Nykaa shares trade in green; everything investors should know ahead of Q4 earnings on Thursday

Shares of FSN E-Commerce, the parent company of Nykaa, were trading higher on Thursday, May 21, ahead of the firm’s March quarter earnings announcement.

At 11:15 AM, Nykaa shares were trading at ₹274.35 apiece on the National Stock Exchange, rising 0.38%.

Over a month’s time, the stock has gained 3.5%, while it has jumped 2% in the last six months. From the beginning of the year, Nykaa shares have climbed 3.2%, while it has surged 37% on a year-on-year (YoY) basis.

The company has a market capitalisation of ₹78,460.12 crore.

Shares of the company had touched their one-year high of ₹285.60 apiece on February 11, 2026, while their 52-week low of ₹191.16 was hit on June 13, 2025.

Nykaa’s Q4 business update

According to a regulatory filing dated April 6, 2026, Nykaa had said it has delivered strong performance in Q4 FY26 with consolidated gross merchandise value (GMV) growth expected to be in the late twenties. The firm expects its consolidated net sales value after returns, taxes, discounts and cancellations (NSV) growth to be higher in the early thirties.

The company’s consolidated net revenue growth is expected to be in the late twenties, marking the highest growth in the last 12 quarters. Nykaa had said that this strong performance came on the back of acceleration in the fashion vertical along with sustained strong performance of the beauty vertical.

With this, Nykaa’s consolidated NSV growth for the full year FY26 is expected to accelerate to the late twenties, up from mid-twenties growth seen in the last two years. Net revenue for the year is expected to improve to the upper end of the mid-twenties, reflecting consistently healthy performance across all verticals.

Furthermore, Nykaa’s Beauty vertical is expected to report GMV, NSV and net revenue growth in the late twenties for Q4 FY26, with NSV growth slightly outpacing GMV and net revenue. The improvement in GMV-to-NSV conversion has been driven by better funnel efficiencies across businesses.

The company also witnessed strong retail expansion during the quarter, adding a record number of stores. Nykaa opened 26 new stores and integrated 11 Kiehl’s outlets in the reporting quarter, marking its highest-ever quarterly store additions.

Meanwhile, Nykaa’s fashion vertical has continued its growth revival since the beginning of FY26. The segment is expected to see further momentum in Q4, with GMV growth in the late twenties and NSV growth tracking higher in the early forties.

“While we remain watchful of the evolving geopolitical landscape in West Asia, there has been no material impact this quarter. Middle East exposure is currently below 1% of overall revenue, given the business is in its early stages,” the company had said in a statement last month.

Nykaa’s Q3 earnings

FSN E-Commerce Ventures had posted a 141.55% year-on-year (YoY) surge in its consolidated net profit to ₹63.31 crore in the December quarter of FY26, compared to ₹26.12 crore in the corresponding period of the previous fiscal year.

Nykaa's revenue from operations advanced 26.73% YoY to ₹2,873.26 crore during the quarter under review, as against ₹2,267.21 crore in Q3 FY25.

At an operational level, its EBITDA, also known as 'operating profit', stood at ₹230 crore for Q3 of FY26, reflecting a 63% YoY jump from ₹141 crore in the year-ago period. Its EBITDA margin expanded to 8% in the third quarter of the current fiscal year, in comparison to 6.2% in the December quarter of FY25.

The firm’s gross merchandise value (GMV) grew 28% YoY to ₹5,795 crore in Q3FY26, in comparison to ₹4,528 crore in the same period last year.

Nykaa’s beauty segment delivered a GMV growth of 27% YoY to ₹4,302 crore, compared to ₹3,390 crore in Q3 of FY25, supported by sustained momentum across e-commerce, physical retail, and owned brands under the House of Nykaa, it said.

Its fashion vertical witnessed a 31% YoY increase in its GMV to ₹1,476 crore for the reporting quarter, as against ₹1,130 crore in the December FY25 quarter, driven by higher engagement and operating leverage.