Fsn E-commerce Ventures Ltd. · NSE:NYKAA
Fsn E-commerce Ventures — Q3 FY26 Earnings Presentation
52 slides from Fsn E-commerce Ventures's earnings presentation, Feb 5, 2026
Slide 1: FSN E-Commerce Ventures Limited – Investor Presentation filing letter
FSN E-Commerce Ventures Limited February 05, 2026 National Stock Exchange of India Limited BSE Limited Symbol: NYKAA Scrip Code: 543384 Dear Sir / Madam, Subject: Investor Presentation In continuation of our letter dated January 20, 2026, and pursuant to Regulation 30 of the Securities and Exchange
Slide 2: Investor Presentation Quarter ended December 31, 2025
FSN E-Commerce Ventures Limited Investor Presentation Quarter ended December 31, 2025 1
Slide 3: Table of Contents
01 One Nykaa Highlights 02 Beauty Multi Brand Retail 03 House of Nykaa Table of Contents 04 eB2B: Superstore by Nykaa 05 Fashion 06 Financial Performance 2
Slide 4: One Nykaa Highlights
One Nykaa Highlights N YA
Slide 5: Q3FY26 Performance snapshot
Q3FY26 Performance snapshot GMV Net Revenue Gross Profit EBITDA PAT Rs 5,795 Cr Rs 2,873 Cr Rs 1,297 Cr Rs 230 Cr Rs. 68 Cr 28% 27% 45.2% | 31% 8.0% | 63% 2.4% | 156% YoY Growth YoY Growth % of NR | % YoY % of NR | % YoY % of NR | % YoY Consistent Highest PAT after adjusting one time impact of new m
Slide 6: Nykaa delivers market leading growth across both Beauty and Fashion
Nykaa delivers market leading growth across both Beauty and Fashion % YoY growth Beauty Fashion 32% 27% 30% 27% 8% 31% 10% 31% 11,062 3,620 8,716 2,767 GMV 1,476 4,302 (Rs Cr) 1,130 3,390 Q3FY25 Q3FY26 9MFY25 9MFY26 Q3FY25 Q3FY26 9MFY25 9MFY26 26% 29% 24% 27% 14% 25% 14% 24% 6,236 1,050 4,917 846 NS
Slide 7: Annualized GMV across all platforms; catering to $100bn+ TAM
Nykaa – Catering to beauty and lifestyle TAM of $100bn+ B2C online B2C retail Consumer Brands B2B2C B2B India’s leading beauty and India’s largest beauty retail HOUSE OF Deep partnerships with full lifestyle platforms network stack offering [12 consumer brands] Serving retailers across general trade
Slide 8: Beauty Multi Brand Retail
Beauty Multi Brand Retail 7
Slide 9: Nykaa Beauty delivers stellar growth, resulting in highest ever GMV
Nykaa Beauty delivers stellar growth, resulting in highest ever GMV Beauty GMV (Rs Cr) YoY Growth (%) EBITDA margin (as % of NSV) 40% 32% 31% 29% 5,300 28% 26% 28% 27% 30% 4,800 20% 4,302 10% 4,300 0% 3,800 3,551 3,390 -10% 3,300 3,208 3,058 -20% 2,783 2,800 2,543 -30% 2,300 -40% 1,800 -50% Q1FY25 Q
Slide 10: Investment in customer acquisition continues to yield results
Investment in customer acquisition continues to yield results Omnichannel Beauty AUTC (mn) YoY % 27% 27% 26% 26% 26% 21% 22% 20.0 19.0 18.7 18.0 17.5 17.0 16.5 16.0 15.8 14.8 15.0 14.0 13.7 13.1 13.0 12.0 11.0 10.0 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 9
Slide 11: A decade-long partnership with L'Oréal
A decade-long partnership with L’Oréal Partnership for Cannes X L’Oréal Paris X Nykaa and Paris Fashion [Fragrances] Week initiated 2012 2018 2019 2021 2023 2024 2025 Selected Nykaa as first Indian e-com retail partner Nykaa Global Store brands Exclusive on Nykaa at the time of launch Nykaa partners
Slide 12: Strengthening further with La Roche Posay, Kiehl's and NYX
….strengthening further with La Roche Posay, Kiehl’s and NYX Exclusive Distribution of NYX Professional Exclusive distribution of Kiehl’s in Exclusive Launch of La Roche Posay Makeup India Omnichannel launch of the Takeover of Kiehl’s operations in India - World’s #1 Distribution and omnichannel lau
Slide 13: Nykaa: India's gateway to world's leading beauty brands
Nykaa : India’s gateway to world’s leading beauty brands Other key launches in Q3FY26 Dolce & Gabbana Kylie Cosmetics Milk Makeup ALFAPARF MILANO H&M Beauty High-end, "indie luxury" brand, US based trend driven, US based clean, cruelty-free, Premium, Italian professional Swedish based trend-driven,
