FSN E-Commerce Ventures Limited — Investor Meet, 07-08-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Nykaa reported strong Q1 FY27 financial results, with GMV up 34% YoY to INR 5,590 Cr and Net Revenue growing 29% YoY to INR 2,782 Cr. EBITDA surged 68% YoY to INR 236 Cr (8.5% margin), and PAT jumped 226% YoY to INR 80 Cr (2.9% margin). Both Beauty (NSV up 29%, 10.3% EBITDA margin) and Fashion (NSV up 54%, 0.1% EBITDA margin) verticals accelerated growth and profitability. ROCE improved to 26.8%.

Management emphasized broad-based growth from strong execution, customer acquisition, and premiumization. Nykaa now serves 60 million consumers and added 160 new brands this quarter, expanding to 324 stores. The Nike D2C partnership significantly boosted Fashion, making Nike a top 3 brand on the platform. AI initiatives like Virtual Closet and Nynaa enhance customer experience. House of Nykaa acquired 51% of Aminu, a premium skincare brand. Nykaa Now is expanding to 25+ cities by FY27, driving incremental demand without EBITDA dilution. Marketing efficiency is improving. Management conveyed a confident outlook on sustainable long-term value creation.