Slide 1: FSN E-Commerce Ventures Limited
FSN E-Commerce Ventures Limited August 04, 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 July 27, 2026, and pursuant to Regulation 30 of the Securities and Exchange Board
Slide 2: Investor Presentation Q1FY27
Investor Presentation Q1FY27 FSN E-Commerce Ventures Limited
Slide 3: Table of Contents
01 One Nykaa Highlights 02 Beauty Omnichannel Retail 03 House of Nykaa Table of Contents 04 Superstore by Nykaa 05 Fashion 06 Financial Performance
Slide 4: Performance Snapshot – Q1FY27
Performance Snapshot – Q1FY27 GMV Net Revenue Gross Profit EBITDA PAT Rs 5,590 Cr Rs 2,782 Cr Rs 1,276 Cr Rs 236 Cr Rs 80 Cr 34% 29% 33% 68% 226% YoY Growth YoY Growth YoY Growth YoY Growth YoY Growth 45.9% 8.5% 2.9% margin* margin* margin* * of Net Revenue 3
Slide 5: Both the verticals saw meaningful acceleration in growth and profitability
Both the verticals saw meaningful acceleration in growth and profitability Beauty Fashion NSV YoY 27% 21% 25% 29% 19% 17% 20% 54% 2,371 451 1,834 NSV (Rs Cr) 294 1,470 245 1,212 209 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 EBITDA YoY 38% 19% 32% 48% 27% 21% 25% 29% 0.4 244 EBITDA 165
Slide 6: Key strategic highlights of Q1FY27
Key strategic highlights of Q1FY27 GROWTH BRAND PARTNERS • Beauty (29% YoY NSV growth) : Driven by strong performance • 10,000+ Brands across Beauty and Lifestyle across e-commerce, retail and House of Nykaa • 160+ new brands launched in Q1 • Fashion (54% YoY NSV growth) : Driven by strong customer
Slide 7: Scale, profitability and capital efficiency have compounded over 4 years
Scale, profitability and capital efficiency have all compounded strongly over the last 4 years Rev (Rs Cr) EBITDA margin (%) 3,100 (%) PAT margin 2,782 2,600 9.0% 2,155 8.5% 2,100 8.0% 3.2% 2.7% 1,746 2.9% 7.0% 6.5% 1,600 2.2% 1,422 6.0% 1.7% 5.5% 5.2% 1.1% 1,100 1.2% 5.0% 0.7% 0.4% 0.8% 4.0% 600 0.
Slide 8: $2.4bn GMV, powered by a demand – assortment – distribution flywheel
$2.4bn GMV, powered by a demand – assortment – distribution flywheel Demand engine Assortment engine Distribution engine Customer base (mn) Beauty + Fashion brands (#) Store Count (#) 60 324 10,275 45 246 9,067 35 198 26 161 6,683 4,992 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Cities
Slide 9: Beauty Omnichannel Retail
BEAUTY OMNICHANNEL RETAIL
Slide 10: Beauty remains on a strong growth trajectory with double digit EBITDA margin
Beauty remains on a strong growth trajectory with double digit EBITDA margin GMV (Rs Cr) NSV (Rs Cr) EBITDA (Rs Cr) YoY 28% 28% 26% 28% 27% 21% 25% 29% 38% 19% 32% 48% 4,105 244 2,371 3,208 1,834 165 2,543 1,470 125 1,991 1,212 105 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY2
Slide 11: Focus on penetration and premiumization is driving growth
Focus on penetration and premiumization is driving growth Q1FY26 Q1FY27 28% YoY Rs 3,208 Cr GMV Rs 4,105 Cr GMV Visits (mn) AUTC (mn) AOV (Rs) 22% YoY 25% YoY 5% YoY 500 20.8 2,102 2,009 411 16.5 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 10
Slide 12: Nykaa partners with Rare Beauty for India Launch
Nykaa partners with Selena Gomez’s Rare Beauty for India Launch Rare beauty, one of the world’s largest and most trending celebrity beauty brands is now on Nykaa Scott Friedman, CEO of Rare Beauty added, “India is a very important market for Rare Beauty, and we’re thrilled to partner with Nykaa to b
Slide 13: Bringing the best global brands to Indian consumers
Bringing the best global brands to Indian consumers EXCLUSIVE TO NYKAA Trending Haircare brand from Trending Chinese makeup Exclusive Japanese high Exclusive Gen Z focused Korean Derma skincare brand the Unilever Prestige portfolio brand efficacy skincare brand from licensed range from Anua P&G 12
Slide 14: Strong performance of marquee sale events in Q1 FY27
Strong performance of marquee sale events in Q1 FY27 Nykaa Pink Summer Sale Nykaa Birthday Sale For Deck - Image Gifs (75).gif 35 mn+ 100 mn+ ~40% YoY 20 mn+ Unique Visitors Visits GMV Unique visitors 13
