More Stories

Informist, Monday, Aug. 3, 2026

By Devanshu Singla

MUMBAI – FSN E-Commerce Ventures Ltd., the parent company of online fashion retailer Nykaa, is expected to deliver a sharp on-year growth in its net profit and revenue for the June quarter, driven by strong and sustained growth in the beauty and personal care segment and acceleration in the fashion segment, according to brokerages tracking the company.

The company is expected to report a consolidated net profit of INR 831 million for the June quarter, according to the average of estimates from eight brokerages. This will be up over three times on year from INR 233 million and up 6% on quarter. The company's consolidated net sales for the quarter are expected to be INR 27.58 billion, up 28% on year from INR 21.55 billion and 4% on quarter, according to the average of estimates.

The highest estimate for the company's net profit is INR 946 million from Elara Securities (India) Pvt. Ltd. and the lowest is INR 738 million from Nuvama Wealth Management Ltd. The highest estimate for the company's net sales is INR 28.10 billion from Nomura Equity Research and the lowest is around INR 26.94 billion from Nuvama.

"Nykaa has reported an acceleration in its fashion business growth to near fifties along with sustained mid-twenties growth for BPC (beauty and personal care) segment, which will lead to a near thirties (30%) growth for the company," Nuvama said.

The company's revenue is expected to grow on the back of continuation of momentum from the March quarter, artificial intelligence-led marketing and personalisation, and the Nykaa Now rapid delivery push, the brokerage added.

In financial year 2025-26 (Apr-Mar), the beauty and personal care segment constituted over 91%, and the fashion segment constituted around 8% of the company's total revenue from operations of INR 100.22 billion.

The net sales value for the beauty and personal care segment is likely to grow 30% on the back of sustained growth in House of Nykaa brands along with better conversion of website visitors into buyers. The fashion segment is expected to see a growth of 29% on year in the net sales value, driven by robust customer acquisition, superior brand assortment (Nike partnership), and the Pink Live sale, JM Financial said. 

Nykaa is expected to sustain the on-year growth in the gross merchandise value in the June quarter. The company's gross merchandise value from beauty and personal care segment is expected to grow between 25% and 29.2% on year, according to the average of five estimates. The fashion segment gross merchandise value is expected to grow in the range of 28% to 53% on year, according to the average of four brokerage estimates. The overall gross merchandise value is expected to grow between 27% and 29.8% on year, according to two brokerages.

HDFC Securities expects sharp on-year growth in annual unique transacting customers, with a 28% growth in beauty and personal care segment and a 52% growth in the fashion segment. Additionally, order volumes are likely to grow 31% for beauty and 58% for fashion.

Nykaa's earnings before interest, tax, depreciation, and amortisation are estimated at INR 2.29 billion for the June quarter, up 62% on year and 3% on quarter, according to the average of eight estimates. The highest estimate for the company's EBITDA is INR 2.42 billion from Bank of America Global Research and the lowest is INR 2.18 billion from JM Financial Institutional Securities Pvt. Ltd.

Nykaa is expected to report an EBITDA margin of between 8% to 8.7%, up sharply from 6.5% in the year-ago quarter, according to the average of six estimates.

The  operating leverage in the beauty and personal care segment and the turnaround in profitability in the fashion segment will drive the on-year margin expansion, brokerages said.

The company will release its June quarter earnings Tuesday. Investors will closely watch for the management commentary on demand in the beauty and fashion segment, competition landscape, working capital, and supply chain investments. The contributions from House of Nykaa, margins, and profitability of the online business-to-business segment will also be on investors' radars.

At 1453 IST Monday, shares of FSN E-Commerce were traded at INR 340.70 piece on the National Stock Exchange. The stock is up 12% since the company reported its March quarter earnings on May 21.
 
Out of the eight brokerage reports on the company available with Informist, five have a "buy" recommendation, one has a "hold", and three have a "sell" recommendation. The average target price of the "buy" recommendations is INR 339, which marginally lower than the current market price. The target price for "hold" recommendation is INR 310. The average target price for "sell" recommendations is INR 223.

Following are the Apr-Jun earnings estimates for FSN E-Commerce from eight brokerage firms in descending order by estimate of net profit, in INR million:

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Pankaj Aher

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2026. All rights reserved.