Slide 1: Investor Presentation filing letter
FSN E-Commerce Ventures Limited May 30, 2025 National Stock Exchange of India Limited BSE Limited Symbol: NYKAA Scrip Code: 543384 Dear Sir / Madam, Subject: Investor Presentation We are enclosing the Investor Presentation for the quarter and financial year ended March 31, 2025, to be used by the Co
Slide 2: Investor Presentation Quarter and Full year ended March 31, 2025
Investor Presentation Quarter and Full year ended March 31, 2025 FSN E-Commerce Ventures Limited 1
Slide 3: Table of Contents
Table of Contents 1 One Nykaa Highlights 2 Beauty Multi Brand Retail 3 House of Nykaa 4 eB2B: Superstore by Nykaa 5 Fashion 6 Financial Performance 2
Slide 4: One Nykaa Highlights
One Nykaa Highlights N YA
Slide 5: Q4 FY2025 Performance snapshot
Q4 FY2025 Performance snapshot GMV Net Revenue Gross Margin EBITDA PAT Rs 4,102 Cr Rs 2,062 Cr 44.1% Rs 133 Cr Rs. 19 Cr 27% 24% +151 bps 6.5% | 43% 0.9% | 110% YoY Growth YoY Growth Change YoY %NR | YoY Growth %NR | YoY Growth 4 Margin is computed as % of Net Revenue
Slide 6: FY2025 Performance snapshot
FY2025 Performance snapshot GMV Net Revenue Gross Margin EBITDA PAT Rs 15,604 Cr Rs 7,950 Cr 43.7% Rs 474 Cr Rs. 72 Cr 25% 24% +84 bps 6.0% | 37% 0.9% | 81% YoY Growth YoY Growth Change YoY %NR | YoY Growth %NR | YoY Growth 5 Margin is computed as % of Net Revenue
Slide 7: Beauty growth remains robust, Fashion platform growth recovery in the quarter
Beauty growth remains robust, Fashion platform growth recovery in the quarter Beauty Fashion 31% YoY 30% YoY 18% YoY 12% YoY 11,775 3,385 3,804 9,055 GMV 3,058 (Rs Cr) 1,037 2,339 876 Q4FY24 Q4FY25 FY24 FY25 Q4FY24 Q4FY25 FY24 FY25 25% YoY 25% YoY 11% YoY 19% YoY 7,251 675 5,810 568 Revenue (Rs Cr)
Slide 8: FY2025 was a year of transformative success
FY2025 was a year of transformative success 8,600+ brands Consumer immersion Customers Beauty Stores (Beauty + Fashion) initiatives Largest beauty assortment in India India’s Biggest Beauty festival 42 mn+ 237 Highest ever brands launched in FY25 Among Top 10 OTT show Cumulative Customer Stores for
Slide 9: Beauty Multi Brand Retail
Beauty Multi Brand Retail 8
Slide 10: Nykaa Beauty consistently delivered high growth of ~30% in all 4 quarters
Nykaa Beauty consistently delivered high growth of ~30% in all 4 quarters Nykaa Beauty GMV (Rs Cr) Growth Drivers 28% YoY 29% YoY 32% YoY 31% YoY 28% YoY 30% YoY Accelerated customer 11,775 acquisition Strong growth maintained across all 4 quarters 9,055 3,390 3,058 Strengthening brand 2,783 2,543 p
Slide 11: Strong momentum in customer acquisition & retention, while marketing moderated in Q4
Strong momentum in customer acquisition & retention, while marketing moderated in Q4 18.0 27% 18.0 27% 26% 15.8 26% 15.8 26% 16.0 14.8 16.0 13.7 14.0 13.1 24% 14.0 24% 12.4 12.0 22% 12.0 22% 10.0 22% 10.0 21% 20% 20% 8.0 8.0 18% 19% 18% 6.0 6.0 16% 16% 4.0 4.0 14% 2.0 14% 2.0 0.0 12% 0.0 12% Q1FY25
Slide 12: Nykaa remains the #1 partner of choice for global beauty brands to enter India
Nykaa remains the #1 partner of choice for global beauty brands to enter India Renowned French cosmetics Leading global luxury haircare Premium skincare brand from One of the most renowned World – renowned hair styling and skin care brand founded by brand from L’Oreal, high on Beiersdorf possessing
Slide 13: FY26 started with big bang launches
FY26 started with big bang launches Key launches in Q1FY26 [only on Nykaa] [only on Nykaa] [only on Nykaa] +More exciting launches on the way 12
