenties |
|---|---|
| Fashion NSV growth: | late forties |
| Brands added across categories in quarter: | more than 250 |
What to watch next
- Fashion NSV growth staying near the late-forties pace
- Like-for-like store sales holding in the early twenties
- Store count moving past 338 in the next quarterly update
- Management commentary on whether deferred festive demand was recovered
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Nykaa is likely to keep adding stores at a steady clip after the 14 openings that took it to 338, with offline growth supported by early-twenties like-for-like sales.
- Expect Nykaa to lean further into fashion, where NSV grew in the late forties, with more brand onboarding and more fashion space in its stores and apps.
- Nykaa is likely to keep onboarding brands after adding over 250, and may use exclusives to defend beauty share going into the festive period.
- Rival beauty and fashion platforms may step up festive promotions to capture the demand that moved into Q3, which would pressure Nykaa's discounting and marketing spend.
- Analysts are likely to lift Q3 FY27 revenue estimates on the festive shift, but may question how much of the September-quarter softness was timing versus underlying demand.
The source
Published
Confirmed by Entrackr, Storyboard18, ET Retail, The Hindu BusinessLine, Business Today, Inc42, Mint, Indian Retailer
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