Fsn E-commerce Ventures Ltd. · NSE:NYKAA
Fsn E-commerce Ventures — Shareholder Meeting (August 2026)
61 slides from Fsn E-commerce Ventures's shareholder meeting presentation, Aug 25, 2026
Slide 1: FSN E-Commerce Ventures Limited
FSN E-Commerce Ventures Limited August 25, 2026 National Stock Exchange of India Limited BSE Limited Symbol: NYKAA Scrip Code: 543384 Dear Sir/ Madam, Sub: Presentation made at 14th Annual General Meeting (AGM) of the Company With reference to the captioned subject, please find attached herewith the
Slide 2: FY2026 AGM
FY2026 AGM FSN E-Commerce Ventures Limited 25th Aug 2026 | 10:30 AM IST
Slide 3: Industry Overview and One Nykaa
Industry Overview and One Nykaa
Slide 4: House of Nykaa: India's leading beauty and lifestyle destination
Nykaa: India’s leading beauty and lifestyle destination House of India’s largest beauty India’s leading premium online India’s leading eB2B BPC distribution Consumer brands portfolio across omnichannel retailer fashion platform platform beauty and fashion Rs 20,000 Cr Rs 10,000 Cr 55 mn GMV NSV Cumu
Slide 5: India's discretionary spend to see outsized growth with continued GDP growth
India’s discretionary spend to see outsized growth with continued GDP growth India GDP ($ tr) India Discretionary spend as % of retail 400 870 1,250 7,150 8,700 2x+ 8-10 77% 67% 60-62% 53% 2x 4 35% 2 FY16 - India FY26 - India FY36E - FY26 - FY26 - US India China GDP ($ tr) → 2 4 8-10 20 30 FY16 FY26
Slide 6: BPC and Fashion are the fastest growing discretionary categories
BPC and Fashion are the fastest growing discretionary categories India BPC and Fashion to outpace Discretionary growth India’s Discretionary spend FY21-26 CAGR FY26-36E CAGR 12%+ 12%+ 23% 30% $465 bn $740 bn 10% ~10% 9% 7% 2x $110 bn $200 bn FY26 FY31E Overall Discretionary BPC Fashion BPC + Fashion
Slide 7: Nykaa's core TG to double in next years reaching 100mn+ households
Nykaa’s core TG to double in next 10 years reaching 100mn+ households India’s Annual Household Income High (Rs 50L+) 17 mn (5%) 35 mn (10%) Nykaa’s Upper Mid (Rs 12 - 50L) Core TG 43 mn (13%) 72 mn (19%) Lower Mid (Rs 4 - 12L) Nykaa’s 101 mn (26%) 88 mn (27%) Emerging TG Low (<Rs 4L) 177 mn (54%) 17
Slide 8: India is among fastest growing BPC markets, a $40 bn+ opportunity by FY31E
India is among fastest growing BPC markets, a $40 bn+ opportunity by FY31E India BPC market size ($ bn) Unorganized Offline Organized Offline Online #4 Largest globally by FY31 12%+ overall CAGR 20%+ online CAGR 42 Nykaa is well placed to serve BPC market across online, organized offline and unorgan
Slide 9: India online fashion market: a $50 bn opportunity
India online fashion market: a $50 bn opportunity India online premium fashion market ($ bn) India Fashion market size ($ bn) #3 Offline Online Largest globally by FY31 Men Women 12%+ overall CAGR 22-25% online CAGR 160 26-28% online premium Fashion CAGR 8.5 – 9.5 30% 4 - 4.5 6-7% overall CAGR 27-28
Slide 10: Nykaa's evolution to a Rs 20,000 Cr GMV beauty and lifestyle ecosystem
Nykaa’s evolution to a Rs 20,000 Cr GMV beauty and lifestyle ecosystem One Nykaa GMV (Rs Cr) ~Rs 16,000 Cr+ in 5 yrs 20,000 15,600 12,500 9,700 Rs 4,000 Cr+ 6,900 in 8 yrs 4,050 <4 FY13 FY21 FY22 FY23 FY24 FY25 FY26
Slide 11: Every business is scaling against a large and distinct market opportunity
Every business is scaling against a large and distinct market opportunity GMV Mix1 (%) GMV growth TAM (FY31E) (FY21-26) House of Nykaa - Fashion, 2% $14 bn Nykaa Beauty 4x Online BPC House of Nykaa - Fashion, 1% Fashion, Fashion, 25% House of Nykaa - 9% $13 bn Beauty, 8% Nykaa Stores 7x Organized of
Slide 12: Nykaa crosses Rs 10,000 Cr Revenue milestone; EBITDA grew 5x in 5 yrs
Nykaa crosses Rs 10,000 Cr Revenue milestone; EBITDA grew 5x in 5 yrs Revenue (Rs Cr) EBITDA (Rs Cr) 26% YoY 59% YoY 10,022 4x in 5 yrs 5x in 5 yrs 752 7,950 6,386 474 5,144 3,774 346 256 2,441 157 163 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 EBITDA Margin % 6.4% 4.3% 5.0% 5.4% 6.
