Fsn E-commerce Ventures Ltd. · NSE:NYKAA
Fsn E-commerce Ventures — Q4 FY2026 Earnings Presentation
52 slides from Fsn E-commerce Ventures's earnings presentation, May 21, 2026
Slide 1: Stock exchange cover letter: Investor Presentation
FSN E-Commerce Ventures Limited May 21, 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 May 14, 2026, and pursuant to Regulation 30 of the Securities and Exchange Board of
Slide 2: Investor Presentation Quarter and full year ended March 31, 2026
FSN E-Commerce Ventures Limited Investor Presentation Quarter and full year ended March 31, 2026 1
Slide 3: Table of Contents
01 One Nykaa Highlights 02 Beauty Omnichannel 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: Q4FY26 Performance snapshot
Q4FY26 Performance snapshot GMV Net Revenue Gross Profit EBITDA PAT Rs 5,241 Cr Rs 2,648 Cr Rs 1,203 Cr Rs 223 Cr Rs. 79 Cr 28% 28% 45.4% | 32% 8.4% | 67% 3.0% | 313% YoY Growth YoY Growth % of NR | % YoY % of NR | % YoY % of NR | % YoY Mid 20s growth Highest Highest Highest Highest growth sustained
Slide 6: FY26 Performance snapshot
FY26 Performance snapshot GMV Net Revenue Gross Profit EBITDA PAT Rs 19,963 Cr Rs 10,022 Cr Rs 4,516 Cr Rs 752 Cr Rs. 204 Cr 28% 26% 45.1% | 30% 7.5% | 59% 2.0% | 183% YoY Growth YoY Growth % of NR | % YoY % of NR | % YoY % of NR | % YoY Crossed Highest Highest $1 bn EBITDA margin PAT margin Revenue
Slide 7: Scaling rapidly across high growth verticals, addressing large TAM
Scaling rapidly across high growth verticals, addressing large TAM GMV growth 3-year journey TAM (FY30E) (FY23-26) • India’s largest beauty destination, growing in mid-20s YoY $15 bn Nykaa Beauty 2x • Serving 45mn customers, AUTC 2x in 3 years Online BPC • 168 new stores added over last 3 years $14
Slide 8: Driving long term value with robust growth and improving profitability
Driving long term value with robust growth and improving profitability Rev (Rs Cr) 10,022 10,000 EBITDA margin (%) 9.0% PAT margin (%) 7,950 8,000 7.0% 8.0% 10,000 6,386 7.5% 7.5% 6,000 8,000 7.0% 5,144 5.0% 6.0% 6.5% 6,000 6.0% 10,000 4,000 5.4% 2.7% 2.0% 5.5% 3.0% 4,000 5.0% 2.2% 8,000 5.0% 1.7% 4
Slide 9: Beauty Omnichannel Retail
Beauty Omnichannel Retail 8
Slide 10: Beauty delivers superior growth with improving profitability
Beauty delivers superior growth with improving profitability GMV (Rs Cr) NSV (Rs Cr) EBITDA margin (% of NSV) YoY (%) → 28% 30% 27% 25% 24% 27% 2x 14,954 2x in 3 yrs in 3 yrs 8,504 9.6% 11,775 6,674 9.2% 9,055 8.9% 5,362 7,058 8.7% 4,278 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 GM
Slide 11: Improvement in marketing efficiencies at all levels
Improvement in marketing efficiencies at all levels FY23 FY26 FY26 28% 1,894 mn Visits YoY (%) Visits 13% FY23 FY24 FY25 FY26 25% 22% 45 mn MAUV YoY (%) MAUV 19.7 mn 10.5 19.7 AUTC (mn) AUTC 66 mn Orders 36 66 Orders (mn) 10
Slide 12: 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 11
Slide 13: FY26: A defining year of marquee brand launches
FY26: A defining year of marquee brand launches 200+ New brands From Korean favourites to iconic luxury houses, from clinical derma brands to cult-favourite labels launched in FY26 — brands across every price point, origin and category have chosen Nykaa as their trusted partner. Korean Beauty Best o
Slide 14: Nykaa is India's K-Beauty Destination
Leading the K-Conversation: Nykaa is India’s K-Beauty Destination 58% GMV YoY in FY26 for Korean Brands Best of Korean Beauty Brands Driving awareness through Korean Beauty festival Curated Korean Beauty Store on the App and influencer collabarations 70+ Brands 13
