FSN E-Commerce Ventures Limited — Investor Meet, 12-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Nykaa delivered strong Q2 FY26 results: GMV up 30% to INR 4,744 Cr, Net Revenue up 25% to INR 2,346 Cr. EBITDA jumped 53% to INR 159 Cr (6.8% margin), highest since IPO. PAT soared 154%.

Beauty saw robust 27% NSV growth with 9% EBITDA margin. Fashion bounced back with 37% GMV growth & EBITDA improving significantly to -3.5%. Management is confident, investing in customer acquisition (49M total, +32% YoY), expanding physical stores to 265, and building its own brands like Dot & Key (INR 1,500 Cr GMV). Strategic focus on Gen Z, Korean beauty, and omnichannel experience drives growth. Outlook positive.