Fsn E-commerce Ventures Ltd. · NSE:NYKAA
Fsn E-commerce Ventures — Q1 FY2026 Earnings Presentation
54 slides from Fsn E-commerce Ventures's earnings presentation, Aug 12, 2025
Slide 1: FSN E-Commerce Ventures Limited – Investor Presentation filing letter
FSN E-Commerce Ventures Limited August 12, 2025 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 August 01, 2025, and pursuant to Regulation 30 of the Securities and Exchange Boa
Slide 2: Investor Presentation Quarter ended June 30, 2025
Investor Presentation Quarter ended June 30, 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 NKAR
Slide 5: Q1 FY2026 Performance snapshot
Q1 FY2026 Performance snapshot GMV Net Revenue Gross Profit EBITDA PAT Rs 4,182 Cr Rs 2,155 Cr Rs 962 Cr Rs 141 Cr Rs. 24 Cr 26% 23% 44.6% | 27% 6.5% | 46% 1.1% | 79% YoY Growth YoY Growth %NR | YoY Growth %NR | YoY Growth %NR | YoY Growth 4 Margin is computed as % of Net Revenue
Slide 6: Strong Beauty momentum, Fashion rebounds: 25% GMV growth in both verticals
Strong Beauty momentum, Fashion rebounds: 25% GMV growth in both verticals Beauty Fashion 28% YoY 26% YoY 15% YoY 25% YoY 3,208 964 2,543 774 GMV (Rs Cr) Q1FY25 Q1FY26 Q1FY25 Q1FY26 21% YoY 25% YoY 17% YoY 20% YoY 1,834 294 245 NSV 1,470 (Rs Cr) Q1FY25 Q1FY26 Q1FY25 Q1FY26 EBITDA margin 8.5% 9.0% -9
Slide 7: Q1FY26 - At a Glance
Q1FY26 - At a Glance Customers Beauty Stores 250 * 45 mn+ Beauty stores [largest specialized beauty store network] Cumulative Customer Base [30% YoY] 82 cities Brands Quicker delivery 9,000+ 7 50+ Brands cities Rapid Stores* [400+ brands launched in Q1] [Beauty – 100+] [Best in Beauty delivered in 3
Slide 8: New Faces of Nykaa - Brand Icons that champion the Nykaa values
New Faces of Nykaa - Brand Icons that champion the Nykaa values Shanaya KapoorX Sharvari Wagh X Lisa Haydon X Rasha Thadani X Ishan Khatter X Sharvari, Bollywood’s rising star, Lisa, a global icon of modern glamour, Bollywood’s rising star Rasha Nykaa Fashion onboards two of the embodies the spirit
Slide 9: Beauty Multi Brand Retail
Beauty Multi Brand Retail 8
Slide 10: Key metrics that we are excited to share
Key metrics that we are excited to share GMV (Rs Cr) AUTC (mn) AOV (Rs) 28% YoY 26% YoY 21% YoY 26% YoY 0% YoY 4% YoY 16.5 2,009 3,208 1,924 2,543 13.1 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Focus on driving penetration (strong AUTC growth of 26% YoY) and premiumization (AOV improvement of 4% YoY
Slide 11: Nykaa: Partner of choice for global brands' entry into India
Nykaa: Partner of choice for global brands’ entry into India [Only on Nykaa] [Only on Nykaa] Prestige beauty brand from Giorgio Viral US-based suncare brand, making Viral Korean skincare brand, loved for Iconic French luxury brand, celebrated Armani, blending elegance and effortless SPF a daily esse
Slide 12: Full stack brand launch capabilities unrivaled in the Indian market
Full stack brand launch capabilities unrivaled in the Indian market 1 Nykaa’s Marketing stack 2 Immersive on-site brand 3 Customer awareness experiences On & off platform WhatsApp Social media: On-app brand Brand launches mynykaa Instagram page storytelling front & centre Emailer App Push Backed by
Slide 13: Driving premiumization with focused campaigns: Nykaa Luxe Weekender
Driving premiumization with focused campaigns: Nykaa Luxe Weekender Introduction of Lisa Robust content & CRM Retail & on-ground Homepage theming for the Haydon as the face of strategy activations for the Luxe Luxe Weekender Nykaa Luxe Weekender @mynykaa & @nykaaluxe Store screens Key Opinion Luxe s
Slide 14: Nykaa partners with L'Oréal Paris to bring Cannes glamour to India
Nykaa partners with L’Oréal Paris to bring Cannes glamour to India Representation from Nykaa at the Onsite Activation with 48 mn+ reach Offline activation across Luxe stores Exclusive launch of a LOréal 78th L’oreal Cannes Event, Paris Paris Lip Oil on Nykaa 13
