Nykaa’s revenue is driven primarily by its broad Beauty business, with Fashion a smaller but faster-growing contributor. Beauty combines e-commerce, physical stores, business-to-business distribution and Nykaa’s own beauty brands; stores and online sales are channels within that business, not separately disclosed revenue segments. For the year ended March 31, 2026, 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%.
Nykaa’s latest revenue and sales figures
Nykaa is the consumer-facing name of FSN E-Commerce Ventures Limited. Its FY2026 investor presentation reports annual net revenue of ₹10,022 crore and gross merchandise value (GMV) of ₹19,963 crore. In Q1 FY2027, the quarter ended June 30, 2026, it reported revenue from operations of ₹2,782 crore and consolidated GMV of ₹5,590 crore.
| Measure | FY2026, year ended March 31, 2026 | Q1 FY2027, quarter ended June 30, 2026 |
|---|---|---|
| Net revenue / revenue from operations | ₹10,022 crore; up 26% year over year Nykaa FY2026 investor presentation | ₹2,782 crore; up 29% year over year Nykaa Q1 FY2027 results |
| GMV | ₹19,963 crore; up 28% year over year Nykaa FY2026 investor presentation | ₹5,590 crore; up 34% year over year Nykaa Q1 FY2027 results |
Revenue is the company’s reported income measure. GMV, or gross merchandise value, is the value of merchandise transacted across the platform; it is not revenue and should not be read as money Nykaa itself earns. The two figures describe different things, so GMV should not be used as a substitute for revenue.
Beauty is Nykaa’s core business
Nykaa’s Beauty vertical is broader than online cosmetics sales. Its Q1 FY2027 disclosure includes e-commerce, retail stores, eB2B distribution and House of Nykaa beauty. Beauty GMV was ₹4,105 crore in that quarter, while net sales value (NSV) grew 29% year over year, according to the company’s Q1 FY2027 results.
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That breadth matters when interpreting what drives revenue: the Beauty business includes product sales through multiple routes and owned-brand activity, rather than representing only orders placed on Nykaa’s website or app.
Fashion is smaller but growing faster
Nykaa Fashion is a separate business line from Beauty. In Q1 FY2027, Fashion GMV was ₹1,471 crore, up 53% year over year, and Fashion NSV was ₹451 crore, up 54%, the company reported in its Q1 FY2027 results. Those growth rates were higher than Beauty’s reported NSV growth for the quarter, but they do not mean Fashion was the larger business: the measures differ, and Beauty’s GMV was substantially higher.
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Growth alone also does not tell the profitability story. Fashion’s EBITDA margin was 0.1% of NSV in Q1 FY2027, compared with -6.2% in Q1 FY2026. The margin improvement indicates progress on this measure, but the latest figure was close to break-even rather than a large positive margin.
How online sales and stores fit together
Nykaa uses both online platforms and physical destinations to reach customers, but the company’s disclosed footprint figures are not a revenue split. As of June 30, 2026, it reported 324 offline beauty destinations and more than 60 million customers served through online platforms. “Customers served” is the company’s cumulative description, not a count of active buyers in Q1 FY2027. These figures indicate reach; they do not establish how much revenue came from stores versus online orders.
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The reviewed official figures do not provide a current precise percentage of Nykaa’s total revenue attributable separately to online sales and physical stores. It would therefore be misleading to assign either channel a share based on the store count or online customer total.
Stores and online are channels, not standalone reported revenue shares
Nykaa’s operating structure places e-commerce and retail stores inside Beauty, alongside eB2B distribution and House of Nykaa beauty. The company’s summary of operating areas also highlights Nykaa Beauty, Nykaa Stores, House of Nykaa, Superstore by Nykaa and Nykaa Fashion. This helps explain why “online versus stores” is not the same comparison as “Beauty versus Fashion.”
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Superstore illustrates the business-to-business route
Superstore by Nykaa is an example of distribution to retailers rather than a direct consumer shopping channel. In its Q1 FY2027 disclosure, Nykaa reported Superstore GMV of ₹336 crore and a retailer network spanning more than 1,200 cities. That is a company-reported quarterly GMV figure for this operation, not revenue.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read Nykaa’s growth without confusing scale and profit
Nykaa’s FY2026 totals provide operating context beyond revenue: the company reported EBITDA of ₹752 crore and profit after tax (PAT) of ₹204 crore. EBITDA and PAT are profitability measures, not additional revenue. For comparisons between business lines, keep the period and measure consistent, and distinguish the four questions below:
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- Scale: Is the figure revenue, GMV or NSV? These measures are not interchangeable.
- Growth: Is the rate annual or quarterly, and does it compare the same period year over year?
- Profitability: Is the number EBITDA, PAT or a margin? A fast-growing line can still have a thin or negative margin.
- Business scope: Does the figure describe Beauty’s combined channels and brands, Fashion, or a particular distribution operation?
Nykaa’s founder and CEO, Falguni Nayar, said on August 4, 2026, that the quarter marked continued acceleration in growth momentum and EBITDA margins, which she characterized as reaching their highest levels in the last 12 quarters. That is management’s description of Q1 FY2027 performance, not an independent assessment.
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