Slide 15: Strengthening omnichannel presence with new stores in Q1FY27
Strengthening omnichannel presence with 11 new stores in Q1FY27 Pioneering innovative retail formats that are redefining retail experience in India Store Count 324 stores +11 new stores in Q1 Multi brand specialty Stores Exclusive House of Nykaa Outlets Exclusive House of Nykaa Coverage 105 cities +
Slide 16: Launch of newest and largest flagship store: Nykaa Luxe, Vasant Kunj
Launch of our newest and largest flagship store: Nykaa Luxe, Ambience Mall, Vasant Kunj Largest Nykaa Experiential services in collaboration with the best of beauty brands store at 5,000+ sq. ft. Skin Consultation & Diagnostic Makeovers & Brow Services [4x of avg. luxe Services store size] 12+ Shop
Slide 17: Nykaa Now expands to 13 cities
Nykaa Now expands to 13 cities Rapid store expansion + Expansive store network for hyperlocal fulfilment Expansion 3 cities 13 cities 25+ cities Q1FY26 Q1FY27 By end of FY27 1,000+ Marquee Brands [Luxe, FMCG, and D2C brands] Largest beauty & personal care assortment 324 stores in 105 cities Rapid st
Slide 18: India’s largest and most trusted creator, social and content ecosystem
India’s largest and most trusted creator, social and content ecosytem Influencer marketing and content plays a crucial role in the evolving lifestyle consumption in India $1 Trillion 76% 3 in 4 Indian consumers rely on influencer recommendations for discovery and India’s creator economy by FY31E Con
Slide 19: House of Nykaa
HOUSE OF
Slide 20: House of Nykaa continues to scale rapidly, crosses Rs 2,200 Cr+ annualized NSV
House of Nykaa continues to scale rapidly, crosses Rs 2,200 Cr+ annualized NSV Rs 100 Cr+ Ann. NSV HOUSE OF 13 Consumer Brands portfolio Building India’s leading new age consumer brands portfolio Beauty Strong topline growth Rs 3,760 Cr Rs 2,200+ Cr Annualized GMV [39% YoY] Annualized NSV [36% YoY]
Slide 21: House of Nykaa – Beauty delivers 40% YoY NSV growth
House of Nykaa – Beauty continues its strong growth trajectory, delivers 40% YoY NSV growth NSV (Rs Cr) NSV mix by channel - Q1FY27 40% YoY 508 37% 33% 363 10% 1% 19% Nykaa Online Nykaa Stores Nykaa B2B Exports Other 3P Channels Strong growth across both Nykaa and other Q1FY26 Q1FY27 channels, refle
Slide 22: Our core brands are leading in skincare and colour cosmetics
Our core brands are leading in skincare and colour cosmetics A playful approach to actives led skincare – India's largest celebrity beauty brand with India’s trendiest makeup brand built for youthful amongst India’s top D2C skincare brands inclusivity at its core beauty consumers ~Rs 1,300 Cr ~Rs 30
Slide 23: House of Nykaa is scaling brand equity through strategic collaborations
House of Nykaa is scaling brand equity through strategic collaborations Saba Azad x Cashmere Lip Blur marks House of Nykaa’s next high-impact collaboration, following Bridgerton and FSP, and builds on a strong track record of driving buzz and virality
Slide 24: A Quarter of Wins and Recognition for House of Nykaa
A Quarter of Wins and Recognition for House of Nykaa • Best in blush category • Best social media campaign Kay Beauty achieved a major • Best in undereye Best Beauty Product Range Breakthrough Brand Growth category international milestone, winning (Kay Beauty Hydra Cloud (Nykaa Cosmetics X Bridgerto
Slide 25: Nykaa acquires 51% stake in Aminu
House of Nykaa expands into premium skincare with Aminu India’s leading beauty and Premium Dermocosmetic skincare lifestyle platform brand Nykaa acquires 51% stake in Aminu 24
Slide 26: Aminu – Premium dermocosmetic brand with strong R&D capabilities
Aminu – Premium dermocosmetic brand with strong R&D capabilities A premium, founder-led dermocosmetic skincare brand ₹19 Cr 8x 30+ FY26 net revenue Revenue growth in 3 yrs SKUs across skincare – serum, sunscreen, cleansers and more Strong innovation supported by in-house R&D ; trusted by premium sal
Slide 27: How does Aminu fit within House of Nykaa?