Slide 14: Luxury Beauty Icon that the world covets – now on Nykaa
Luxury Beauty Icon that the world covets – now on Nykaa X 13
Slide 15: Bringing Global Icons Home: Supergoop Debuts Exclusively on Nykaa
Bringing Global Icons Home: Supergoop Debuts Exclusively on Nykaa Sunscreen gaining popularity among Indian Consumers 3rd Largest category in skin on Nykaa Among Top 3 Search terms on Nykaa #1 Premium sunscreen brand on Nykaa.com 14
Slide 16: India's largest specialized beauty retail network
India’s largest specialized beauty retail network Flagship Stores, 7 Kiosks, 47 Luxe Stores, 76 2.5 Lacs 237 79 sq. ft Stores cities Retail space On Trend Stores, 107 +50 stores in FY25 +11 new cities in FY25 +45% YoY [highest ever] Healthy growth across Financial Metrics North – 81 stores 31% YoY 1
Slide 17: Beauty physical stores - Destination for premium beauty brands
Beauty physical stores - Destination for premium beauty brands Bouquet of services offered 90+ Curated Marquee brands Brand SIS Gifting and experience zone Skin Consultation and Magic Mirror AI and virtual Tools 2/3rd of Nykaa physical store Beauty Services GMV from premium brands Free & Paid over M
Slide 18: Flagship sale events reiterate Nykaa as the beauty destination of choice
Flagship sale events reiterate Nykaa as the beauty destination of choice 500 mn+ Average reach 30 mn Unique visitors 17
Slide 19: Powering Consumer Connection Through Purposeful Content and Education
Powering Consumer Connection Through Purposeful Content and Education Affiliate program for Gamified on-app beauty Strong connect across social content creators Thought Leadership initiatives discovery experience media platforms 28,000+ 4 mn+ 17 mn+ Affiliates + Influencers Live Streams view Social
Slide 20: Building the future of beauty through demand shaping and category creating initiatives
Building the future of beauty through demand shaping and category creating initiatives Sunscreen Week Wellness week Fragrance collective event New at Nykaa 19
Slide 21: House of Nykaa
House of Nykaa FASHION 20
Slide 22: House of Nykaa: Consumer brands portfolio across different stages
House of Nykaa: Consumer brands portfolio across different stages Beauty Fashion High Growth/ Matured [Maintaining momentum with marketing investment and channel expansion] Emerging [Drive awareness, brand building, category/assortment depth] House of Nykaa portfolio crosses Rs 2,100 Cr GMV 21
Slide 23: House of Nykaa - Beauty: Growth acceleration across channels
House of Nykaa - Beauty: Growth acceleration across channels GMV (Rs Cr) GMV Channel Mix 72% YoY 55% YoY Strong growth across own 1,695 channels and 3P 39% channels FY25 50% Nykaa Online 1,095 11% Nykaa Stores Others1 (including eB2B) 526 33% FY24 54% 305 13% Q4FY24 Q4FY25 FY24 FY25 1. Others includ
Slide 24: Dot & Key: Among the largest D2C skincare brand in India
Dot & Key: Among the largest D2C skincare brand in India with FY25 GMV of Rs 910 Cr NSV (Rs Cr) Acquired additional 39% stake in Sep-24 115% YoY 14x 529 Acquired 51% in stake in Sep-21 246 38 70 EBITDA FY22 FY23 FY24 FY25 Margin -18% -7% 8% 14% (% of NSV) Wide Omnichannel reach major 237 ~20,000 + 3
Slide 25: Nykaa Cosmetics – our flagship makeup brand continued to grow at scale
Nykaa Cosmetics – our flagship makeup brand continued to grow at scale Brand Snapshot How We Drove Success Through Innovation & Marketing: Successfully built a major new range Created viral new trends through Rs 350 Cr+ GMV across key makeup categories innovative launches 120+ new launches Lolli Lip