Slide 13: Investments in customer acquisition and best in class infra and tech
Investments in customer acquisition and best in class infra and tech Cumulative customer base (mn) Beauty Store Count (#) Warehouse Count (#) 55 313 ~5x in 5 yrs 4x+ in 5 yrs ~3x in 5 yrs 44 12 18 72 FY21 FY26 FY21 FY26 FY21 FY26 55 3.1 L sq. ft 15.2 L sq. ft Cumulative customers in FY26 Store space
Slide 14: Productivity gains acceleration across the organization
Productivity gains acceleration across the organization On-roll employee headcount (#) 4,072 3,735 3,373 3,177 2,764 2,045 FY21 FY22 FY23 FY24 FY25 FY26 Revenue/employee (Rs Cr) 1.2 1.4 1.6 1.9 2.1 2.5 2x
Slide 15: Beauty Omnichannel Retail
aA Beauty Omnichannel Retail
Slide 16: Beauty reached Rs 8,500 Cr+ NSV in FY26, growing 4x in 5 years
Beauty reached Rs 8,500 Cr+ NSV in FY26, growing 4x in 5 years NSV (Rs Cr) 4x in 5 yrs 8,504 Rs 15,000 Cr GMV [4x in 5 yrs] 6,674 5,362 3,124 4,278 45 mn 2,115 Cumulative Customer Base FY21 FY22 FY23 FY24 FY25 FY26 4,500+ Brands
Slide 17: Trusted partner for all iconic beauty groups globally
Trusted partner for all iconic beauty groups globally 27 brands 11 brands 24 brands 8 brands 15 brands 6 brands 4 brands 3 brands 8 brands 3 brands 16 brands 15 brands 8 brands Exclusive on Nykaa at present/ at the time of launch/ Selective Exclusivity Nykaa Global store brands
Slide 18: 200+ New brands launched in FY26
FY26: A defining year of marquee brand launches 200+ New brands launched in FY26 From Korean favourites to iconic luxury houses, from clinical derma brands to cult-favourite labels — brands across every price point, origin and category have chosen Nykaa as their trusted partner. Korean Beauty Global
Slide 19: India's largest specialty beauty stores network covering nearly 100 cities
India’s largest specialty beauty stores network covering nearly 100 cities FY26 was a breakthrough year for Nykaa Retail, marked by the launch of differentiated premium and experiential formats catering to diverse consumer needs Store Count Store count 313 237 313 187 145 Cities 104 99 1 FY15 FY22 F
Slide 20: FY26 was a landmark year of retail innovation and first-of-a-kind format launches
FY26 was a landmark year of retail innovation and first-of-a-kind format launches Nykaa Perfumery Exclusive brand boutiques Kay Kafe House of Nykaa store Managing 11 exclusive Kiehl’s India store and expanding brand footprint A new way to discover luxury A curated multi brand destination fragrances
Slide 21: Nykaa Now: Rapid delivery serving largest BPC assortment, live across 13 cities
Nykaa Now: Rapid delivery serving largest BPC assortment, live across 13 cities Capabilities Assortment Coverage Speed 1,000+ Top 30-60 mins Brands 13 Cities [high demand pockets] 4,500+ Pan India [70% of orders 24-36 hrs Brands delivered by next day] 44 warehouses servicing 19K pincodes 100 Rapid s
Slide 22: Beauty and Personal Fashion Marketing, Content and Technology, Supply Chain, Financial review
Content and Technology and Beauty and Personal Fashion Marketing Supply Chain Financial review
Slide 23: Nykaa has the right to win amongst Gen Z, the next frontier for beauty growth
