FSN E-Commerce Ventures (NYKAA) Q4 24/25 earnings summary

Executive summary

• Achieved strong growth in FY25 with GMV up 25% to INR 15,604 crore and net revenue up 24% to INR 7,950 crore, with consolidated revenue reaching ₹7,949.82 crore.

• Net profit after tax for FY25 was INR 72 crore, up 81% YoY, with Q4 PAT at INR 19 crore (up 110% YoY).

• Customer base expanded to 42 million (+28% YoY), with the largest beauty retail network in India at 237 stores.

• Completed key acquisitions and business reorganizations, including Earth Rhythm and the merger of Iluminar Media (LBB) into Fashion and demerger of eB2B business.

• Beauty vertical led growth with 30% YoY GMV increase, while Fashion GMV grew 12% YoY; eB2B Superstore GMV surged 57% YoY.

Financial highlights

• Q4FY25 revenue grew 24% YoY to INR 2,062 crore; EBITDA up 43% YoY to INR 133 crore; PAT up 110% YoY to INR 19 crore.

• FY25 EBITDA up 37% YoY to INR 474 crore, with margin expansion across key metrics.

• Working capital days reduced from 42 to 34; ROCE improved to 11.3% from 9.5% in FY24.

• Operating cash flow for the year was INR 467 crore, with net cash from operating activities at ₹466.63 crore.

• CapEx for FY25 was INR 128 crore, focused on tech, retail, and store expansion.

Outlook and guidance

• Continued focus on margin improvement through higher own brand mix, service income, and premiumization.

• Entering FY26 with strong momentum, driven by marquee brand launches and expansion in premium beauty and fashion.

• Focus on profitability, scale efficiencies, and leveraging omnichannel presence for sustained growth.

• eB2B business to invest for a few more years before reaching profitability.

• Reporting structure reorganized to focus on Beauty, Fashion, and Others segments.