Nykaa guides to ~30% Q1FY27 revenue growth on fashion rebound
FSN E-Commerce Ventures expects ~30% net sales growth in Q1FY27, led by fashion NSV up mid-fifties and beauty in the late-twenties. Store count reached 324 by June 2026, with early gains from the Nike partnership. Figures are provisional, pending audit review.
What happened
Nykaa expects ~30% Q1FY27 net sales growth, led by a fashion rebound (mid-fifties NSV) and steady beauty. Store count hit 324; Nike partnership shows early
Key facts
- ~30% net sales growth Q1FY27
- GMV/NSV early-thirties %
- fashion NSV mid-fifties %
- fashion net revenue ~50%
- beauty late-twenties %
- 324 stores as of 30 June 2026
- Q4 revenue ₹2,648 cr up 28%
- Q4 net profit ~₹79 cr
- FY revenue >₹10,000 cr up 26%
- FY net profit ~₹204 cr
- fashion FY revenue ~₹832 cr
Why this matters
The Nike tie-up delivering early traction and 324 stores by June 2026 point to partnership-led expansion as a repeatable playbook worth deepening with additional marquee brands.
What to watch
- Audited Q1FY27 print vs provisional ~30% guide
- Fashion contribution margin and return rates
- Beauty segment sequential growth trend
- Store economics and Nike partnership repeat-purchase data
- Quick-commerce beauty encroachment metrics
- Analysts model fashion NSV-to-revenue conversion and contribution margins
- Peers (Tira, Myntra, quick-commerce) intensify beauty discounting to defend share
- Nykaa expands store rollout and Nike SKU depth to sustain fashion momentum
- Institutional investors reweight on FY27 profitability trajectory rather than topline