Slide 15: India's largest specialized beauty retail network
India’s largest specialized beauty retail network 250 2.5+ Stores* 82 Lacs sq. ft cities Retail space Largest beauty 3 new cities +36% YoY store network and 2 new airports In Q1 Healthy growth across financial Metrics 33% YoY Double digit Profitable GMV SSSG store network 14 *Store count is at 31st
Slide 16: Unique store formats to deliver differentiated experience
Unique store formats to deliver differentiated experience KIOSK 1.2L Sq.ft 1.25L Sq.ft 9K Sq ft 10 75 116 46 3 Flagship stores Luxe stores Stores Multi-brand Single brand Exclusive House of Brand specific POS Nykaa point of sales touch points in top Experience led stores with brand Curated collectio
Slide 17: Nykaa stores are becoming destination for indulgence
Nykaa stores are becoming destination for indulgence Events (50+ in Q1FY26) Hair styling services Nail spa services Skin consultation and Facials Makeovers (63K in Q1FY26) 16
Slide 18: Delivering convenience and choice by being closer to the customer
Delivering convenience and choice by being closer to the customer Largest network of beauty warehouses, physical retail [Best in Beauty delivered stores and rapid stores across the country in 30 -120 mins] Rapid Stores 50+ Cities 7 Orders delivered till date 1.3 mn+ Largest assortment from best of b
Slide 19: Nykaa's Pink Summer Sale delivered season's hottest drop, growing 33% YoY
Nykaa’s Pink Summer Sale delivered season’s hottest drop, growing 33% YoY India’s biggest beauty sale! 2.9 mn orders delivered across 19,000+ pincodes Orders placed in 99% of Indian pincodes 1 Lipstick 16 Fragrances sold every 2 seconds sold every 1 minute 4 Lakh+ 500 mn+ Luxe products sold Average
Slide 20: House of Nykaa
House of Nykaa : _—_=——=e =< ro. FASHION
Slide 21: House of Nykaa delivers 57% YoY growth, achieving Rs 2,700 Cr GMV run rate
House of Nykaa delivers 57% YoY growth, achieving Rs 2,700 Cr GMV run rate GMV (Rs Cr) House of Nykaa has scaled 7x in five years 57% YoY 7x ~2700 2,126 1,510 1,118 695 390 FY21 FY22 FY23 FY24 FY25 Q1FY26 Annualized Launched Acquired 51% stake in Acquired minority stake in Kay Beauty Rs 1500 Cr+ “Ny
Slide 22: House of Nykaa – Beauty scales to Rs 580 Cr GMV with 70% YoY growth
House of Nykaa – Beauty scales to Rs 580 Cr GMV with 70% YoY growth GMV (Rs Cr) GMV Channel Mix 47% YoY 70% YoY 578 46% 46% Q1FY26 Growth acceleration across channels 8% Nykaa Online 341 Nykaa Stores Others1 (including eB2B) 38% Q1FY25 52% 10% Q1FY25 Q1FY26 1. Others include other GT, MT (including
Slide 23: Dot & Key: Leading D2C skincare brand with Rs 1,500 Cr+ GMV run rate
Dot & Key: Leading D2C skincare brand with Rs 1,500 Cr+ GMV run rate #1 skincare brand High growth Rs 1,500 Cr+ High-teens profitable brand GMV run rate EBITDA margin [100%+ YoY] (% of NSV) Wide 250 ~30,000 omnichannel + Nykaa Beauty Selective doors reach major store** via Superstore 3P marketplaces
Slide 24: Nykaa Cosmetics is driving growth through innovation
Nykaa Cosmetics is driving growth through innovation Achieved new launch success in major categories Matte to Last Bullet Lipstick 9-in-1 Eyeshadow Palette INR 350 Cr GMV Run rate #1 Lipstick brand2 #1 Eyeshadow brand2 Differentiated proposition drive by Rapidly became a top 3 eyeshadow 20%+ packagi
Slide 25: Amplifying big bets through high-visibility campaigns
Amplifying big bets through high-visibility campaigns 24
Slide 26: Kay Beauty continues to scale as India's largest celebrity beauty brand
Kay Beauty continues to scale as India’s largest celebrity beauty brand INR 250 Cr + GMV Run rate 56% YoY growth 40%+ Retention rate2 #1 Blush Brand2 High impact site takeovers with new overlay Innovation PR Kits for influencer led virality Offline activation with life sized mascots 25%+ New launch
Slide 27: Kay Beauty to make historic UK debut soon with exclusive launch at Space NK
