New Delhi, Oct. 6 -- FSN E-Commerce Ventures (Nykaa's) seems to be entering the festive season on a stronger footing, going by its September quarter (Q2FY27) business update. The stock has gained 5% following the 4 October update, bringing the 2026 return to 29% despite pessimistic sentiment in the broader market.

Nykaa's consolidated GMV is expected to have grown around 30% year-on-year in Q2, with NSV growth higher in the early 30s and net revenue growth in the late 20s. Growth is ahead of JM Financial Institutional Securities' estimates, and follows 29% year-on-year revenue growth in Q1FY27 to Rs.2,782 crore.

GMV is gross merchandise value before returns and cancellations, while NSV is net sales value after returns, taxes, discounts,...