FSN E-Commerce Hits Major Annualized Revenue Milestone
FSN E-Commerce Ventures, the parent entity of beauty and fashion retailer Nykaa, has officially crossed the $1 billion annualized revenue milestone for the fiscal year 2025-26 (FY26). The company reported consolidated revenue from operations of ₹10,022 crore (approximately $1.2 billion), representing a strong year-on-year growth. Concurrently, Nykaa’s annual Gross Merchandise Value (GMV) surged by 28% to reach ₹19,963 crore, showcasing strong consumer demand across its digital and physical platforms.
The milestone was driven by the sustained performance of its core Beauty and Personal Care (BPC) segment, which contributed the majority of the group’s revenue. Nykaa’s fashion vertical also showed steady recovery, recording improved average order values and reduced customer acquisition costs. The company’s expansion into physical retail has also gathered pace, with its store network growing to over 187 stores across India by the end of Q4 FY26.
Improving Margins and Premiumization Focus
Nykaa’s focus on premiumization and high-margin private labels has helped improve its consolidated EBITDA margins. The company’s digital platform has integrated advanced personalization algorithms, driving higher repeat purchase rates among its 25 million registered users. Industry analysts note that despite rising competition from conglomerates like Reliance Tira and Tata CliQ Palette, Nykaa has successfully maintained its market leadership in the online beauty retail sector.
