FSN E-Commerce Ventures Ltd(NYKAA)

NSE: NYKAABSE: 543384

₹ 319-0.67%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 91,371 crWebsite: www.nykaa.comUpdated: 24 Oct 2026

About

FSN E-Commerce Ventures Ltd, operating as Nykaa, is an Indian beauty and fashion e-commerce platform that sells through its own apps and websites and through physical stores. Its store network reached 338 stores as of 30 September 2026. In FY26 the company crossed ₹10,000 Cr in net revenue for the first time, with consolidated GMV of ₹19,963 Cr.^[1][2]

Business segments

Beauty contributed ₹9,139.49 Cr of segment revenue in FY26, 91.2% of the total.^[3]
Fashion contributed ₹832.16 Cr of segment revenue in FY26, 8.3% of the total.^[3]
In FY25, Beauty revenue was ₹7,251 Cr (91%), Fashion ₹675 Cr (8%) and New Businesses ₹24 Cr.^[4]

Key operating numbers

Q2 FY27 consolidated GMV growth was expected to be close to thirties and NSV growth in the early thirties YoY (provisional).^[2]
Consolidated GMV was ₹5,590 Cr in Q1 FY27 (+34% YoY); Beauty GMV ₹4,105 Cr (+28% YoY) and Fashion GMV ₹1,471 Cr (+53% YoY).^[5]
Beauty annual unique transacting customers reached 20.8 mn in Q1 FY27 (+25% YoY); Beauty AOV was ₹2,102 (+5% YoY).^[5]
Beauty platform visits were 500 mn in Q1 FY27 (+22% YoY).^[5]
Beauty orders reached 65.8 mn in FY26 (+21% YoY); Beauty AUTC was 19.7 mn (+25% YoY) and Fashion AUTC 4.3 mn (+35% YoY) for FY26.^[6]
Consolidated contribution margin was 20.2% in FY26 (+99 bps YoY); gross margin was 45.1% (+132 bps YoY).^[6]
ROCE was 21.2% in FY26 vs 11.3% in FY25; working capital days fell from 34 to 28 and fixed asset turnover was 9.9x.^[6]

Products and brands

House of Nykaa owned brands kept growing ahead of the overall Beauty vertical in Q2 FY27, across both core and emerging brands.^[2]
House of Nykaa reached annualised GMV of ₹3,760 Cr (+39% YoY) and NSV of ₹2,200+ Cr (+36% YoY) as of Q1 FY27.^[5]
Dot & Key reached ₹1,790 Cr GMV in FY26 and is present in 53,000+ offline doors across 1,000 cities.^[6]
Kay Beauty crossed ₹500 Cr annualised GMV in Q3 FY26 and launched in 13 Space NK stores in the UK in September 2025.^[7]
Nykaa holds the largest assortment of Korean brands in India; the Korean Beauty portfolio was growing at 60%+ YoY as of Q2 FY26.^[8]
In Q3 FY26 Nykaa took exclusive distribution rights for NYX Makeup, an exclusive omnichannel launch of La Roche-Posay, and full operation of Kiehl's India.^[7]
Nykaa Fashion added 250+ brands in Q2 FY27.^[2]

Omnichannel retail network

14 net new stores were added in Q2 FY27, taking the total to 338 as of 30 September 2026; like-for-like store sales growth was in the early twenties, the highest in six quarters.^[2]
The network covered 105 cities as of Q1 FY27, up from 99 at end-FY26; 50% of stores are in Tier 2 cities and beyond.^[5]
76 new stores were added in FY26, the highest annual addition to date.^[6]
The largest Nykaa store (5,000 sq ft) opened at Vasant Kunj, Delhi in Q1 FY27.^[5]
Store formats introduced in FY26 include Nykaa Perfumery, Kay Kafé, a Charlotte Tilbury boutique and the Kiehl's store takeover.^[6]

Quick commerce - Nykaa Now

Nykaa Now offers 60-minute beauty delivery and expanded from 3 cities in Q1 FY26 to 13 cities in Q1 FY27, with 1,000+ brands available; the target is 25+ cities by end-FY27.^[5]

Brand partnerships

Since February 2026 Nykaa Fashion has run Nike.in and the Nike app in India end-to-end; the app crossed 1.5 mn installs within 6 months of launch.^[5]
Nykaa runs full-stack D2C digital commerce for strategic brand partners and has indicated the model may extend beyond Nike and Kiehl's.^[7]

Expansion and targets

Nykaa Fashion's guidance is 3-3.5x NSV growth over 4-5 years from the FY26 base; Superstore targets an NSV CAGR of 35%+ to FY30.^[5]
The FY25 annual report set a goal of 500+ stores in 100+ cities and mid-20s Beauty growth (CAGR) to FY2030.^[4]
Capex was ₹128 crore in FY2025, 1.6% of revenue, mainly on stores and technology.^[4]

Recent developments

On 24 Sep 2026 Nykaa completed its purchase of a 51% stake in Aminu Wellness, a premium dermocosmetic brand, for ₹32 Cr; the remaining 49% is to be acquired over coming years.^[9]
Q2 FY27 update: consolidated net revenue growth expected in the late twenties; Beauty NSV growth in the late twenties; Fashion NSV growth in the late forties. Some festive-season growth moved into Q3.^[2][10]
In FY25 Nykaa acquired control of Earth Rhythm, raised its Dot & Key stake from 51% to 90.04%, and incorporated Nykaa Essentials.^[4]
CRISIL reaffirmed Nykaa's long-term rating at A/Stable (FY25 annual report).^[4]

Market Cap

₹91,371 Cr

High / Low

₹351 / 219

Stock P/E

358.4

Price / Book

63.5

Book Value

₹5

EPS

₹0.7

No. of Shares

286.32 Cr

ROCE

17.9%

ROE

14.6%

OPM

4.6%

Debt / Equity

0.52

Sales

₹10,022 Cr

Net Profit

₹204 Cr

Promoter holding

52.1%

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FSN E-Commerce Ventures Ltd(NYKAA)

About

Business segments

Key operating numbers

Products and brands

Omnichannel retail network

Quick commerce - Nykaa Now

Brand partnerships

Expansion and targets

Recent developments

Signal history

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Company data

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