A report published 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 finalized result, and the report does not establish an exact percentage or rupee figure. The current-quarter company filing was not available to verify the report independently. EquityBulls’ report
What Nykaa’s “late twenties” expectation means
The reported figure is a year-on-year growth expectation for consolidated net revenue: it compares the quarter with the same quarter a year earlier and covers the company as a whole. “Late twenties” is a broad description, not a precise rate such as 28% or 29%. No absolute revenue amount can be derived from the report, so it should not be treated as a forecast of a particular rupee total.
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Because the underlying Q2 FY2027 company disclosure was not located, the projection and its wording remain attributed to EquityBulls. The available information does not establish which business segments, operating factors or qualifications underlie the current-quarter expectation.
How the projection differs from reported results
A growth expectation is not the same as a reported financial result. Nor are net revenue, revenue from operations, gross merchandise value (GMV) and net sales value (NSV) interchangeable. GMV measures merchandise value before returns and cancellations; NSV is net sales value after returns, taxes, discounts and cancellations, as described in Nykaa’s Q2 FY2026 update. Nykaa’s investor relations page is the company source for quarterly updates and financial results.
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| Period and status | Measure | Figure | Source |
|---|---|---|---|
| Q2 FY2027 expectation, reported October 4, 2026 | Consolidated net revenue growth, year on year | Late twenties; exact rate and revenue amount not stated | EquityBulls |
| Q2 FY2026 company expectation | Consolidated net revenue growth | Mid-twenties | Nykaa Q2 FY2026 update |
| Q2 FY2026 reported result | Revenue from operations | ₹2,346 crore, up 25% year on year | FSN E-Commerce Ventures Limited results release |
| Q2 FY2026 reported result | GMV | ₹4,744 crore, up 30% year on year | FSN E-Commerce Ventures Limited results release |
| Q2 FY2026 reported result | EBITDA and EBITDA margin | EBITDA ₹159 crore, up 53%; margin 6.8%, versus 5.5% a year earlier | FSN E-Commerce Ventures Limited results release |
| Q2 FY2026 reported result | Profit after tax (PAT) | ₹33 crore, up 154% year on year | FSN E-Commerce Ventures Limited results release |
The Q2 FY2026 company update was described as voluntary and provisional, subject to audit, and not financial results or earnings guidance. Those qualifications apply to that prior update; they should not be assumed to describe the Q2 FY2027 projection.
What the prior-year comparison can—and cannot—show
For Q2 FY2026, Nykaa expected consolidated net revenue growth in the mid-twenties and GMV growth close to the thirties. The update linked that outlook to an early festive-season start, renewed Fashion growth and healthy Beauty performance. It also expected Beauty net revenue growth in the mid-twenties and Fashion net revenue growth to improve to the low twenties; Fashion net revenue growth was lower than NSV growth because advertising and marketing income lagged.
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Those were Q2 FY2026 expectations, not explanations or segment forecasts for Q2 FY2027. The subsequent Q2 FY2026 results reported 25% growth in revenue from operations and 30% growth in GMV. The distinction matters: an earlier expectation and the later reported outcome are separate disclosures, and neither converts the current “late twenties” description into a confirmed Q2 FY2027 result.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Where to check for the final Q2 FY2027 figures
Look for Nykaa’s Q2 FY2027 financial results, quarterly update or exchange filing on its investor relations page. The finalized disclosure will establish the reported revenue figure and growth rate, alongside any company commentary and segment detail. Until that disclosure is available, the late-twenties figure should be read as a reported expectation rather than an actual result.
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