Equity Snap: FSN E-Commerce Ventures (NYKAA IN): Nykaa Q1FY27 update: Fashion business remained strong

Research evidence excerpt

Equity Snap: FSN E-Commerce Ventures (NYKAA IN): Nykaa Q1FY27 update: Fashion business remained strong

6 July 2026

Equity Snap: FSN E-Commerce Equities Specialty Retail

Ventures (NYKAA IN)

Nykaa Q1FY27 update: Fashion business remained

strong India

◆ Nykaa Q1FY27 update: Revenue growth near 30% yoy Nihal Mahesh Jham*, CFA

driven by Fashion revenue growth of near 50s% yoy SeniorHSBC SecuritiesAnalyst, Indiaand CapitalConsumerMarkets& Retail(India) Private

Limited

nihal.m.jham@hsbc.co.in

FSN E-Commerce Ventures (NYKAA IN, INR310.30, Hold, TP INR273.00) +91 22 66283771

(Priced as of 03 Jul 2026) Pratik Gothi*

Analyst, India Consumer & Retail

HSBC Securities and Capital Markets (India) Private

◆ Nykaa expects both consolidated GMV and NSV growth to be in the early 30s% pratik.gothi@hsbc.co.in

+91 80 6737 3929

yoy with faster growth driven by the Fashion business, per a company

announcement last night * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

◆ Consolidated Net Revenue growth is expected to be near 30% yoy, marking the

highest growth in the last 13 quarters

Beauty

◆ It expects the Beauty vertical to deliver GMV, NSV and Net Revenue growth in

the high 20s% with revenue growth trailing NSV growth slightly

◆ House of Nykaa continued to grow faster and while this affects marketing income

negatively, the platform’s overall marketing growth was strong

◆ Omnichannel performance remained strong – mid-teens LFL and total store

count of 324 as at 30 June 2026

Fashion

◆ Growth trajectory continued to accelerate in Q1 with NSV growth tracking in mid-

50s% (Q4: 42% yoy)

◆ Fashion vertical’s Net Revenue growth improved to near 50s% (Q4: 40% yoy); 2-