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A report published on October 4, 2026, says Nykaa expects consolidated net revenue growth in the late twenties year on year for Q2 FY2027, the quarter ended September 30, 2026. That is an expectation, not a final reported result: the underlying company filing was not available in the cited report, and no exact percentage or rupee revenue figure is established.
What Nykaa’s late-twenties growth expectation means
EquityBulls reported that FSN E-Commerce Ventures Limited, Nykaa’s parent company, expected consolidated net revenue growth in the late twenties year on year for Q2 FY2027. “Late twenties” indicates a broad range-like description; it does not establish an exact figure such as 28% or 29%. The report does not provide a corresponding absolute revenue amount.
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This is a projection about the quarter ended September 30, 2026, not confirmation of the quarter’s final revenue. The available report is secondary, and the current-quarter primary exchange filing or company-hosted update was not located. The precise company wording and any qualifications attached to the expectation therefore cannot be independently confirmed from that report. EquityBulls report
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteHow it compares with Q2 FY2026
Nykaa’s Q2 FY2026 update had projected mid-twenties consolidated net revenue growth and close-to-thirties consolidated GMV growth. The company then linked its expectation to an early festive-season start, renewed Fashion growth and healthy Beauty performance. Those were expectations for the prior-year quarter, not explanations of the Q2 FY2027 outlook.
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In its prior-year update, Nykaa expected Beauty net revenue growth in the mid-twenties and Fashion net revenue growth to improve to the low twenties. It also said Fashion net revenue growth was below NSV growth because advertising and marketing income lagged. These segment details should not be carried forward as current-quarter drivers. The Q2 FY2026 update described itself as voluntary, provisional and subject to audit, and said it was not financial results or earnings guidance; that wording applies to that update only. Nykaa investor relations
Prior-year expectations versus reported results
| Q2 FY2026 measure | Company expectation or reported outcome |
|---|---|
| Consolidated net revenue | Expected mid-twenties year-on-year growth in the company update |
| Consolidated GMV | Expected close-to-thirties year-on-year growth in the company update |
| Revenue from operations | Reported at ₹2,346 crore, up 25% year on year |
| GMV | Reported at ₹4,744 crore, up 30% year on year |
| EBITDA | Reported at ₹159 crore, up 53% year on year; EBITDA margin was 6.8%, compared with 5.5% a year earlier |
| Profit after tax (PAT) | Reported at ₹33 crore, up 154% year on year |
The company’s Q2 FY2026 results show why these measures should not be treated as interchangeable: revenue from operations and GMV are different measures, and neither is the same as EBITDA or PAT. The growth percentages above are reported historical outcomes, not Q2 FY2027 results. FSN E-Commerce Ventures Limited results and investor materials
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Revenue, GMV and NSV are different measures
- Net revenue: The measure used in the reported Q2 FY2027 expectation. The available report supplies no exact percentage or rupee total.
- Revenue from operations: The measure used in Nykaa’s Q2 FY2026 results release, which reported ₹2,346 crore and 25% year-on-year growth.
- GMV: Gross merchandise value before returns and cancellations, as defined in the Q2 FY2026 company update.
- NSV: Net sales value after returns, taxes, discounts and cancellations, as defined in that same prior-year update.
These definitions and prior-year figures help clarify the comparison, but they do not establish how the company will ultimately report Q2 FY2027 revenue. Check Nykaa’s investor-relations page for subsequent quarterly updates, financial results and related materials.
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