Slide 26: We have launched high impact marketing campaigns to support our big bets
We have launched high impact marketing campaigns to support our big bets 25
Slide 27: Kay Beauty has become the fastest growing major makeup brand
Kay Beauty has become the fastest growing major makeup brand Brand Snapshot We successfully launched and scaled flagship products in major categories Hydra Crème Lipstick – A Established & sustained Full Coverage Foundation Rs. 240 Cr+ Viral & Breakthrough leadership in blush – Building on our stren
Slide 28: Invested in the biggest makeup buying occasion with Kay for Day Campaign
Invested in the biggest makeup buying occasion with Kay for Day Campaign 27
Slide 29: Wanderlust has undergone a revamp & is on a new growth trajectory
Wanderlust has undergone a 360 revamp & is on a new growth trajectory We have successfully upgraded our product packaging & entered Brand Snapshot aggressively into gifting New ranges in premium Core ranges upgraded to Gifting category entry with Rs 50 Cr quality packaging new design packs elegant &
Slide 30: House of Nykaa - Fashion: Strong growth on own platform
House of Nykaa - Fashion: Strong growth on own platform GMV (Rs Cr) GMV Channel Mix Overall → 5% YoY 4% YoY Nykaa platforms → 38% YoY 21% YoY 16% Revamping channel strategy with limited focus on 3P 431 offline channels 415 17% FY25 67% Nykaa* Others1 107 112 GT/MT 24% Q4FY24 Q4FY25 FY24 FY25 FY24 57
Slide 31: House of Nykaa – Fashion: Achieved Rs 430 Cr+ GMV in FY25
House of Nykaa – Fashion: Achieved Rs 430 Cr+ GMV in FY25 FY25 GMV (Rs Cr) 160+ 100+ #1 Among Top 5 in lingerie on Nykaa in western wear on Nykaa Among Top Selling ~33% In Bra Category on Amazon 23%+ 1,150+ Customer repeat [FY25] Customer repeat [FY25] styles launched [FY25] 30
Slide 32: eB2B: Superstore by Nykaa
eB2B: Superstore by Nykaa 31
Slide 33: Strong growth momentum, led by retailer additions
Strong growth momentum, led by retailer additions GMV (Rs Cr) Transacting retailer (‘000) 57% YoY 42% YoY 941 15x 276 597 195 325 112 19 28 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Operation started Cities 300+ 650+ 950+ ~1,100 0.5% 4.6% 6.6% 8.0% % contribution to Beauty GMV 32
Slide 34: Strong growth across order-level metrics
Strong growth across order-level metrics Healthy order volume growth Portfolio premiumization 44% YoY 18% YoY Orders ASP [FY25] [FY25] Driven by increasing retailer Increased share of network expansion premium brands 33
Slide 35: Contribution Margin improvement of 484 bps
Sales mix, scale and efficiencies leading to unit economics improvement Gross Margin* Fulfilment Cost* Selling & Distribution Cost* 196 bps 125 bps 158 bps FY24 FY25 FY24 FY25 FY24 FY25 • Increasing share of House of Nykaa • Moving from 3P to owned warehouses • Improving BDE Productivity brand
Slide 36: Drivers for gross margin improvement
Drivers for gross margin improvement Higher House of Nykaa share Increased featured brand share Higher Ad-Income GMV (Rs Cr) Featured brands GMV Share* (%) Ad-Income (Rs Cr) 9x 52% YoY 200 bps Launched in Sep-23 Q4FY24 Q4FY25 FY24 FY25 FY24 FY25 Brand visibility campaigns ▪ Premium brands with hig
Slide 37: Fashion
Fashion N FASHION 36
Slide 38: Healthy growth pickup in Q4FY25, entering next fiscal with good momentum
