Outlining an ambitious growth roadmap at its annual investor day on Thursday, beauty and fashion retailer Nykaa has set a target of $5 billion in gross merchandise value (GMV or total value of goods sold) for all its businesses by FY30.
The company said it has doubled both GMV and revenue over the past three years while remaining profitable, ending FY26 with gross merchandise value of about Rs 19,963 crore (around $2.1 billion).
The company is looking to achieve 4-5 times Ebitda (earnings before interest, taxes, depreciation, and amortisation) growth by FY30, from Rs 750 crore in FY26.
"Over the years, we have systematically expanded our addressable market, moving into adjacent categories and capturing a larger share of consumer spend. Wellness is the next major opportunity, and one we believe is a natural extension of our journey,” said Falguni Nayar, founder and chief executive of Nykaa, in a statement.
“As consumers increasingly embrace a more holistic approach to self-care, the convergence of beauty, wellness and longevity is creating a large and attractive growth opportunity,” she said, adding that the company expects to serve 200 million cumulative consumers by FY36.
For the whole of FY26, the ecommerce company reported a 26% jump in operating revenue to Rs 10,022 crore, while its profit more than doubled to Rs 204 crore.
"Over the last six years, the company's GMV has grown more than 7X, with Beauty scaling 6X, Fashion 27X and House of Nykaa 10X," the company said in the stock exchange filing. “Looking ahead to FY30, Nykaa sees a significant runway for growth and aims to deliver 2-3X revenue growth, translating into 4-5X EBITDA growth [low to mid-teens Ebitda margin]."
Segment-wise growth
The company highlighted the improving performance of Nykaa Fashion, a business that has historically weighed on the company's profitability. According to the management, fashion has delivered meaningful margin improvement and is on a path towards profitability, addressing investor concerns over its ability to become structurally profitable.
In FY26, Nykaa Fashion clocked GMV of Rs 4,954 crore and over the last three years the business has doubled GMV and expanded its annual transacting customer base from 2.5 million to 4.3 million.
Similarly, the company claims that Nykaa Beauty has the largest portfolio of products in the country. It reported a GMV of Rs 2,788 crore in FY26, showing nearly 10X growth over the last six years.
The omnichannel beauty and fashion retailer has a strong focus on its offline businesses as well. Superstore by Nykaa, which is its distribution infrastructure, aims to surpass Rs 3,500 crore in GMV by FY30 and reach over one million retailers across India.
Nykaa Beauty is also available in a network of 313 stores across 99 cities. The division aims to expand its retail footprint to over 600 stores by FY30.
