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Nykaa’s revenue is driven primarily by its Beauty business, supported by Fashion and a mix of online, retail-store and business-to-business distribution. For the year ended March 31, 2026, FSN E-Commerce Ventures, which operates Nykaa, reported net revenue of ₹10,022 crore, up 26% year over year. In the quarter ended June 30, 2026, revenue from operations was ₹2,782 crore, up 29% year over year. Those are company revenue figures; GMV, which measures the value of merchandise transacted, is a separate and larger measure.
What drives Nykaa’s revenue?
Beauty is Nykaa’s core business. The company’s Beauty vertical combines e-commerce, physical retail stores, eB2B distribution and House of Nykaa beauty brands. Fashion is a second, faster-growing business line, while stores and online platforms are routes through which Nykaa reaches customers—not separately reported revenue categories in the latest figures cited here.
For scale, Nykaa reported FY2026 net revenue of ₹10,022 crore and GMV of ₹19,963 crore, up 26% and 28% year over year, respectively. In Q1 FY2027, revenue from operations was ₹2,782 crore and consolidated GMV was ₹5,590 crore, up 29% and 34% year over year. The FY2026 figures cover the year ended March 31, 2026; Q1 FY2027 covers the quarter ended June 30, 2026. Nykaa’s investor-relations materials report the company’s results and operating metrics.
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Revenue, GMV and NSV are different measures
- Revenue is the company’s reported income measure. Nykaa calls the FY2026 figure net revenue and reports Q1 FY2027 revenue from operations.
- GMV, or gross merchandise value, measures the value of merchandise transacted across the platform. It is not company revenue.
- NSV, or net sales value, is a sales measure used in Nykaa’s vertical-level disclosures. Growth in NSV should not be presented as growth in company revenue.
These distinctions matter when comparing business lines: GMV can describe their transaction scale, but it does not show how much revenue Nykaa recognizes or how profitable a line is.
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Beauty is the largest identified business driver
In Q1 FY2027, Nykaa reported Beauty GMV of ₹4,105 crore and NSV growth of 29%. Its Beauty vertical includes e-commerce, retail stores, eB2B distribution and House of Nykaa beauty, so it is broader than online beauty shopping alone. The company’s FY2026 presentation also identifies Nykaa Beauty, Nykaa Stores, House of Nykaa and Superstore by Nykaa among its operating areas.
That breadth helps explain why Beauty is central to the company: it brings together consumer sales, physical destinations, owned beauty brands and retailer distribution. The available figures establish the vertical’s scale and growth, but do not provide a current, precise revenue split among those components.
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Fashion is growing quickly, but growth is not the whole picture
In Q1 FY2027, Fashion GMV was ₹1,471 crore, up 53% year over year. Fashion NSV was ₹451 crore, up 54%. These are Fashion-specific transaction and sales measures, not standalone company revenue.
Nykaa also reported Fashion EBITDA margin at 0.1% of NSV in Q1 FY2027, compared with -6.2% in Q1 FY2026. This indicates a substantial improvement in the disclosed margin measure, but it is not the same as saying Fashion generated 0.1% of company revenue or that the business produced a particular amount of profit.
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How stores, online sales and B2B distribution fit
Nykaa operates across online and offline touchpoints, but its latest reported customer and store counts do not reveal the share of revenue from each channel. As of June 30, 2026, the company reported 324 offline beauty destinations and more than 60 million customers served through online platforms. “Customers served” is the company’s wording; it should not be read as a count of active buyers during Q1 FY2027.
Nykaa also has a retailer-distribution operation. In its Q1 FY2027 disclosure, Superstore by Nykaa recorded GMV of ₹336 crore for the quarter and served a retailer network spanning more than 1,200 cities. This illustrates the B2B element of the Beauty business, but that GMV is not a separately stated revenue figure.
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The reviewed official results do not establish a current percentage of total revenue attributable separately to online sales and physical stores. Store count and online customer reach provide context about Nykaa’s footprint, not a channel revenue breakdown.
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How to read Nykaa’s latest scale and growth figures
| Measure | Period | Reported figure | What it tells you |
|---|---|---|---|
| Net revenue | FY2026, year ended March 31, 2026 | ₹10,022 crore; up 26% year over year | Company-wide reported revenue |
| GMV | FY2026, year ended March 31, 2026 | ₹19,963 crore; up 28% year over year | Value of merchandise transacted, not revenue |
| Revenue from operations | Q1 FY2027, quarter ended June 30, 2026 | ₹2,782 crore; up 29% year over year | Company-wide reported revenue for the quarter |
| Consolidated GMV | Q1 FY2027, quarter ended June 30, 2026 | ₹5,590 crore; up 34% year over year | Quarterly transaction value, not revenue |
| Beauty GMV | Q1 FY2027, quarter ended June 30, 2026 | ₹4,105 crore; Beauty NSV growth 29% | Beauty vertical scale and sales growth |
| Fashion GMV and NSV | Q1 FY2027, quarter ended June 30, 2026 | GMV ₹1,471 crore, up 53%; NSV ₹451 crore, up 54% | Fashion scale and sales growth |
The FY2026 presentation also reported EBITDA of ₹752 crore and profit after tax (PAT) of ₹204 crore. These are company-wide profitability measures, not revenue figures or a breakdown of Beauty and Fashion profitability.
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What the figures say about Nykaa’s business
Nykaa’s revenue engine is led by Beauty, with Fashion adding a rapidly expanding second business. Online platforms and physical destinations extend customer reach, while Superstore by Nykaa represents a B2B distribution channel. To judge performance accurately, keep company revenue separate from GMV and NSV, and treat growth alongside the profitability measure reported for the relevant business line.
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