Healthy growth pickup in Q4FY25, entering next fiscal with good momentum GMV (Rs Cr ) 15% YoY 10% YoY 8% YoY 18% YoY 26% YoY 12% YoY 3,804 FY25 EBITDA Margin (% of NSV) 3,385 expansion of 198 bps YoY 1,130 1,037 863 774 -10.3% -8.3% FY24 EBITDA margin FY25 EBITDA margin Q1FY25 Q2FY25 Q3FY25 Q4FY25 F
Slide 39: Building assortment with launch of marquee brands
Building assortment with launch of marquee brands Women Men Kids Home Accessories 800+ brands launched in FY25 38
Slide 40: Full year focus on improving profitability
Full year focus on improving profitability FY25 FY24 YoY Change Driving factors (as % of NSV) (as % of NSV) • Higher service income Gross Margin 49.0% 44.8% 419 bps and content related marketing income • Leakage reduction and Fulfilment expenses 9.7% 11.1% 136 bps other efficiencies • Customer acqui
Slide 41: Financial Performance
Financial Performance NIA 40
Slide 42: Strong growth in revenue and profitability
Strong growth in revenue and profitability Revenue (Rs Cr) EBITDA* (Rs Cr) 24% YoY 24% YoY 43% YoY 37% YoY 7,950 474 6,386 346 2,062 133 1,668 93 Q4FY24 Q4FY25 FY24 FY25 Q4FY24 Q4FY25 FY24 FY25 5.6% 6.5% 5.4% 6.0% *Margin is computed as % of Net Revenue 41
Slide 43: Profit and Loss Statement
Profit and Loss Statement All amounts in Rs Cr, unless otherwise stated Particulars Q4FY25 Q4FY24 YoY FY25 FY24 YoY Revenue from Operations 2,062 1,668 24% 7,950 6,386 24% Gross Profit 909 710 28% 3,477 2,739 27% Gross Margin 44.1% 42.6% 151 bps 43.7% 42.9% 84 bps Fulfilment expenses 192 155 24% 742
Slide 44: FY25 Vertical Reporting
FY25 Vertical Reporting One Nykaa Beauty Fashion 24% YoY 25% YoY 19% YoY 7950 7251 675 Revenue (Rs Cr) -> 568 6386 5810 FY24 FY25 FY24 FY25 FY24 FY25 NSV growth 23% 24% 14% GP% NSV| (∆ bps) 44.4% (+134 bps) 43.6% (+90 bps) 49.0% (+419 bps) EBITDA % NSV | ((∆ bps) 6.1% (+61 bps) 8.9% ( +21 bps) -8.3%
Slide 45: Gross margin expansion by 134 bps in FY25
Gross margin expansion by 134 bps in FY25 Gross Margin (as % of NSV) One Nykaa Beauty Fashion 44.4% 49.0% +134 bps +90 bps 43.6% +419 bps 43.1% 42.7% 44.8% FY24 FY25 FY24 FY25 FY24 FY25 • Strong performance of House of Nykaa - Beauty with GMV growth of 55% YoY • Higher service and marketing income i
Slide 46: Efficiencies in fulfilment expenses continues, with improved O2D across platform
Efficiencies in fulfilment expenses continues, with improved O2D across platform Fulfilment expenses (as % of NSV) One Nykaa Beauty Fashion 11.1% 9.6% 9.5% 9.4% -9 bps 9.3% +15 bps -136 bps 9.7% FY24 FY25 FY24 FY25 FY24 FY25 • Improved order to delivery days for all platforms across 19,000 pincodes
Slide 47: Long term investment in marketing and category building initiatives
Long term investment in marketing and category building initiatives Marketing expenses (as % of NSV) One Nykaa Beauty Fashion 12.3% 29.4% 9.3% +92 bps +67 bps +355 bps 11.3% 8.6% 25.8% FY24 FY25 FY24 FY25 FY24 FY25 • Accelerated customer acquisition • Category building initiatives like Nykaaland and
Slide 48: Scale efficiencies driving leverage in Employee and Other expenses
Scale efficiencies driving leverage in Employee and Other expenses Employee expenses (as % of NSV) Other expenses (as % of NSV) 8.9% 5.4% 5.4% -6 bps -37 bps 8.5% FY24 FY25 FY24 FY25 • Scale efficiencies driving leverage across Employee and G&A expenses • Other expenses flat: leverage in fixed costs
Slide 49: Quarterly Vertical Reporting
Quarterly Vertical Reporting (All amounts in Rs Cr, unless otherwise stated) Q4FY25 Q3FY25 Q4FY24 Particulars Beauty Fashion Total1 Beauty Fashion Total1 Beauty Fashion Total1 GMV 3,058 1,037 4,102 3,390 1,130 4,528 2,338 876 3,217 Growth 31% 18% 27% 32% 8% 25% 34% 26% 32% NSV 1,757 280 2,043 1,882