Nykaa has the right to win amongst Gen Z, the next frontier for beauty growth Gen Z accounts for ~40% of India population (600 mn) in FY36 with more than 50% spend in lifestyle categories Gen Z Campus On-ground On site Nykaa X Snapchat Ambassadors programme immersive events Gen Z store Community of
Slide 24: Wellness: Nykaa is well positioned to capture the emerging lifestyle opportunity
Wellness: Nykaa is well positioned to capture the emerging lifestyle opportunity In App Education and 200+ Brand India Health & Wellness will grow 15% CAGR to $27 bn by FY31E wellness store experiences onboarded in 2 yrs Wellness retail will add +$12 bn to take Nykaa’s TAM to $54 bn in FY31E Right t
Slide 25: Fashion
Fashion
Slide 26: Fashion reached Rs 1,450 Cr NSV in FY26, growing 6x in 5 years
Fashion reached Rs 1,450 Cr NSV in FY26, growing 6x in 5 years NSV (Rs Cr) 6x in 5 yrs 1,447 Rs 5,000 Cr FY26 GMV [7x in 5 yrs] 1,125 988 780 586 11 mn Cumulative Customer Base 231 EBITDA margin FY21 FY22 FY23 FY24 FY25 FY26 5,500+ (% of NSV) -11.3% -2.6% Brands Achieved EBITDA breakeven in Q4FY26
Slide 27: FY26 has been a year of strong assortment building - 1,280 New brands launched
FY26 has been a year of strong assortment building - 1,280 New brands launched Women 680+ Men 170+ Kids 120+ Home/ 280+ Accessories GMV growth 60%+ YoY 50%+ YoY 40%+ YoY Men Kids Home
Slide 28: Global fashion giants trusting Nykaa Fashion as partner of choice
Global fashion giants trusting Nykaa Fashion as partner of choice Global trend forward #1 brand Global leader in athletic Nykaa Fashion manages Nike.in and Nike fashion powerhouse on Nykaa Fashion since launch footwear, apparel, equipment and accessories Commerce App in India
Slide 29: House of Nykaa
aA House of Nykaa
Slide 30: House of Nykaa continues to scale rapidly, reaches nearly Rs 1,900 NSV
House of Nykaa continues to scale rapidly, reaches nearly Rs 1,900 NSV Rs 100 Cr+ Ann. NSV HOUSE OF 12 Consumer Brands portfolio Building India’s leading new age Beauty consumer brands portfolio ~Rs 3,200 Cr FY26 GMV [8x in 5 yrs] Fashion ~Rs 1,900 Cr FY26 NSV [7x in 5 yrs]
Slide 31: How We've Been Building & Scaling Winning Brands
How We’ve Been Building & Scaling Winning Brands Established Emerging Incubating 2015 2019 Acquired 2021 2019 Acquired 2022 2017 Current 2017 India's largest Tapping into Fine Fragrance Bringing Beauty Science backed India’s trendiest Among India’s top 3 Premiumization in celebrity makeup emerging c
Slide 32: Innovation expertise across House of Nykaa
Innovation expertise across House of Nykaa Breakthrough innovation in large and fast- Building an innovation-first, trend-led brand Driving premiumisation across the brand growing categories such as moisturizes and for young consumers with differentiated portfolio through differentiated product suns
Slide 33: Superstore by Nykaa
aA Superstore by Nykaa
Slide 34: Superstore continues to expand its scale and reach – growing 4x in 3 years
Superstore continues to expand its scale and reach – growing 4x in 3 years GMV (Rs Cr) 26% YoY Onboarded Retailers (FY26) 4x 1,187 in 3 yrs 941 493K 3x+ Retailer base in 3 years 597 325 Penetration (FY26) FY23 FY24 FY25 FY26 ~1,200 ~2x ~3,500 bps Cities in 3 years EBITDA margin improvement in last 3
Slide 35: Strengthening our portfolio with 220+ leading brands
