FSN E-Commerce Ventures Limited — Investor Meet, 04-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Nykaa reported strong Q4 with 27% YoY GMV growth at INR4,102 Cr and net revenue up 24% to INR2,062 Cr. Gross margin rose 151 bps to 44.1%, driving 43% EBITDA growth to INR133 Cr (6.5% margin) and PAT doubling to INR19 Cr. Full-year GMV reached INR15,604 Cr (+25%), net revenue INR7,950 Cr (+24%), EBITDA INR474 Cr (+37%), and PAT INR72 Cr (+81%).

Beauty led with a 31% Q4 GMV rise to INR3,058 Cr, fueled by new brand launches and retail expansion to 237 stores. Own brands scaled to ~INR2,100 Cr GMV, with Dot & Key showing 14x growth in 4 years. The eB2B Superstore surged 57% YoY to ~INR950 Cr GMV, expanding network and improving margins. Fashion rebounded with 18% Q4 GMV growth, margin expansion, and a premium brand focus.

Management emphasized margin upside across beauty verticals, rapid delivery expansion, and Fashion’s path to breakeven by FY’26. Strong cash flow, improved working capital, and a content-to-commerce engine support sustained, premium, multi-channel growth.