Slide 50: Full Year Vertical Reporting
Full Year Vertical Reporting (All amounts in Rs Cr, unless otherwise stated) FY25 FY24 Particulars Beauty Fashion Total1 Beauty Fashion Total1 GMV 11,775 3,804 15,604 9,055 3,385 12,447 Growth 30% 12% 25% 28% 26% 28% NSV 6,674 1,125 7,823 5,362 988 6,355 Growth 24% 14% 23% 25% 27% 26% Revenue from O
Slide 51: Efficient Capex Utilisation
Efficient Capex Utilisation Category wise capex* – FY25 Capex (Rs Cr)* Capex as % of Revenue 250 6% 205 5% 200 5% 183 4% 35% 150 42% 128 4% 115 3% Rs 128 Cr 100 2% 50 2% 2% 1% 23% 0 0% FY22 FY23 FY24 FY25 Store Warehouse Tech Capex optimization, while we continue to invest in key focus areas (Retail
Slide 52: Improving efficiency delivering healthy return on capital
Improving efficiency delivering healthy return on capital Fixed Asset Turnover (x) Working Capital Days (#) ROCE (%) 11.3% 9.1 9.1 44 42 9.5% 40 7.4 7.0 7.5% 34 6.6% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 1. Working capital days is computed on Revenue from Operations 51 2. ROCE
Slide 53: Balance Sheet Summary
Balance Sheet Summary All amounts in Rs Cr, unless otherwise stated Particulars As at As at Movement Mar 31, 2025 Mar 31, 2024 1 Assets Fixed assets including Intangibles 541.4 436.9 104.5 Significant improvement in 2 3 Leased Assets Investment 329.9 0.2 260.9 34.3 69.0 (34.1) working capital effici
Slide 54: Cash Flow Statement
Cash Flow Statement All amounts in Rs Cr, unless otherwise stated S. N Particulars (Rs Cr) FY25 FY24 A Operation Activities 1 PBT 127.4 69.0 2 Depreciation and Amortisation 266.4 224.2 3 Interest expenses 107.3 82.8 4 Interest Income -18.3 -19.7 5 Taxes Paid (net) -59.7 -131.2 6 Others 22.5 26.4 Cas
Slide 55: Business restructuring to unlock synergies and streamline operations
Business restructuring to unlock synergies and streamline operations ➢ Merger of Iluminar Media Limited (LBB) into Nykaa Fashion Limited, both wholly owned subsidiaries of FSN Ecommerce Ventures Limited • The merger proposal was announced in the Company’s Q4 FY 2024 earnings call in May 2024. NCLT h
Slide 56: Thank you
Thank you 55
Slide 57: Glossary
Glossary Term Description Unique customers identified by their email-id or mobile number who have placed at least one Order on our websites, mobile applications or physical stores during the last 12 months ended as on measurement date. Annual Transacting Customers, with respect to beauty and persona
Slide 58: Disclaimer
Disclaimer By attending the presentation or by reading the presentation slides you agree to be bound as follows: This Presentation is prepared by FSN E-Commerce Ventures Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of
Slide 59: Profit and Loss Statement
Profit & and Loss Loss Statement Statement (All amounts in Rs Cr, unless otherwise stated) Quarter Ended Full Year ended Particulars Mar-25 Mar-24 Dec-24 YoY Growth QoQ Growth Mar-25 Mar-24 YoY Growth Revenue from Operations 2,062 1,668 2,267 24% -9% 7,950 6,386 24% Cost of goods Sold 1,153 958 1,27
Slide 60: Key Performance Operational Metrics
Key Performance Operational Metrics Metrics Particulars Unit Q4FY25 Q4FY24 YoY FY25 FY24 YoY Visits Beauty mn 393 303 30% 1,482 1,170 27% Fashion mn 174 144 21% 617 572 8% MAUV Beauty mn 38.0 31.9 19% 35.7 30.2 18% Fashion mn 22.2 17.4 27% 19.1 17.6 9% Orders Beauty mn 14.2 11.7 22% 54.5 43.7 25% Fa