FSN E-Commerce Ventures Limited — Important, 06-04-2025: Updates

Nykaa (FSN E-Commerce Ventures Limited) is experiencing robust growth in Q4 FY2025, with consolidated net revenue anticipated to increase in the low to mid-twenties percentage year-over-year. For the full fiscal year, revenue growth is projected similarly in the mid-twenties range, reflecting consistent quarterly performance.

The beauty vertical is set to outperform the industry with gross merchandise value (GMV) growth in the low thirties, propelled by strategic customer acquisition investments, solid same-store sales, and the successful expansion of the retail network, which included 19 new stores in Q4. Revenue growth in this sector is also expected in the mid-twenties.

Conversely, the fashion vertical is likely to see GMV growth in the high teens. However, net revenue growth might lag due to underperformance in Nykaa Fashion's owned brands and diminished content activity during Q4, typically more active in the previous quarter. Investors should note these dynamics, particularly the strong growth in beauty, which signals a positive outlook for Nykaa's overall performance.