Strengthening our portfolio with 220+ leading brands High-impact partnerships Preferred B2B platform National distribution 170+ brands 30+ brands 20+ brands with large FMCG brands for D2C brands for regional brands 50 new launches in FY26
Slide 36: Nysaa
Nysaa
Slide 37: A Beauty ecosystem built for the GCC consumers
GCC remains a key BPC market globally, a $25 bn opportunity A Beauty ecosystem built for the GCC consumers Kuwait 6 ~25% Stores Online GMV Bahrain Qatar UAE Oman While GCC offers strong long-term opportunity, we are KSA tracking the evolving geopolitical landscape in West Asia Nysaa is currently bel
Slide 38: Technology
aA Technology
Slide 39: Driving elevated consumer experience using technology
Driving elevated consumer experience using technology Ask Nykaa Virtual Closet (Nykaa Beauty) (Nykaa Fashion) AI powered First-of-its-kind AI-powered conversational assistant virtual try-on experience, evolving into a trusted transforming how beauty advisor consumers discover and shop for fashion on
Slide 40: Driving elevated consumer experience using tech
Driving elevated consumer experience using tech Skin Scan (Nykaa Beauty) Make-Up VTO (Nykaa Beauty) Foundation Finder (Nykaa Beauty) AI powered in app skin diagnostic Interactive AI- In-app shade- tool that analyzes powered virtual matching tool that skin concerns and try-on that lets helps consumer
Slide 41: AI permeates every function at Nykaa
AI permeates every function at Nykaa Every function at Nykaa runs on AI in its day-to-day — Growth & Productivity compound Supply Chain · Design & Creative Catalog Marketing Customer Service HR · Legal Operations • Image and video • Automated • Content Ideation • Demand • AI chatbot • CV sourcing, g
Slide 42: FY30 vision
FY30 vision
Slide 43: Nykaa's diversification and India's consumption acceleration to create significant growth opportunity
Nykaa’s diversification and India’s consumption acceleration to create significant growth opportunity GMV growth (FY21-26) FY26 GMV (Rs Cr) GMV growth (FY26-30E) TAM (FY31E) $14 bn Nykaa Beauty 4x ~15,000 2.5-3x Online BPC $13 bn Nykaa Stores 7x ~1,200 2.5-3x Organized offline BPC Superstore 4x ~1,2
Slide 44: Step up in profitability: Roadmap to EBITDA expansion
Step up in profitability : Roadmap to EBITDA expansion FY26 GMV number rounded off to 10s Rs 750 Cr 4-5x FY26 EBITDA in next 5 yrs [FY30E EBITDA] (7.5% EBITDA margin) (early to mid teens EBITDA margin) Beauty Store Network Fashion Super Store path House of Nykaa Operating expansion Vintage Structura
Slide 45: Financial Performance
aA Financial Performance
Slide 46: Nykaa crosses Rs 10,000 Cr Revenue milestone; PAT grows ~3x in FY26
Nykaa crosses Rs 10,000 Cr Revenue milestone; PAT grows ~3x in FY26 Revenue (Rs Cr) EBITDA (Rs Cr) PAT (Rs Cr) 26% YoY 59% YoY 183% YoY 10,022 752 204 7,950 474 72 FY25 FY26 FY25 FY26 FY25 FY26 Margin % 6.0% 7.5% 0.9% 2.0%
Slide 47: Capital efficiency driving strong ROCE improvement
Capital efficiency driving strong ROCE improvement Fixed Asset Turnover (x) Working Capital Days (#) ROCE (%) 34 21.2% 9.9 9.1 28 11.3% FY25 FY26 FY25 FY26 FY25 FY26 Rising salience of asset-light businesses such as Inventory days were lower by 4 days while EBIT has doubled in last 1 year Fashion an
Slide 48: Nykaa's future growth to translate into superior profitability outcomes