How does Aminu fit within House of Nykaa? Current portfolio Expansion opportunity Derma led skincare SPECIALISED Professional MUA clean beauty clinical body care Clean, Kind & Effective Skincare LUXURY Premium dermocosmetic skincare with clinical, yet gentle ingredients Premium Fragrance Mid-Premium
Slide 28: Top SKUs are showing strong momentum
Top SKUs are showing strong momentum Top SKUs are attracting consumer love Gaining industry recognition Strong early traction in serum category Skin Longevity Rejuvenate Eye Serum Nourishing Sleep Oil One of India’s first copper- Among best sellers on Nykaa in eye- peptide serums serum category Over
Slide 29: Key terms of the transaction
Key terms of the transaction • Nykaa to acquire 51% stake for a consideration of Rs 32 Crores • The remaining 49% stake will be acquired over the next few years, as per terms set out in the transaction documents • The Aminu team, led by Prachi Bhandari and Aman Mohunta, will continue to run the busi
Slide 30: Superstore
SUPERSTORE
Slide 31: Superstore continues to expand its scale and deepen its reach
Superstore continues to expand its scale and deepen its reach GMV (Rs Cr) 523K+ 17% YoY Registered retailers 30% YoY growth Fast growing retailer network 336 288 Coverage 1,200+ cities 100+ cities added in last 1 year 11% YOY Orders Driven by increasing retailer network Q1FY26 Q1FY27 expansion 28% Y
Slide 32: Sales mix, scale and efficiencies lead to unit economics improvement
Sales mix, scale and efficiencies lead to unit economics improvement % of NSV Fulfilment expense S&D expense Overhead expense* 10 bps 232 bps 174 bps Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 • Efficiency gains offset by impact of new labour code on warehouse off- • On account of improving BDE
Slide 33: Expanding our brand assortment with new launches
Expanding our brand assortment with 18 new launches Skincare Skincare Skincare High-performance German New-age skincare skincare brand rooted dermatological brand built on science- in scientific research, skincare renowned for backed formulations, known for transparent, its soap-free, pH 5.5 active
Slide 34: Reinventing the ordering experience for retailers with technology
Reinventing the ordering experience for retailers with technology Extending personalised selling to WhatsApp Driving engagement through gamification Automated WhatsApp nudges, triggered by a retailer’s ordering history and preferences, Gamified in-app experiences encourage repeat visits, strengthen
Slide 35: Tech initiatives to increase BDE productivity and conversions
Tech initiatives to increase BDE productivity and conversions Retailer passport : Instant context for every visit Smart lead prioritisation and next-best actions for BDEs Retailer Passport surfaces: Retailer’s organic Retailer Order Trends intent Past BDE visit trends Retailer’s Active Cart Offers o
Slide 36: Fashion
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Slide 37: Fashion growth accelerates sharply with positive EBITDA
Fashion growth accelerates sharply with strong growth and positive EBITDA GMV (Rs Cr) NSV (Rs Cr) EBITDA Margin (% of NSV) YoY 13% 15% 25% 53% 19% 17% 20% 54% 0.1% Q1FY24 Q1FY25 Q1FY26 Q1FY27 1,471 451 -6.2% -9.2% 964 294 774 245 209 -14.1% 676 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27
Slide 38: Strong customer funnel is resulting in improving order metrics
Strong customer funnel is resulting in improving order metrics 211 mn Visits | 28% YoY Accelerated customer acquisition with 44% New customers YoY 24 mn+ MAUV | 22% YoY Cumulative customer base of 12 mn Improved unique visitor to order ~5 mn AUTC | 38% YoY conversion to 4.0% [+70 bps YoY] ~30% reduc
Slide 39: Core categories remain strong, while emerging categories accelerate