Kay Beauty to make historic UK debut soon with exclusive launch at Space NK The first beauty brand founded in India to join Space NK’s curated [India’s most loved celebrity beauty brand] global portfolio X [UK’s most prestigious luxury beauty retailer with 80+ stores across the country] 26
Slide 28: Kay Beauty is building brand salience through impactful launches
Kay Beauty is building brand salience through impactful launches 27
Slide 29: Excellence in innovation with strong product-market fit launches
Excellence in innovation with strong product-market fit launches Seasonally relevant Summer in Launched an active led Where skincare meets sun care — Amalfi launch, taps into the active facewash portfolio Earth Rhythm’s Serum Sunscreen ingredient market trend is rewriting the SPF playbook #5 #1 #3 S
Slide 30: House of Nykaa - Fashion: Growth driven by strength of own platform
House of Nykaa - Fashion: Growth driven by strength of own platform GMV (Rs Cr) GMV Channel Mix -2% Overall YoY 7% 12% Revamping channel strategy with limited focus on 3P 10% Nykaa platforms YoY 26% offline channels 19% Q1FY26 97 90 69% Nykaa* Others 3P channels GT/MT 21% Q1FY25 Q1FY25 Q1FY26 19% 60
Slide 31: Simplifying lingerie for Indian women
- Simplifying lingerie for Indian women Omnichannel Rs 170 Cr + Distribution Nykaa.com+D2C website+ Other online GMV run rate platforms Scaled ~3X in 3 years 25 EBOs 1000+ GT stores Among top #1 Lingerie brand on Nykaa selling Fashion in bra category on Amazon Bringing innovative launches Key launch
Slide 32: eB2B: Superstore by Nykaa
eB2B: Superstore by Nykaa 31
Slide 33: Superstore continues to scale with widening reach and improving profitability
Superstore continues to scale with widening reach and improving profitability GMV (Rs Cr) Transacting retailer (‘000) 40% YoY 45% YoY 288 305 205 210 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Cities 1000+ 1110+ 8.1% 9.0% % contribution to Beauty GMV ~95k retailers added across 100 cities in one year 32
Slide 34: Key levers of growth
Key levers of growth Expanding brand portfolio House of Nykaa gains momentum 1 2 14% YoY 209 8x 184 X Q1FY25 Q1FY26 Q1FY25 Q1FY26 Driving growth through premiumization Leveraging technology 3 4 11% YoY ASP Boosting sales rep Shift in retailer ~45% productivity through Gamified contests interactions
Slide 35: Steady margin improvement at all levels
Steady margin improvement at all levels Gross margin Contribution margin EBITDA margin 139 bps Q1FY25 Q1FY26 Q1FY25 Q1FY26 309 bps 515 bps Q1FY25 Q1FY26 • Increasing share of House of Nykaa • Reduction in freight and packaging • Operating Leverage evident in brands (7x YoY increase) cost/order
Slide 36: Fashion
Fashion N FASHION 35
Slide 37: Fashion growth revival with improving profitability
Fashion growth revival with improving profitability GMV (Rs Cr ) 15% YoY 25% YoY EBITDA Margin (% of NSV) expansion of 964 304 bps YoY 774 -9.2% -6.2% Q1FY25 EBITDA margin Q1FY26 EBITDA margin Q1FY25 Q1FY26 Strong recovery in core Fashion platform with improving profitability 36
Slide 38: Core platform growth evident in improving customer metrics
Core platform growth evident in improving customer metrics Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 30% 21% Visits YoY (%) 165 mn 3% 7% Visits 0% 27% 29% 9% MAUV YoY (%) 20.4 mn 2% MAUV -5% 31% 22% 8.5 mn New Customers YoY (%) Cumulative customer -10% -12% -17% base 19% 14% 10% Orders YoY (%) 2 mn -4% 0%
Slide 39: Nykaa Fashion: Gateway to premium and global Fashion in India
Nykaa Fashion: Gateway to premium and global Fashion in India 70% YoY 500 bps+ Share gain in women GMV growth of Global Store western wear 1,000+ international brands 38
Slide 40: The Nykaa Fashion Edit – Curated Stores by Stylists
The Nykaa Fashion Edit – Curated Stores by Stylists Elevated shopping experience Occasion Based Stores Trend Based Stores Festive Stores Influencer Stores Objective: To Position Nykaa Fashion as #1 Trend & Style first Shopping Platform in India
