India · Delayed Price · Currency is INR FSN E-Commerce Ventures Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY2026 saw 28% GMV and 27% net revenue growth, with record EBITDA and PAT margins. Beauty and fashion segments delivered strong growth and margin improvements, supported by new brand partnerships, retail formats, and digital initiatives.
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Q2 FY26 saw 30% YoY GMV growth and 25% revenue growth, with record gross profit, EBITDA, and PAT margins. Beauty and fashion segments both outperformed, House of Nykaa brands grew 54% YoY, and new initiatives like rapid delivery and international expansion drove momentum.
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Q1 FY26 saw 26% GMV and 23% revenue growth, with gross margin at 44.6% and EBITDA margin at 6.5%. Beauty and fashion segments outperformed the market, while House of Nykaa Brands and Superstore posted strong gains. Premiumization and customer acquisition remain key growth drivers.
Fiscal Year 2025
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Ambitious growth plans include scaling content and branded business, with AI-driven innovation at the core. Financials show robust revenue and margin expansion, improved capital efficiency, and strong free cash flow, supporting continued investment in new verticals and technology.
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FY 2025 saw robust 24% revenue growth, 37% EBITDA growth, and strong margin expansion, with Beauty and Fashion segments outperforming industry growth. Strategic investments in own brands, rapid delivery, and store expansion drove results, while working capital and cash flow efficiency improved.
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Q3 FY25 saw 25% GMV and 27% revenue growth year-on-year, with strong gains in beauty and improving profitability. Customer base and store network expanded, while owned brands and E-B2B delivered robust growth. Marketing investments remain high to drive future expansion.
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Q2 FY25 saw 24% YoY GMV and revenue growth, with strong gains in beauty and eB2B, and improved margins. Fashion growth was subdued in H1 but is expected to rebound in H2. Key investments in customer acquisition, new brands, and retail expansion continue to drive performance.
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GMV grew 25% YoY to INR 3,321 crore, with revenue up 23% and strong margin expansion. Beauty and eB2B segments led growth, while fashion saw quality improvements despite seasonality. Strategic acquisitions and supply chain investments position the business for continued growth.
Fiscal Year 2024
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Nykaa outlined its strategy to drive quality growth across beauty, fashion, and international markets, focusing on omnichannel expansion, premiumization, and technology-led personalization. Financial guidance includes mid- to late-20s CAGR in beauty, 2.5x-3x growth in fashion, and disciplined capital allocation, with profitability improvements expected across all segments.