Slide 14: India's largest specialized beauty store network
India’s largest specialized beauty store network Q3FY26 276 94 2.8 L+ Double digit Highlights Stores Cities Retail space (sq.ft) SSSG +11 new stores +4 new cities [34% YoY] Expansion with Innovative formats driving the Next leg of Experiential Retail Innovative store formats designed to create Multi
Slide 15: Nykaa Perfumery – fragrance category expansion
Nykaa Perfumery – Nykaa furthers its efforts in fragrance category expansion Through unique and immersive experiences and education, Nykaa looks to redefine the fragrance market in India Strong early traction Fragrance Fragrance Bespoke Curated collection of GPT Finder gifting 3x 45%+ 30+ of retail
Slide 16: Nykaa Now: Serving largest BPC assortment
Nykaa Now: Serving largest BPC assortment in Top 7 Cities 700+ Marquee brands [Largest BPC Assortment across Luxe, FMCG and D2C brands] within 30-120 mins 276 stores | 94 cities 44 warehouses | 15 cities Rapid stores in 7 cities Tech enabled hyperlocal delivery from all Nykaa stores 15 Winning in gi
Slide 17: Nykaa championed creator led commerce
Nykaa championed creator led commerce long before creator economy became a buzzword Creator economy : Nykaa X YouTube Nykaa X Snapchat A key engine for future growth 76% 70% of content consumed of spends done by on Social media was GenZ was based on creator content* creator content** Nykaa has India
Slide 18: Nykaaland 3.0: Biggest ever beauty & lifestyle festival
Nykaaland 3.0: Biggest ever beauty & lifestyle festival debuts in Delhi 30,000+ 12+ Took over the spotlight stage Masterclasses from Beauty Enthusiasts renowned celebrity makeup [1.2x vs last year] artists 10,000+ content pieces generated by 3,000+ creators, creating 190 mn+ reach 60+ High energy en
Slide 19: Nykaa Beauty Rewind 2025
Nykaa Beauty Rewind 2025: What India Loved, Layered, and Lived In A recap on what consumers searched for, what was trending through the year and what made it to their carts Reaching millions of customers across channels Shoppable takeovers City specific beauty Press coverage across across Nykaa plat
Slide 20: Nykaa Beauty Rewind 2025
Nykaa Beauty Rewind 2025: What India Loved, Layered, and Lived In Sold enough beauty Enough Kajals sold to If all blushes sold in 2025 products to outnumber stack 575 Burj Khalifa’s were paint, it could colour Germany’s population` out of it Jaipur, the Pink City Enough facewash sold 1,750 lipsticks
Slide 21: House of Nykaa
House of Nykaa rg. FASHION
Slide 22: House of Nykaa – Ambition to build India's leading consumer brands portfolio
House of Nykaa – Ambition to build India’s leading consumer brands portfolio Rs 872 Cr 48% YoY 16 mn+ GMV GMV Customers served till date Ann. GMV run rate of Rs 3,500 Cr Beauty Brands Fashion Brands Rs 3,100 Cr Rs 400 Cr Ann. GMV Ann. GMV 21
Slide 23: House of Nykaa – Beauty delivers strong growth
House of Nykaa – Beauty delivers strong growth for several consecutive quarters YoY % GMV (Rs Cr) GMV Channel Mix 47% 48% 49% 72% 70% 74% 65% Other 3P Channels, 24% Nykaa 775 Online,45% Q3FY26 Nykaa b2b*, 20% 627 Nykaa Exports , stores, 9% 578 1% 526 469 Other 3P channels, 18% Q3FY25 360 341 Nykaa b
Slide 24: Dot & Key continues to be India's largest D2C skincare brand
Dot & Key continues to be India’s largest D2C skincare brand, growing at 111% YoY Q3FY26 Highlights Breakthrough innovation helping the brand win in large and fast growing skin categories 1 Scale Sunscreen: Easy to use, daily Moisturizer: Oil free reapplication Rs 1,900 Cr hydration and moisture con
Slide 25: Kay Beauty, India's #1 celebrity makeup brand goes global