Slide 15: Partnering with world's leading derma brands
Dermocosmetics trending globally: Nykaa partnering with world’s leading derma brands 40% GMV YoY in FY26 for Derma brands Actively driving education and Assortment of world’s largest AI skin analysis and diagnostic Online Dermat Consultation Flow awareness catering to the shift derma brands tools fo
Slide 16: Nykaa Luxe: elevating luxury beauty
Nykaa Luxe: elevating luxury beauty with unparalleled reach, assortment and omnichannel experience Assortment of world’s coveted Curated Luxury Elevated offline luxury shopping Education & Expertise and Exclusive luxury beauty brands store on the app experience Content Partner • Personalized • Nykaa
Slide 17: Largest beauty network covering cities
Largest beauty network covering 99 cities; growth led by SSSG and network expansion FY26 was a breakthrough year for Nykaa Retail, marked by the launch of differentiated premium and experiential formats catering to diverse consumer needs 313 2 Nykaa Perfumery 313 stores 12 Kiehl’s and CT boutiques [
Slide 18: FY26 landmark year of retail innovation and 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 store and expanding the brand’s retail footprint A fragrance-first concept redefining discovery through luxury brand
Slide 19: Nykaa continues to build iconic beauty destinations in India
Nykaa continues to build iconic beauty destinations in India X Deepened strategic partnership of 5 years 2020 Entered India exclusively with Nykaa + Omnichannel distribution 2020 - 2026 • One of the largest global brands on Nykaa • Brand localization with a deep focus on “Bridal beauty” • Expansion
Slide 20: House of Nykaa
House of Nykaa rv. FASHION
Slide 21: Building India's leading new age consumer brands portfolio
House of Nykaa – Building India’s leading new age consumer brands portfolio Rs 3,176 Cr 17 mn+ 150K+ FY26 GMV across beauty and fashion customers served till date GT doors across country [49% YoY] Beauty Rs 2,788 Cr GMV Fashion Rs 388 Cr GMV FY26 was a standout year for House of Nykaa Customer Innov
Slide 22: House of Nykaa – Beauty delivers 50%+ CAGR over 3 years
House of Nykaa – Beauty delivers 50%+ CAGR over 3 years Strong growth across both Nykaa and other channels, # GMV (Rs Cr) reflecting strong brand equity and consumer confidence 65% YoY GMV Channel Mix Other 3P ~4x 2,788 Channels, 30% in last 3 years Nykaa Online,45% FY26 Nykaa b2b*, 16% Nykaa Export
Slide 23: Dot & Key: India's largest D2C skincare brand
Dot & Key : India’s largest D2C skincare brand Winning in core Innovating in high Increasing FY26 Highlights contribution from categories potential categories offline destination 1 Scale #1 in Sunscreen* Rs 1,790 Cr 313 GMV Nykaa stores 13x in 3 years 2 Innovation focus #2 in Moisturizer* Meltie lip
Slide 24: Kay Beauty - India's largest celebrity brand
Kay Beauty - India’s largest celebrity brand, delivered a year of strategic breakthroughs Premiumisation of Entered new channels Breakthrough success FY26 Highlights product portfolio for future growth in international markets 1 Scale Rs 380 Cr UK GMV 3x in 3 years The first beauty brand founded in
Slide 25: Nykaa Cosmetics: A trend forward brand for GenZ consumers
Nykaa Cosmetics: A trend forward brand for GenZ consumers FY26 Highlights Trend led beauty Cultural relevance Community building 1 Scale NC crew - an Rs 400 Cr+ exclusive GenZ focused community of GMV beauty lovers who are the first one to get in all trends 2 Innovation focus ~24% Onground immersive
