New Delhi, Oct. 7 -- The fashion business of FSN E-Commerce Ventures Ltd (Nykaa) is showing signs of revival after several quarters of modest performance.

In Q2FY26, this vertical is expected to deliver net sales value (NSV) growth in the higher mid-twenties-its best performance in over a year, according to Nykaa's pre-quarter update.

Early festive season demand and likely discretionary spending pickup following GST cuts could have buoyed sales. The stock responded positively, hitting a new 52-week high of Rs.261.26 on Tuesday.

Fashion, once the laggard, is now catching up with Nykaa's growth engine, the beauty-and-personal-care (BPC) business. Strong traction in the core platform-driven by expanded brand assortment and robust customer...