Slide 41: Building assortment in emerging categories to drive platform growth
Building assortment in emerging categories to drive platform growth Men Kids 436+ bps 4% ~116 bps 5% 12% 16% [Q1FY25] Share gain on [Q1FY26] [Q1FY25] Share gain on [Q1FY26] Nykaa Fashion Nykaa Fashion 74% YoY 67% YoY GMV GMV Wide offerings across category 40
Slide 42: Strong improvement in profitability
Strong improvement in profitability Marketing expenses (as % of NSV) - Strong Customer acquisition (31% YoY) 27.4% - Healthy retention metrics (59% GMV from existing customer) 105 bps 26.4% EBITDA margin (as % of NSV) Q1FY25 Q1FY26 Q1FY25 Q1FY26 -6.2% Other expenses* (as % of NSV) 19.3% 304 bps
Slide 43: Financial Performance
Financial Performance NAL
Slide 44: Strong start to FY26: Consistent growth in Revenue with improving profitability
Strong start to FY26 : Consistent growth in Revenue with improving profitability Revenue (Rs Cr) EBITDA* (Rs Cr) PAT* (Rs Cr) 22.8% YoY 23.4% YoY 31% YoY 46% YoY 150% YoY 79% YoY 2,155 141 24 1,746 96 14 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 5.5% 6.5% 0.8% 1.1% *Margin is computed as % of Net Re
Slide 45: Profit and Loss Statement
Profit and Loss Statement Particulars Q1FY26 Q1FY25 YoY Revenue from Operations 2,155 1,746 23% Gross Profit 962 756 27% Gross Margin 44.6% 43.3% 132 bps Fulfilment expenses 203 167 22% As % of revenue from operations 9.4% 9.5% 10 bps Marketing and S&D expenses 328 248 32% As % of revenue from opera
Slide 46: Q1FY26 Vertical Reporting
Q1FY26 Vertical Reporting One Nykaa Beauty Fashion 24% YoY 25% YoY 20% YoY 1,834 294 2,137 NSV (Rs Cr) -> 1,719 1,470 245 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 GP% NSV| (∆ bps) 45.0% (+100 bps) 44.6% (+158 bps) 47.3% (-210 bps) EBITDA % NSV | (∆ bps) 6.6% (+99 bps) 9.0% ( +47 bps) -6.2% ( +304 b
Slide 47: Quarterly Vertical Reporting
Quarterly Vertical Reporting (All amounts in Rs Cr, unless otherwise stated) Q1FY26 Q4FY25 Q1FY25 Particulars Beauty Fashion Total1 Beauty Fashion Total1 Beauty Fashion Total1 GMV 3,208 964 4,182 3,058 1,037 4,102 2,543 774 3,321 Growth 26% 25% 26% 31% 18% 27% 28% 15% 25% NSV 1,834 294 2,137 1,757 2
Slide 48: Capital efficiency driving consistent ROCE
Capital efficiency driving consistent ROCE capital Fixed Asset Turnover (x) Working Capital Days (#) ROCE (%) 9.5 9.1 9.1 12.7% 44 42 11.3% 7.0 34 7.5% 32 6.6% FY23 FY24 FY25 Q1FY26 FY23 FY24 FY25 Q1FY26 FY23 FY24 FY25 Q1FY26 1. Working capital days is computed on Revenue from Operations 47 2. ROCE
Slide 49: Nykaa to acquire balance 40% stake in Nudge Wellness
Nykaa to acquire balance 40% stake in Nudge Wellness, now a wholly owned Nykaa subsidiary Beauty Supplement Market Opportunity ($ bn) Brand Overview Vitamins, Minerals, Supplements, 11 D2C new age brand, with the aim to simplify nutrition and make it and Functional F&B more convenient to consumers,
Slide 50: Thank you
Thank you
Slide 51: 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 52: 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 53: Profit and Loss Statement
Profit & and Loss Loss Statement Statement (All amounts in Rs Cr, unless otherwise stated) Quarter Ended Particulars June-25 June-24 Mar-25 YoY Growth QoQ Growth Revenue from Operations 2,155 1,746 2,062 23% 5% Cost of goods Sold 1,193 990 1,153 21% 4% Gross Profit 962 756 909 27% 6% Gross Profit Ma
Slide 54: Key Performance Operational Metrics
Key Performance Operational Metrics Metrics Particulars Unit Q1FY26 Q1FY25 YoY Visits Beauty mn 411 330 24% Fashion mn 165 127 30% MAUV Beauty mn 38.8 32.6 19% Fashion mn 20.4 15.8 29% Orders Beauty mn 14.5 12.4 17% Fashion mn 2.0 1.7 19% AOV Beauty Rs 2,009 1,924 4% Fashion Rs 4,504 4,237 6% AUTC B
FSN E-Commerce Ventures — Q1 FY2026 Earnings Presentation on 6ix