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FSN E-Commerce Ventures (NYKAA) investor relations material
FSN E-Commerce Ventures Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary7 Nov, 2025
Executive summary
Achieved 30% YoY GMV growth to INR 4,744 crore and 25% net revenue growth to INR 2,346 crore, marking the highest in six quarters and consistent mid-20s growth for 12 quarters.
Gross profit rose 28% YoY to INR 1,054 crore (44.9% margin), with EBITDA up 53% YoY to INR 159 crore (6.8% margin), and PAT up 154% YoY to INR 33 crore (1.4% margin), all record highs since IPO.
Customer base reached 49 million, up 32% YoY, with 19 new stores opened (total 265 in 90 cities), and 53 rapid stores now operational for hyperlocal delivery.
House of Nykaa brands crossed INR 2,900 crore annualized GMV, growing 54% YoY, with beauty brands contributing 75% and strong international expansion for Kay Beauty.
Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025.
Financial highlights
Net revenue for Q2 FY26: INR 2,346 crore, up 25% YoY; gross profit: INR 1,054 crore (44.9% of revenue), up 28% YoY; EBITDA: INR 159 crore (6.8% margin), up 53% YoY; PAT: INR 33 crore (1.4% margin), up 154% YoY.
Gross margin improved by 111 bps YoY; highest in 12 quarters.
H1 FY26 revenue from operations grew 24% YoY to ₹4,501 crore; gross profit up 28% YoY to ₹2,015 crore.
CapEx for H1 FY26: INR 58 crore, mainly for store and tech investments; capex as % of revenue at 1%.
Cash and cash equivalents as of September 30, 2025, were ₹112.57 crore.
Outlook and guidance
Management expects continued strong growth in both beauty and fashion, with further margin improvements anticipated as scale and operating leverage increase.
No major long-term impact expected from recent GST changes; minor near-term effects noted.
Focus on omnichannel expansion, premiumization, and technology investments to sustain growth.
Q3 expected to be strong, especially for beauty, due to Pink Friday Sale and Nykaa Land events.
Gen Z strategy: Impact on AUTC growth?
Kay Beauty's international expansion strategy?
Nykaa Now: Evolution beyond personal care?
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Next FSN E-Commerce Ventures earnings date
Q3 25/269 Feb, 2026
Next FSN E-Commerce Ventures earnings date
Q3 25/269 Feb, 2026
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Frequently asked questions
FSN E-Commerce Ventures Ltd operates as an online and offline retailer of beauty, personal care, fashion, and wellness products under the Nykaa brand. The company offers a curated product portfolio through e-commerce platforms and physical stores. It is headquartered in Mumbai, India, and its shares are listed on the NSE.
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