Fsn E-commerce Ventures Ltd. · NSE:NYKAA
Fsn E-commerce Ventures — Q2 FY27 Earnings Presentation
56 slides from Fsn E-commerce Ventures's earnings presentation, Nov 4, 2026
Slide 1: FSN E-Commerce Ventures Limited – Investor Presentation Filing Letter
FSN E-Commerce Ventures Limited November 04, 2026 National Stock Exchange of India Limited BSE Limited Symbol: NYKAA Scrip Code: 543384 Dear Sir / Madam, Subject: Investor Presentation In continuation of our letter dated October 26, 2026, and pursuant to Regulation 30 of the Securities and Exchange
Slide 2: Investor Presentation Q2FY27
Investor Presentation Q2FY27 FSN E-Commerce Ventures Limited
Slide 3: Table of Contents
01 One Nykaa Highlights 02 Beauty Omnichannel Retail 03 House of Nykaa Table of Contents 04 Superstore by Nykaa 05 Fashion 06 Financial Performance
Slide 4: Performance Snapshot – Q2FY27
Performance Snapshot – Q2FY27 GMV Net Revenue Gross Profit EBITDA PAT Rs 6,151 Cr Rs 3,006 Cr Rs 1,382 Cr Rs 263 Cr Rs 101 Cr 30% 28% 31% 65% 207% YoY Growth YoY Growth YoY Growth YoY Growth YoY Growth 46.0% 8.7% 3.4% margin margin margin Margin is % of Net Revenue 3
Slide 5: Performance Snapshot – H1FY27
Performance Snapshot – H1FY27 GMV Net Revenue Gross Profit EBITDA PAT Rs 11,740 Cr Rs 5,788 Cr Rs 2,657 Cr Rs 499 Cr Rs 181 Cr 32% 29% 32% 66% 215% YoY Growth YoY Growth YoY Growth YoY Growth YoY Growth 45.9% 8.6% 3.1% margin margin margin Margin is % of Net Revenue 4
Slide 6: Both the verticals continue to see acceleration in growth and profitability
Both the verticals continue to see acceleration in growth and profitability Beauty Fashion NSV YoY 27% 28% 26% 29% 27% 47% 24% 50% 4,907 960 3,815 NSV (Rs Cr) 640 2,536 509 1,981 346 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 1 1 511 343 EBITDA (Rs Cr) -12 267 178 -30 Q2FY26 Q2FY27 H1FY
Slide 7: Scale, margins and capital efficiency are compounding together
Scale, margins and capital efficiency are compounding together Rev (Rs Cr) EBITDA margin (%) 3,100 (%) 3,006 PAT margin 2,600 9.0% 2,346 8.7% 2,100 8.0% 1,875 6.8% 7.0% 1,600 1,507 3.4% 6.0% 5.4% 5.5% 1,100 1.4% 5.0% 0.7% 0.5% 600 4.0% Q2FY24 Q2FY25 Q2FY26 Q2FY27 Rev. YoY % 22% 24% 25% 28% ROCE % 6.
