Q2 FY2027 revenue update: GMV growth expected close to thirties, Net Revenue growth in late twenties

Q2 FY2027 revenue update (provisional, for the quarter ended 30 September 2026).

Sun 4 Oct 2026

Consolidated GMV growth (expected)

close to thirties

Consolidated Net Revenue growth (expected)

late twenties

Fashion NSV growth (expected)

late forties

Net new stores / total store count

14 net new stores added; total store count 338 as of 30 September 2026

Like-for-like store sales growth

early twenties, highest in six quarters

The company shared a voluntary quarterly revenue update for the quarter ended 30 September 2026, ahead of its financial results. All growth numbers are on a year-on-year basis and in percentage terms.

Consolidated performance

• GMV growth expected to be close to thirties
• NSV growth expected higher, in early thirties
• Net Revenue growth expected in late twenties

The company said the business strengthened across both verticals, supported by the increasing scale of the Fashion vertical and steady growth in the Beauty vertical.

Beauty vertical

NSV and Net Revenue growth are expected in late twenties. House of Nykaa continued to grow ahead of the overall Beauty vertical, supported by healthy performance across both core and emerging brands.

Omnichannel and stores

• 14 net new store additions during the quarter
• Total store count of 338 as of 30 September 2026
• Like-for-like store sales growth in the early twenties, described as the highest in the last six quarters

Growth here was driven by both new customer acquisition and repeat customer engagement.

Fashion vertical

NSV growth is expected in late forties and Net Revenue growth in early forties, building on the vertical's growing scale.

Brands and partnerships

More than 250 brands were added across categories during the quarter. The Nike partnership continued to see encouraging early traction, supported by exclusive drops.

What the company said about timing

A larger part of the festive season falls in Q3 this year, so some of the festive-led growth has shifted from Q2 to Q3. The company said it remains confident in the underlying growth drivers of the business and in delivering its long-term ambitions.

How to read the numbers

Growth is expressed as ranges, for example late twenties or early forties, and describes what the company expects for the quarter. GMV means gross merchandise value before returns and cancellations. NSV means net sales value after returns, taxes, discounts and cancellations. The update is provisional, and the financial results for the quarter will be subject to limited review by the statutory auditors. The company said the update is being issued voluntarily and does not constitute either financial results or earnings guidance.

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