FSN E-Commerce Ventures (NYKAA) Q1 25/26 earnings summary

Executive summary

• Achieved GMV of INR 4,182 crore (up 26% YoY) and net revenue of INR 2,155 crore (up 23% YoY) for Q1 FY26.

• Gross profit rose to INR 962 crore (up 27% YoY), EBITDA margin improved to 6.5% (INR 141 crore, up 46% YoY), and PAT reached INR 24 crore (up 79% YoY, 1.1% of net revenue).

• Customer base expanded to 45 million (up 30% YoY), with 250 beauty stores across 82 cities.

• House of Nykaa brands delivered 57% YoY GMV growth, achieving a INR 2,700 crore run rate; Dot & Key brand crossed INR 1,500 crore GMV with high teens EBITDA margin.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, were approved by the Board on August 12, 2025, with independent auditor review confirming compliance.

Financial highlights

• Revenue from operations grew 23% YoY to INR 2,155 crore; gross margin improved by 132 bps YoY to 44.6%.

• EBITDA margin expanded to 6.5% (up 102 bps YoY); PAT margin at 1.1% (up 33 bps YoY); contribution margin rose to 19.9%.

• Fixed asset turnover at 9.5x, working capital days improved to 32, and ROCE rose to 12.7%.

• Consolidated net profit after tax was INR 24.47 crore, up from INR 13.64 crore YoY.

• Basic and diluted EPS for the quarter were INR 0.08 (consolidated) and INR 0.05 (standalone).

Outlook and guidance

• Confident in sustaining market-beating growth in both beauty and fashion, with focus on premiumization, expanding brand portfolio, and omnichannel reach.

• Fashion business remains on track to achieve EBITDA break-even within the year.

• House of Nykaa brands and Superstore eB2B platform expected to drive further growth and profitability.