Slide 8: Big Wins in Q2FY27
Big Wins in Q2FY27 Nykaaland 4.0 Accelerating launches Launch of Nykaa House of Nykaa India’s biggest beauty to bring globally Fashion Luxe unlocking a new playground trending brands growth vector X 100K+ Beauty enthusiasts' attendees across 4 edition Strategic partnership to Acquisition of premium,
Slide 9: Beauty Omnichannel Retail
BEAUTY OMNICHANNEL RETAIL
Slide 10: Beauty maintains its growth momentum, EBITDA up 50%+ YoY
Beauty maintains its growth momentum, EBITDA up 50%+ YoY GMV (Rs Cr) NSV (Rs Cr) EBITDA (Rs Cr) YoY 25% 29% 28% 25% 23% 25% 27% 28% 14% 21% 32% 51% 4,454 2,536 267 3,551 1,981 178 2,783 1,566 134 2,156 111 1,257 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Marg
Slide 11: Strong customer momentum as Beauty expands reach, conversion and spend
Strong customer momentum as Beauty expands reach, conversion and spend MAUV (mn) AUTC (mn) AOV (Rs) YoY 15% 17% 22% 30% 18% 22% 27% 26% 3% 2% 1% 5% 54.1 22.1 2,149 41.6 17.5 2,038 2,049 34.2 13.7 29.3 1,992 11.3 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Q2FY24 Q2FY25 Q2FY26 Q2FY27 52 m
Slide 12: Expanding Nykaa's beauty universe with new exciting launches
Expanding Nykaa’s beauty universe with new exciting launches Exclusive Global brand launches New brand Engine 330+ new brands added in the last year Hair [16%] Makeup [14%] [13%] [11%] Skin [33%] Others [13%] Bath & Body Fragrance Global brands that launched exclusively on Nykaa Korean skincare from
Slide 13: Global brands choose Nykaa to enter and scale in India
Global brands choose Nykaa to enter and scale in India Nykaa Global Store: Partner of choice for India beauty opportunity One of India’s largest distributors for 1 Enter with local expertise global beauty #1 Largest share online beauty retailer in specialized beauty category 45+ 60% 52 mn+ 19,000+ G
Slide 14: Nykaa Global Store has delivered exceptional outcomes for global brands
Nykaa Global Store has delivered exceptional outcomes for global brands Korean Beauty Acceleration Luxury brand localization and scale Unique End-to-end partnerships Education and brand building 34% 17 16 3600 of Nykaa’s Korean Beauty Business is part of Luxury brands distributed via Global Store EB
Slide 15: Nykaaland 4.0: India's biggest immersive beauty festival
Nykaaland 4.0: India’s biggest immersive beauty festival Nykaaland redefined experiential beauty in India through immersive learning, strong attendance and standout community engagement Key Stats across 4 editions of Nykaaland 100K+ 150 mn+ Beauty enthusiasts Social attended reach 1,500+ Celebrities
Slide 16: Expanding omnichannel presence with differentiated store formats
Expanding omnichannel presence drive deeper market penetration with differentiated store formats NETWORK EXPANSION Store Count (#) 253 MBOs Curated multi-brand beauty destinations 338 Beauty Stores 338 (+14 new stores in Q2) 2x 265 69 House of Nykaa Outlets 111 KAFE Cities (+6 cities in Q2) 210 KIOS
Slide 17: Nykaa's retail growth engine strengthens as scale and productivity converge
Nykaa’s retail growth engine strengthens as scale, productivity and customer traction converge SSSG trend AUTC trend AOV trend 20%+ 3.9x 1.4x 1.3x Early teens 1.2x 2.4x Early 2.0x teens 1.0x High single digit 1.0x Q2FY24 Q2FY25 Q2FY26 Q2FY27 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Q2FY24 Q2FY25 Q2FY26 Q2FY27 16
Slide 18: Nykaa Now offers the largest BPC & Wellness assortment
Nykaa Now offers the largest BPC & Wellness assortment, differentiated by authenticity & trust Orders delivered within From festive-ready skin to party-perfect lips, 30-60 mins Nykaa Now delivering festive beauty essentials Expansion 3 cities 15 cities 25+ cities Q1FY26 Q2FY27 By end of FY27 Largest
Slide 19: Nykaa and L'Oréal BOLD partner to build next generation of Indian beauty brands
