Nykaa, India’s leading beauty and fashion retailer, has outlined an ambitious growth roadmap targeting more than USD 5 billion in gross merchandise value by fiscal 2030, signalling strong confidence in India’s rapidly expanding beauty and fashion consumption landscape.
The company expects revenue to grow two to three times by March 2030, while EBITDA is projected to expand four to five times, with margins scaling into the low-to-mid teens. Within its beauty business, Nykaa is targeting double to triple GMV growth from the INR 150 billion recorded in fiscal 2026, reflecting the platform’s conviction in sustained premiumisation and rising discretionary spending among Indian consumers.
Physical retail expansion forms a central pillar of the strategy. Nykaa plans to more than double its store network from 313 locations across 99 cities to over 600 outlets, bringing its omnichannel beauty experience to a significantly broader geographic footprint across India. The expansion reflects a broader industry trend of digital-first beauty retailers investing in physical touchpoints to deepen consumer engagement and drive discovery of premium and niche brands.
In fashion, Nykaa is targeting three to three-and-a-half times growth in merchandise sales by fiscal 2030, while achieving high single-digit EBITDA margins, as it continues to build its position in India’s fast-growing online fashion segment.
The targets follow a period of strong financial performance. Nykaa recently reported its highest quarterly profit since its 2021 stock market debut, supported by more than 25 percent growth in merchandise sales, improved beauty and personal care margins, and the fashion business reaching EBITDA profitability for the first time.
For India’s professional beauty industry, Nykaa’s growth ambitions carry significant implications. As the platform scales its retail network and deepens its brand portfolio across mass, masstige, and luxury beauty segments, it is increasingly shaping how Indian consumers discover, evaluate, and purchase professional and premium beauty products.
