Nykaa expects at least mid-twenties growth for FY25 Q3

Multi-brand beauty and fashion business Nykaa expects to report over mid-twenties net revenue growth for the third quarter of the 2025 financial year. The omni-channel business’ beauty arm will outpace its fashion segment but Nykaa continues to remain optimistic about longterm growth for its fashion business. 

“Nykaa continues to deliver impressive growth, with revenue expansion outpacing consolidated Gross Merchandise Value (GMV), signalling better GMV-to-net-revenue conversion,” said Lakshmishree Investment and Securities’ head of research Anshul Jain about Nykaa’s third quarter update, Livemint reported. “The beauty vertical remains the key driver, with GMV projected to grow in the ‘low thirties’ and net revenue likely surpassing mid-twenties,’ fuelled by strong performance across e-commerce, retail stores, owned brands, and eB2B distribution.”

Nykaa expects its net sales value to grow in the low to mid-teens, according to an exchange filing, Apparel Resources reported. The business runs separate e-commerce platforms for its beauty and fashion businesses, both of which retail Indian and international branded goods as well as Nykaa’s numerous private label offerings. 

“In the fashion division, net revenue is set to grow by 20%, with Net Sales Value (NSV) increasing in the low-to-mid teens,” said Jain. “This reflects consistent growth in content, marketing, and service-related income. Nykaa’s robust performance across verticals underscores its strong market positioning and ability to leverage diverse growth opportunities effectively.”