Nykaa and L’Oréal BOLD partners to build next generation of Indian beauty entrepreneurs X Deep omnichannel retail network and Global beauty expertise, network and understanding of India’s beauty mentorship through L’Oréal’s venture fund consumers Investing in the next generation of high-growth India
Slide 20: House of Nykaa
Slide 21: House of Nykaa continues to scale rapidly, crosses Rs 2,300 Cr+ annualized NSV
House of Nykaa continues to scale rapidly, crosses Rs 2,300 Cr+ annualized NSV HOUSE OF Consumer Brands portfolio Building India’s leading new age consumer brands portfolio Beauty Strong topline growth Rs 4,000 Cr+ Rs 2,300 Cr+ Annualized GMV [40% YoY] Annualized NSV [36% YoY] Customer Love 19 mn+ C
Slide 22: House of Nykaa – Beauty continues its strong growth trajectory
House of Nykaa – Beauty continues its strong growth trajectory, delivers ~40% YoY NSV growth NSV (Rs Cr) NSV mix by channel – Q2FY27 39% YoY 3x+ 535 28% 37% 385 4% 21% 10% 232 Nykaa Online Nykaa Stores Nykaa B2B Exports Other 3P Channels 153 Strong growth across both Nykaa and other channels, reflec
Slide 23: Our core brands continue to lead across key categories
Our core brands continue to lead across key categories A playful approach to actives led skincare – India's largest celebrity beauty brand with India’s trendiest makeup brand built for youthful amongst India’s top D2C skincare brands inclusivity at its core beauty consumers Rs 1,300 Cr Rs 350 Cr+ Rs
Slide 24: Emerging Brands carving out distinct identities with innovative products
Emerging Brands carving out distinct indentities with innovative products and design Wanderlust Strengthens its gifting-focused Earth Rhythm blends conscious beauty Maison Moi reimagined to high-value Aminu, a premium dermocosmetic brand portfolio anchored in Body Mist and with science backed formul
Slide 25: House of Nykaa enters premium professional make-up with Simply Nam
House of Nykaa enters premium professional make-up with Simply Nam India’s leading beauty and An expert-backed beauty brand lifestyle platform founded by celebrity make-up artist Namrata Soni Nykaa to acquire 82% stake in Simply Nam 24
Slide 26: Simply Nam – A premium, pro-grade makeup brand for Indian skin tones
Simply Nam – A premium, pro-grade makeup brand created for Indian skin tones Founded in 2020 by celebrity make-up artist Namrata Soni and Top SKUs attracting consumer love Bozzil Group, a venture studio ₹17 Cr 5x 90% FY26 net revenue Revenue growth in 4 yrs Custom developed formulations The Ultimate
Slide 27: How does Simply Nam fit within House of Nykaa?
How does Simply Nam fit within House of Nykaa? Acquired in Q2FY27 Current portfolio Expansion opportunity Derma led skincare SPECIALISED clean beauty Clinical body care Premium, Clean, Kind & Effective Skincare professional makeup Acquired in Q1FY27 LUXURY Premium fragrance Mid-Premium Premium dermo
Slide 28: Simply Nam fills a whitespace in our make-up portfolio
Simply Nam fills a whitespace in our make-up portfolio, with a differentiated proposition The trendiest makeup brand built for young Celebrity led makeup with inclusivity Celebrity makeup artist brand with professional beauty consumers at its core grade makeup Democratizing global trends & launching
Slide 29: Key terms of the transaction
Key terms of the transaction • Nykaa to acquire 82% stake for a consideration of upto Rs 33 Crores • Namrata Soni to own 18% stake and serve as Co-Founder and Chief Product Officer (CPO), bringing her unique expertise across product development, content creation, brand strategy, marketing and educat
Slide 30: Superstore
SUPERSTORE
Slide 31: Superstore continues to expand its scale and deepen its reach