Nykaa’s future growth to translate into superior profitability outcomes Revenue (Rs Cr) EBITDA (Rs Cr) ROCE (%) 2.5-3x 4-5x 40%+ X X 21% FY26 FY30E FY26 FY30E FY26 FY30E Accelerated growth across all businesses Improved structural profitability across Focus on capital efficiency resulting in busines
Slide 49: ESG
ESG
Slide 50: Nykaa Values
NiKAf Nykaa Values
Slide 51: Cultivating value for every stakeholder
Cultivating value for every stakeholder 10,000+ 220K+ Brand partners Beauty professionals Onboarded via Nykaa pro 14,500+ 8,700+ Direct employment MSME Vendors generation 170K+ ~5 Lacs Retailers supported Influencer Network through Superstore
Slide 52: Sustainability is at the core of Nykaa's operations
Sustainability is at the core of Nykaa’s operations Sustainable packaging Renewable energy Waste Management Digital order processing 85%+ 982 GJ 1,116 MT Zero Orders shipped using Renewable energy Waste recycled under Paper utilisation for sustainable packaging consumption in FY26 EPR guidelines ord
Slide 53: Turning sustainability commitments into action
Turning sustainability commitments into action Nykaa Recycling Initiatives Earth Rhythm’s sustainability initiative 100% Clean up drives Corrugated boxes reused across all House of Rewarding customers to return their beauty Nykaa and Superstore warehouse empties at Nykaa stores
Slide 54: Promoting a Diverse and Inclusive Workforce
Promoting a Diverse and Inclusive Workforce Young Organization Gender Balanced ~80% employee ~45% Below age 35 yrs Women employee 60%+ ~60% Nykaa leadership Women employees Under age 40 in beauty and fashion category management, marketing and HR Nykaa leadership includes AVP and above employees RECO
Slide 55: Culture that prioritizes employee wellbeing
Culture that prioritizes employee wellbeing
Slide 56: Nykaa Foundation: Beauty With Purpose
Nykaa Foundation: Beauty With Purpose Our Presence Women Empowerment at the Core Our CSR initiatives are designed to expand opportunities, strengthen capabilities, and foster greater inclusion for women, enabling them to participate more fully in economic and social progress. Delhi Gangtok Impact Cr
Slide 57: Nykaa Foundation: Women empowerment
Nykaa Foundation: Women empowerment Our Journey, our ambition FY26 FY31E 5,600+ 50,000 Women skilled Women skilled ~90% Of CSR spend towards women empowerment initiatives
Slide 58: Empowering communities through meaningful social impact
Empowering communities through meaningful social impact Through beauty and Through partnerships with wellness skilling initiatives, specialized organizations, Nykaa empowers women Nykaa addresses critical from underserved healthcare communities with the needs, improve well-being, skills, confidence,
Slide 59: Board of Directors – Accomplished leaders from diverse backgrounds
Board of Directors – Accomplished leaders from diverse backgrounds Falguni Nayar Anchit Nayar Adwaita Nayar Sanjay Nayar Executive chairperson and Executive Director Executive Director Non-Executive Director Director 10+ years of experience with Co-Founder of Nykaa, and 35+ years of experience in Al
Slide 60: THANK YOU
THANK YOU
Slide 61: 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
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