“Nykaa's consolidated net revenue likely grew around 30% in Q1FY27, significantly exceeding consensus estimates of 24%, driven by nearly 50% growth in the fashion vertical and sustained high-20s growth in beauty. This strong performance, coupled with healthy customer acquisitions, reinforces Nykaa's evolution into an omnichannel fashion and beauty business.”

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%