Core categories remain strong, while emerging categories continue to accelerate Core Category Emerging Category Women 40% YoY Men 83% YoY Kids 57% YoY Footwear Active wear Apparel Footwear Apparel 80%+ 65%+ 85%+ 85%+ 65%+ GMV YoY GMV YoY GMV YoY GMV YoY GMV YoY Elevating customer choice with 130+ ne
Slide 40: Nykaa x Nike: A partnership compounding across channels
Nykaa x Nike: A partnership compounding across channels Deepening the partnership across Nykaa and Nike ecosystem India’s #1 destination for Nykaa Fashion operates Nike.in and Live across Nykaa Fashion and Nykaa Man premium and curated fashion Nike App in India Differentiation through exclusivity X
Slide 41: Virtual Closet: Moving trial room inside the app
Virtual Closet: Moving trial room inside the app Launched in May’26 200K+ Virtual Avatars created 2X Higher Conversion First-of-its-kind AI-powered virtual try-on experience, transforming how consumers discover and shop for fashion online 40
Slide 42: Fashion profitability has improved structurally
Fashion profitability has improved structurally % of NSV Marketing and S&D expense Overhead expense* EBITDA margin 534 bps 14.2% 292 bps 627 bps 28.2% 0.1% 11.3% 22.9% -6.2% Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 • Efficiencies in performance marketing and scale leverage, while we continue
Slide 43: Financial Performance
FINANCIAL PERFORMANCE
Slide 44: Revenue growth accelerates to 29%, PAT growth of 220%+
Revenue growth accelerates to 29%, PAT growth of 220%+ Net Revenue (Rs Cr) EBITDA (Rs Cr) PAT (Rs Cr) YoY 24% 23% 23% 29% 60% 31% 46% 68% 8% 152% 79% 226% 2,782 236 80 2,155 1,746 141 1,422 24 96 73 14 5 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Highest grow
Slide 45: Both business verticals delivered strong performance
Both business verticals delivered strong performance One Nykaa Beauty Fashion YoY 24% 33% 25% 29% 20% 54% 2,835 2,371 451 NSV (Rs Cr) 1,834 2,137 294 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 EBITDA margin* %| 8.3% | +174 bps 10.3% | +128 bps 0.1% | +627 bps YoY * % of NSV 44
Slide 46: Profit and Loss Statement
Profit and Loss Statement Particulars (Rs Cr) Q1FY27 Q1FY26 YoY Revenue from Operations 2,782 2,155 29% Supported by rising share of House of Gross Profit 1,276 962 33% Nykaa along with uptick in marketing income Gross Margin 45.9% 44.6% 123 bps Fulfilment expense 274 203 35% We continue to invest i
Slide 47: Vertical Reporting – Q1FY27
Vertical Reporting – Q1FY27 (All amounts in Rs Cr, unless otherwise stated) Q1FY27 Q4FY26 Q1FY26 Particulars Beauty Fashion Total1 Beauty Fashion Total1 Beauty Fashion Total1 GMV 4,105 1,471 5,590 3,892 1,334 5,241 3,208 964 4,182 Growth 28% 53% 34% 27% 29% 28% 26% 25% 26% NSV 2,371 451 2,835 2,269
Slide 48: Capital efficiency evident in strong ROCE trend
Capital efficiency evident in strong ROCE trend Fixed Asset Turnover* (x) Working Capital Days (#) ROCE* (%) 10.7 42 26.8% 9.9 21.2% 9.1 9.1 34 29 28 11.3% 7.5% FY24 FY25 FY26 Q1FY27 FY24 FY25 FY26 Q1FY27 FY24 FY25 FY26 Q1FY27 Rising salience of asset light business Sustained working capital efficie
Slide 49: Thank You
THANK YOU -
Slide 50: 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 51: 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 52: Profit and Loss Statement
Profit and Loss Statement (All amounts in Rs Cr, unless otherwise stated) Particulars Q1FY27 Q1FY26 Q4FY26 YoY Growth QoQ Growth FY26 FY25 YoY Growth Revenue from Operations 2,782 2,155 2,648 29% 5% 10,022 7,950 26% Cost of goods Sold 1,506 1,193 1,445 26% 4% 5,506 4,473 23% Gross Profit 1,276 962 1
Slide 53: Key Performance Metrics
Key Performance Metrics Particulars Unit Q1FY27 Q1FY26 YoY Visits Beauty mn 500 411 22% Fashion mn 211 165 28% MAUV Beauty mn 48.4 38.8 25% Fashion mn 24.8 20.4 22% Orders Beauty mn 17.3 14.5 19% Fashion mn 3.0 2.0 48% AOV Beauty Rs 2,102 2,009 5% Fashion Rs 4,414 4,504 -2% AUTC Beauty mn 20.8 16.5