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A report published October 4, 2026 says Nykaa’s parent, FSN E-Commerce Ventures Limited, expects consolidated net revenue growth in the late twenties year on year for Q2 FY2027, the quarter ended September 30, 2026. This is a reported expectation, not a finalized result: the report does not establish an exact growth rate or rupee revenue figure, and the underlying current-quarter company filing was not located. EquityBulls reported the projection.
What “late twenties” means—and what it does not
“Late twenties” describes a year-on-year growth rate in the upper part of the twenties. It is not an exact figure: the available report does not specify 28%, 29%, or another precise rate. Nor does it give an absolute revenue amount. The statement concerns consolidated net revenue growth, not a specific business vertical.
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Because the current-quarter primary disclosure was not located, the projection should be attributed to EquityBulls rather than treated as independently verified company wording. No current Q2 FY2027 segment explanation or further caveats are established by that report.
How the projection compares with Nykaa’s prior Q2
Nykaa’s Q2 FY2026 company update described a different expectation for the quarter ended September 30, 2025: consolidated net revenue growth in the mid-twenties and consolidated GMV growth close to the thirties, with an early festive-season start cited as a factor. It also expected Beauty net revenue growth in the mid-twenties and Fashion net revenue growth to improve to the low twenties. Those were expectations for Q2 FY2026, not explanations or segment forecasts for Q2 FY2027. Nykaa’s Q2 FY2026 investor update said the update was voluntary and provisional, subject to audit, and did not constitute financial results or earnings guidance; that qualification applies to that prior update only.
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Keep revenue, GMV and profit measures separate
Nykaa’s Q2 FY2026 results provide a useful historical comparison, but the metrics are not interchangeable. The company reported revenue from operations of ₹2,346 crore, up 25% year on year, and GMV of ₹4,744 crore, up 30%. It also reported EBITDA of ₹159 crore, up 53%, an EBITDA margin of 6.8% versus 5.5% a year earlier, and profit after tax (PAT) of ₹33 crore, up 154%. These are reported Q2 FY2026 actuals, not Q2 FY2027 results. The company’s Q2 FY2026 results release identifies the figures.
- Net revenue or revenue from operations: revenue measures; the Q2 FY2027 report refers specifically to consolidated net revenue growth.
- GMV: gross merchandise value before returns and cancellations, as described in the Q2 FY2026 company update.
- NSV: net sales value after returns, taxes, discounts and cancellations, as described in that same update.
- EBITDA and PAT: profit measures, not sales or merchandise-value measures.
Where to check for final Q2 FY2027 figures
For confirmed results, segment disclosures and company commentary, check Nykaa’s investor relations page, which hosts quarterly updates, financial results, presentations and call materials. Until a primary Q2 FY2027 disclosure is available, treat the late-twenties figure as a reported projection rather than a final result.
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