Slide 26: Our emerging brands are positioned for success
Our emerging brands are positioned for success in high potential categories Launched trending Strengthened proposition Innovative new launches, Brand Perspective ranges, strengthening Enhanced ‘clean beauty’ in globally trending winning in globally rising positioning in bath & body brand positioning
Slide 27: eB2B: Superstore by Nykaa
eB2B: Superstore by Nykaa 26
Slide 28: Superstore continues to expand its scale and reach
Superstore continues to expand its scale and reach – growing 4x in 3 years GMV (Rs Cr) Onboarded retailers (K) 26% YoY 38% YoY 3x+ 493 4x in 3 yrs 1,187 in 3 yrs 364 941 252 597 148 325 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 1.3L retailers added in one year 30%+ Repeat orders placed without BDE (fe
Slide 29: 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 28
Slide 30: Scale and operating leverage driving EBITDA improvement
Scale and operating leverage driving EBITDA improvement % of NSV Gross margin Fulfilment expenses S&D expenses Employee and Other expenses 52 bps 9 bps 132 bps 336 bps FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 • On account of improving BDE • Scale led efficiency improvement • Higher share of H
Slide 31: Fashion
Fashion N FASHION 30
Slide 32: Strong performance with acceleration in growth and profitability
Strong performance with acceleration in growth and profitability in FY26 GMV (Rs Cr) NSV (Rs Cr) EBITDA margin (% of NSV) YoY (%) → 26% 12% 30% 27% 14% 29% 2x 4,954 2x 1,447 FY23 FY24 FY25 FY26 in 3 yrs in 3 yrs -2.6% 1,125 3,804 988 3,385 -8.3% 780 -10.3% 2,681 -16.7% FY23 FY24 FY25 FY26 FY23 FY24
Slide 33: Strong traction in core platform visible in customer metrics
Strong traction in core platform is visible in improving customer metrics FY26 FY23 FY26 28% 14% 787 mn Visits YoY (%) Visits 27% 24 mn+ 12% MAUV YoY (%) MAUV 41% 22% 11 mn New Customers YoY (%) CCB 33% 10 mn 21% Orders Orders YoY (%) 32
Slide 34: 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 33
Slide 35: 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 34
Slide 36: Celebrity partnerships and strong creator networks
Driving conversations via celebrity partnerships and strong creator networks 1.3 Bn Total Content 500+ Creators Reach Unlocked SnapInsta.to_AQOgBc_SKTAx-VduKitVBEo8pMFmtvyvvS-mkctXhxX2KyAGi8svZPpSyuNVSUgEdE6rGGNkWxHtmDjkNE8eziKA0X-zpYe3VALoSIk-ezgif.com-video-to-gif-converter.gif Amplifying differen
Slide 37: Financial Performance
Financial Performance NAL
Slide 38: Nykaa crosses Rs 100 bn revenue milestone; PAT grows 10x
Nykaa crosses Rs 100 bn Rev. milestone; PAT grows 10x in 3 years. Revenue (Rs Cr) EBITDA (Rs Cr) PAT (Rs Cr) 26% YoY 59% YoY 183% YoY 2x 10,022 3x 752 10x 204 7,950 474 6,386 346 5,144 72 256 40 21 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Revenue doubled in 3 years, driven by 5.0%
Slide 39: Profit and Loss Statement
Profit and Loss Statement Particulars (Rs Cr) Q4FY26 Q4FY25 YoY FY26 FY25 YoY Revenue from Operations 2,648 2,062 28% 10,022 7,950 26% Gross Profit 1,203 909 32% 4,516 3,477 30% Gross Margin 45.4% 44.1% 135 bps 45.1% 43.7% 132 bps Fulfilment expense 260 192 36% 959 742 29% As % of revenue from opera
Slide 40: Strong profitability improvement led by operating leverage