Kay Beauty, India’s #1 celebrity makeup brand goes global Q3FY26 Highlights Launched a limited-edition collection in collaboration with India’s leading couture label Falguni Shane Peacock* 1 Scale Rs 500 Cr Ann. GMV Run rate 2 Innovation focus ~21% New launch contribution2 3 International presence I
Slide 26: Nykaa Cosmetics continues to drive growth with trend forward innovations
Nykaa Cosmetics continues to drive growth with trend forward innovations Launched a collab range with the popular Netflix show - Q3FY26 Highlights Bridgerton, transforming viral trends in rapid product innovation* 1 Scale Rs 480 Cr Ann. GMV Run rate 2 Innovation focus ~18% New launch contribution2 3
Slide 27: Nykaa Perfumes – Poised to capture large fragrance opportunity
Nykaa Perfumes – Poised to capture large and high growing fragrance opportunity Q3FY26 Highlights Newly launched dessert inspired fragrances, winning in globally rising consumer trend of Gourmand fragrances 1 Top Performing #1 Brand In Non-Luxe Perfumes 2 Innovation focus ~19% New launch contributio
Slide 28: Nykd celebrates its 5th anniversary
Nykd celebrates its 5th anniversary Scaling beyond lingerie into high potential adjacencies Lingerie Athleisure Sleepwear Shapewear Swimwear Wide Omnichannel reach Award winning Innovation 3P 30 + GT/MBO Magic Lift T shirt bra, awarded the most disruptive product in bra EBOs category from IFF (India
Slide 29: eB2B: Superstore by Nykaa
eB2B: Superstore by Nykaa 28
Slide 30: Superstore continues to scale with widening reach and improving profitability
Superstore continues to scale with widening reach and improving profitability GMV (Rs Cr) Transacting retailers (‘000) 23% YoY 40% YoY 318 359 260 256 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Improving funnel with 31% NSV growth in Q3FY26 1L+ retailers added in one year A part of the portfolio in Q3 was impacted
Slide 31: Strong portfolio of National, Regional and D2C brands
Strong portfolio of National, Regional and D2C brands New Launches in CY2025 FMCG/National Brands Regional and D2C Brands 30
Slide 32: House of Nykaa continues to scale in the underserved market
House of Nykaa continues to scale in the underserved market House of Nykaa GMV 2.7x 115K+ Unique transacting retailers 1,000+ Cities X ~88% GMV from Tier 2+ cities Q3FY25 Q3FY26 31
Slide 33: Operating leverage driving EBITDA improvement
Operating leverage driving EBITDA improvement Fulfilment expenses S&D expenses Employee and Other expenses 77 bps 358 bps 207 bps Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 • Led by reduction in packaging cost and • On account of improving BDE • Scale led efficiency improvement leakages product
Slide 34: Fashion
Fashion N FASHION 33
Slide 35: Accelerated growth with improving profitability
Accelerated growth with improving profitability GMV (Rs Cr) YoY Growth (%) 37% 40% 1,700 31% 30% 25% EBITDA margin (as % of NSV) expansion of 18% 1,476 20% 15% 10% 8% 10% +340 bps YoY 1,130 1,180 0% -5.4% -2.0% 1,200 -10% 1,037 964 Q3FY25 -20% Q3FY26 863 774 -30% 700 -40% Q1FY25 Q2FY25 Q3FY25 Q4FY25
Slide 36: Strong traction in core platform is visible in improving customer metrics
Strong traction in core platform is visible in improving customer metrics Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 31% 21% 30% 30% Visits YoY (%) 221 mn [31% YoY] 7% Visits 3% 29% 30% 35% 27% 28 mn [35% YoY] MAUV YoY (%) MAUV 9% 2% 48% 31% 45% 22% 10 mn [34% YoY] -10% New Customers CCB -17% YoY (%)
Slide 37: Exciting marquee brands launched across categories in CY2025
Exciting marquee brands launched across categories in CY2025 Women Men Kids Accessories/Home Focus on assortment building is driving growth across both core and emerging categories 36
Slide 38: Nykaa X H&M
Nykaa X H&M – Reinforces Nykaa Fashion as a destination for best international brands Strategic partnership bringing world class fashion to India’s largest style forward and premium consumers H&M takeover at Nykaaland Launch Activation Brand Page Global trend forward fashion powerhouse X India’s #1
