06 Apr , 2026 By : Debdeep Gupta
Shares of FSN E-Commerce Ventures Ltd, which operates Nykaa, rose over 3 percent in morning trade on Monday after the company reported it expects a strong revenue growth in high 20-percent range in Q4 FY26. This is the highest growth in 3 years.
Nykaa stock was trading at Rs 253.79, up 3.18 percent, outperforming the broader market. The stock has gained about 48 percent over the past one year, sharply ahead of the Nifty 50’s 2.1 percent rise. The company commands a market capitalisation of over Rs 72,600 crore, with a price-to-earnings multiple of 517.45.
The provisional Q4 business update points to a broad-based acceleration across key operating metrics. Consolidated net revenue growth for the January-March quarter is expected in the late twenties percent range year-on-year, while gross merchandise value (GMV) growth is also pegged in a similar range. However, net sales value (NSV) is expected to grow faster, in the early 30-percent range, indicating improving conversion and monetisation trends.
The company said the stronger performance was led by a pickup in the fashion business, which had lagged in earlier periods, alongside continued steady traction in the core beauty segment. This mix is significant, as fashion carries a larger growth runway but has historically been more volatile than beauty.
For the full financial year FY26, Nykaa expects consolidated NSV growth to accelerate to the late 20-percent range, an improvement over the mid-twenties growth recorded in the previous two years. Full-year net revenue growth is expected at the upper end of the mid-twenties range, suggesting a stronger exit momentum into the new financial year.
On the operational front, Nykaa continued to scale its omnichannel presence. The company added 26 new stores during the quarter and completed the integration of 11 Kiehl’s stores, strengthening its offline distribution and premium brand portfolio.
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