Strong profitability improvement led by operating leverage and scale efficiencies Margin % on Net Revenue Gross margin Fulfilment expenses Marketing and S&D expenses Employee and Other expenses 132 bps 23 bps 10 bps 56 bps 45.1% 15.3% 9.6% 15.2% 9.3% 13.2% 43.7% 12.7% FY25 FY26 FY25 FY26 FY2
Slide 41: Full Vertical Reporting
Full Vertical Reporting (All amounts in Rs Cr, unless otherwise stated) FY26 FY25 Particulars Beauty Fashion Total1 Beauty Fashion Total1 GMV 14,954 4,954 19,963 11,775 3,804 15,604 Growth 27% 30% 28% 30% 12% 25% NSV 8,504 1,447 10,000 6,674 1,125 7,823 Growth 27% 29% 28% 24% 14% 23% Revenue from Op
Slide 42: Quarterly Vertical Reporting
Quarterly Vertical Reporting (All amounts in Rs Cr, unless otherwise stated) Q4FY26 Q3FY26 Q4FY25 Particulars Beauty Fashion Total1 Beauty Fashion Total1 Beauty Fashion Total1 GMV 3,892 1,334 5,241 4,302 1,476 5,795 3,058 1,037 4,102 Growth 27% 29% 28% 27% 31% 28% 31% 18% 27% NSV 2,269 397 2,678 2,4
Slide 43: Capital efficiency driving consistent ROCE improvement
Capital efficiency driving consistent ROCE improvement Fixed Asset Turnover (x) Working Capital Days (#) ROCE (%) 9.9 21.2% 44 9.1 9.1 42 34 11.3% 7.5% 7.0 28 6.6% FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Lower warehouse and store intensity EBIT has doubled in last 1 year Improvin
Slide 44: Efficient Capex Utilisation
Efficient Capex Utilisation Category wise capex* – FY26 Capex (Rs Cr)* Capex as % of Revenue 230 4% 4% 210 3% 2% 190 2% 2% 23% 1% 170 1% 150 0% Rs 145 Cr 54% 130 -1% 110 183 -2% 23% 145 90 128 -3% 115 70 -4% 50 -5% FY23 FY24 FY25 FY26 Store Warehouse Tech Capex optimization, while we continue to inv
Slide 45: Nykaa completes acquisition of Earth Rhythm
Nykaa completes acquisition of Earth Rhythm “Consumers are increasingly prioritizing ingredient transparency, efficacy and conscious formulations, accelerating the shift towards clean beauty”* Acquisition timeline Nykaa increases Nykaa to acquire the Nykaa acquired stake to 76% 24% stake 19% stake F
Slide 46: Thank you
Thank you
Slide 47: 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 48: 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 49: Profit & Loss Statement
Profit & Loss Statement (All amounts in Rs Cr, unless otherwise stated) Particulars Q4FY26 Q4FY25 Q3FY26 YoY Growth QoQ Growth FY26 FY25 YoY Growth Revenue from Operations 2,648 2,062 2,873 28% -8% 10,022 7,950 26% Cost of goods Sold 1,445 1,153 1,576 25% -8% 5,506 4,473 23% Gross Profit 1,203 909 1
Slide 50: Balance Sheet
Balance Sheet As at As at S. N Particulars (Rs Cr) Movement Mar 31, 2026 Mar 31, 2025 Net Debt (Rs Cr) Assets 1 Fixed assets including Intangibles 555.7 541.4 14.3 2 Leased Assets 461.5 329.9 131.6 623 3 Investment 0.2 0.2 - Improved by 47% YoY 4 Deferred Tax Assets (Net) 268.8 258.0 10.7 5 Other As
Slide 51: Cash flow
Cash flow Sr. No. Particulars (Rs Cr) FY 26 FY 25 A Operating activities 1 PBT 330.2 127.4 2 Depreciation and Amortisation 320.3 266.4 3 Interest expense 117.1 107.3 4 Interest income (25.0) (18.3) 5 6 Taxes paid (net) Others (135.2) 51.9 (59.7) 22.4 Rs 178 Cr Cash flows from Operations before Worki
Slide 52: Key Performance Metrics
Key Performance Metrics Particulars Unit FY26 FY25 YoY Visits Beauty mn 1,894 1,482 28% Fashion mn 787 617 28% MAUV Beauty mn 44.7 35.7 25% Fashion mn 24.2 19.1 27% Orders Beauty mn 65.8 54.5 21% Fashion mn 10.1 7.6 33% AOV Beauty Rs 2,068 2,021 0% Fashion Rs 4,652 4,609 4% AUTC Beauty mn 19.7 15.8
FSN E-Commerce Ventures — Q4 FY2026 Earnings Presentation on 6ix