Slide 39: Nykaa Fashion to operate Nike.in and Nike Commerce App
Nykaa Fashion to operate Nike.in and Nike Commerce App in India A strategic partnership that merges Nike’s global brand and product prestige with Nykaa’s India digital marketplace expertise X Global leader in athletic footwear, India’s #1 premium online fashion apparel, equipment and accessories des
Slide 40: Nykaa Fashion Pink Friday Sale
Nykaa Fashion Pink Friday Sale - #1 destination for standout festive outfits Kaha Se? Nykaa Fashion! Campaign took over billboards to reels 200 mn Social reach 31 mn Visits 44% YoY New Customers 5 5 1 Women Men’s T-shirt Footwear got festive sold every sold every ready every min min 10 secs 39
Slide 41: Financial Performance
Financial Performance NAL
Slide 42: Consistent growth in Revenue with strong profitability
Consistent growth in Revenue with strong profitability Revenue (Rs Cr) EBITDA (Rs Cr) PAT (Rs Cr) 27% YoY 27% YoY 42% YoY 63% YoY 51% YoY 156% YoY 2,873 230 68 2,267 141 26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 6.2% 8.0% 1.2% 2.4% Adj. PAT* of Rs 78 Cr in Q3FY26 (2.7% margin) Margin is % of net
Slide 43: Profit and Loss Statement
Profit and Loss Statement Particulars (Rs Cr) Q3FY26 Q3FY25 YoY 9MFY26 9MFY25 YoY Revenue from Operations 2,873 2,267 27% 7,374 5,888 25% Gross Profit 1,297 991 31% 3,313 2,568 29% Gross Margin 45.2% 43.7% 144 bps 44.9% 43.6% 130 bps Fulfilment expenses 269 209 29% 699 551 27% As % of revenue from o
Slide 44: Q3FY26 Vertical Reporting
Q3FY26 Vertical Reporting One Nykaa Beauty Fashion 28% YoY 29% YoY 25% YoY 2,845 2,421 410 NSV 2,219 (Rs Cr) -> 1,882 329 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 GP% NSV| (∆ bps) 45.6% (+95 bps) 44.8% (+137 bps) 49.7% (-158 bps) EBITDA % NSV | (∆ bps) 8.1% (+174 bps) 10.1% ( +134 bps) -2.0% ( +340
Slide 45: Quarterly Vertical Reporting
Quarterly Vertical Reporting (All amounts in Rs Cr, unless otherwise stated) Q3FY26 Q2FY26 Q3FY25 Particulars Beauty Fashion Total1 Beauty Fashion Total1 Beauty Fashion Total1 GMV 4,302 1,476 5,795 3,551 1,180 4,744 3,390 1,130 4,528 Growth 27% 31% 28% 28% 37% 30% 32% 8% 25% NSV 2,421 410 2,844 1,98
Slide 46: Capital efficiency driving consistent ROCE improvement
Capital efficiency driving consistent ROCE improvement Fixed Asset Turnover (x) Working Capital Days (#) ROCE (%) 10.5 19.1% 44 42 9.1 9.1 11.3% 34 30 7.5% 6.6% 7.0 FY23 FY24 FY25 9MFY26 FY23 FY24 FY25 9MFY26 FY23 FY24 FY25 9MFY26 1. Working capital days is computed on Revenue from Operations 45 2.
Slide 47: Thank you
Thank you
Slide 48: 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 49: 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 50: Profit & Loss Statement
Profit & Loss Statement (All amounts in Rs Cr, unless otherwise stated) Particulars Q3FY26 Q3FY25 Q2FY26 YoY Growth QoQ Growth 9MFY26 9MFY25 YoY Growth Revenue from Operations 2,873 2,267 2,346 27% 22% 7,374 5,888 25% Cost of goods Sold 1,576 1,276 1,292 23% 22% 4,062 3,320 22% Gross Profit 1,297 99
Slide 51: 9M Vertical Reporting
9M Vertical Reporting (All amounts in Rs Cr, unless otherwise stated) 9MFY26 9MFY25 Particulars Beauty Fashion Total1 Beauty Fashion Total1 GMV 11,062 3,620 14,722 8,716 2,767 11,501 Growth 27% 31% 28% 30% 10% 25% NSV 6,236 1,050 7,321 4,917 846 5,781 Growth 27% 24% 27% 24% 14% 23% Revenue from Oper
Slide 52: Key Performance Metrics
Key Performance Metrics Particulars Unit Q3FY26 Q3FY25 YoY Visits Beauty mn 538 401 34% Fashion mn 221 169 31% MAUV Beauty mn 50.7 38.1 33% Fashion mn 27.7 20.5 35% Orders Beauty mn 18.1 15.0 21% Fashion mn 3.0 2.1 39% AOV Beauty Rs 2,173 2,127 2% Fashion Rs 4,794 4.901 -2% AUTC Beauty mn 18.7 14.8
FSN E-Commerce Ventures — Q3 FY26 Earnings Presentation on 6ix