Superstore continues to expand its scale and deepen its reach GMV (Rs Cr) 15% YoY GMV growth ~3x GMV 328 554K Onboarded Retailers 27% YoY growth 285 Fast growing retailer network 228 127 1,200+ cities Q2FY24 Q2FY25 Q2FY26 Q2FY27 100+ cities added in last 1 year 28% YoY NSV growth • GST-led MRP reduc
Slide 32: Superstore scales its retailer network 27% with a flat BDE team
Superstore scales its retailer network 27% with a flat BDE team, lifting productivity per BDE Onboarded Retailers (k) Retailer serviced/BDE (#) 27% YoY 26% YoY 554 238 189 438 Q2FY26 Q2FY27 Q2FY26 Q2FY27 GMV/BDE/month (Rs) 14% YoY 2.3K 2.3K 469k 410k BDE Count (#) Retailer count increased by 27% YoY
Slide 33: Sales mix, scale and efficiencies leading to unit economics improvement
Sales mix, scale and efficiencies leading to unit economics improvement % of NSV Fulfilment expense S&D expense 53 bps 363 bps Q2FY26 Q2FY27 Q2FY26 Q2FY27 • Efficiency gains partly offset by impact of new • On account of improving BDE productivity labour code on warehouse off-roll employees (14%
Slide 34: Empowering retailers with access to a wider brand universe
Empowering retailers with access to a wider brand universe FMCG Regional D2C Exciting launches this quarter 250+ Skincare Skincare brands A heritage Indian skincare Premium skincare brand that brand best known for its brings together beauty rituals ~190 calamine and kaolin-based oil-control lotions,
Slide 35: Meri Dukan: Personalizing shopping experience for every retailer
Meri Dukan: Personalizing shopping experience for every retailers Running Low in My Shop In Demand Near Me High Margin for Me Replenishment from reorder Local growth and similar- Deal of the day, price drops, intervals, recency, GMV retailer adoption trade schemes Brands in My Shop Recommended for M
Slide 36: Fashion
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Slide 37: Fashion delivers solid performance with acceleration in growth and profitability
Fashion delivers solid performance with acceleration in growth and profitability GMV (Rs Cr) NSV (Rs Cr) EBITDA (Rs Cr) YoY 27% 10% 37% 42% 35% 13% 27% 47% 1 1,674 509 1,180 -12 346 863 271 787 241 -24 -29 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Margin % *
Slide 38: Strong customer funnel is resulting in improving order metrics
Strong customer funnel is resulting in improving order metrics Strong customer acquisition with 31% New customers YoY 239 mn Visits | 25% YoY Cumulative customer base of 12 mn+ Improved unique visitor to order 5.1 mn AUTC | 37% YoY conversion to 4.2% [+82 bps YoY] – MAUV of 26 mn+ AOV of Rs 4,378 3.
Slide 39: Exciting marquee launches across core and emerging categories
Exciting marquee launches across core and emerging categories UK based streetwear brand, blending vintage American styling with Japanese- Swedish fashion house known for Established Indian home-comfort brand inspired graphics and British tailoring minimalist, refined wardrobe collections 250+ new br
Slide 40: Strengthening partnership with H&M, with exclusive launch of COS
Strengthening partnership with H&M, with exclusive launch of “COS” Global trend forward H&M’s dedicated sportswear brand that Luxury design, sustainable fashion powerhouse aims to democratize athletic apparel craftsmanship and quality Q3FY26 Q1FY27 Q2FY27 Launched on Launched on Launched on 39
Slide 41: Introducing Nykaa Fashion Luxe
Introducing Nykaa Fashion Luxe: Bringing luxury labels in one dedicated SIS destination Curating an elevated shopping experience with homegrown and international luxe labels In App Luxe store Expert led curated luxe destination in Nykaa fashion app Personalized Service Concierge support, styling, cu
Slide 42: Structural improvement in Fashion's profitability
Structural improvement in Fashion’s profitability % of NSV Fulfilment expenses Marketing and S&D expense Overhead expense* EBITDA margin 419 bps 197 bps 371 bps 96 bps 11.2% 26.9% 13.0% 0.2% 10.3% 11.1% 22.7% -3.5% Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 • Driven by better de
Slide 43: Financial Performance
FINANCIAL PERFORMANCE
Slide 44: Revenue growth accelerates to 28%, PAT growth of 200%+
Revenue growth accelerates to 28%, PAT growth of 200%+ Net Revenue (Rs Cr) EBITDA (Rs Cr) PAT (Rs Cr) YoY 22% 24% 25% 28% 32% 29% 53% 65% 50% 66% 154% 207% 3,006 263 101 2,346 159 1,875 1,507 33 104 81 13 8 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Margin %
Slide 45: Both business verticals delivered strong performance
Both business verticals delivered strong performance One Nykaa Beauty Fashion YoY 27% 31% 27% 28% 27% 47% 3,064 2,536 509 NSV (Rs Cr) 2,340 1,981 346 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 EBITDA margin* %| 8.6% | +178 bps 10.5% | +158 bps 0.2% | +371 bps YoY * % of NSV 44
Slide 46: Profit and Loss Statement – Q2FY27
Profit and Loss Statement – Q2FY27 Particulars (Rs Cr) Q2FY27 Q2FY26 YoY Revenue from Operations 3,006 2,346 28% Supported by rising share of House of Gross Profit 1,382 1,054 31% Nykaa along with uptick in marketing income Gross Margin 46.0% 44.9% 106 bps Fulfilment expense 304 227 34% Investment i
Slide 47: Vertical Reporting – Q2FY27
Vertical Reporting – Q2FY27 (All amounts in Rs Cr, unless otherwise stated) Q2FY27 Q1FY27 Q2FY26 Particulars Beauty Fashion Total1 Beauty Fashion Total1 Beauty Fashion Total1 GMV 4,454 1,674 6,151 4,105 1,471 5,590 3,551 1,180 4,744 Growth 25% 42% 30% 28% 53% 34% 28% 37% 30% NSV 2,536 509 3,064 2,37
Slide 48: Vertical Reporting – H1FY27
Vertical Reporting – H1FY27 (All amounts in Rs Cr, unless otherwise stated) H1FY27 H1FY26 Particulars Beauty Fashion Total1 Beauty Fashion Total1 GMV 8,559 3,144 11,740 6,760 2,144 8,926 Growth 27% 47% 32% 27% 31% 28% NSV 4,907 960 5,899 3,815 640 4,477 Growth 29% 50% 32% 26% 24% 26% Revenue from Op
Slide 49: Efficient Capex Utilisation
Efficient Capex Utilisation Capex (Rs Cr)* Capex as % of Revenue Category wise capex* – H1FY27 180 4% 160 3% 2% 2% 140 2% 1% 1% 120 1% 30% 100 0% 46% 80 -1% Rs 62 Cr 145 60 128 -2% 115 40 -3% 24% 62 20 -4% 0 -5% FY24 FY25 FY26 H1FY27 Store Warehouse Tech Capex optimization YoY, while we continue to
Slide 50: Capital efficiency evident in strong ROCE trend
Capital efficiency evident in strong ROCE trend Fixed Asset Turnover* (x) Working Capital Days (#) ROCE* (%) 10.8 42 27.3% 9.9 21.2% 34 9.1 9.1 28 28 11.3% 7.5% FY24 FY25 FY26 H1FY27 FY24 FY25 FY26 H1FY27 FY24 FY25 FY26 H1FY27 Rising salience of asset light business Improvement in profitability coup
Slide 51: Thank You
THANK YOU -
Slide 52: Glossary
Glossary Term Description Unique customers identified by their email-id or mobile number who have placed at least one Order on our websites, mobile applications or physical stores during the last 12 months ended as on measurement date. Annual Transacting Customers, with respect to beauty and persona
Slide 53: Disclaimer
Disclaimer By attending the presentation or by reading the presentation slides you agree to be bound as follows: This Presentation is prepared by FSN E-Commerce Ventures Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of
Slide 54: Profit and Loss Statement
Profit and Loss Statement (All amounts in Rs Cr, unless otherwise stated) Particulars Q2FY27 Q2FY26 Q1FY27 YoY Growth QoQ Growth H1FY27 H1FY26 YoY Growth Revenue from Operations 3,006 2,346 2,782 28% 8% 5,788 4,501 29% Cost of goods Sold 1,624 1,292 1,506 26% 8% 3,131 2,486 26% Gross Profit 1,382 1,
Slide 55: Balance Sheet
Balance Sheet As at As at Particulars Movement Sep 30, 2026 Mar 31, 2026 Assets 1 Fixed assets including Intangibles 573.4 555.7 17.7 2 Leased Assets 496.5 461.5 35.0 3 Investment 0.2 0.2 - 4 Deferred Tax Assets (Net) 285.9 268.8 17.1 5 Other Assets 974.8 802.8 172.0 6 Total Other Assets 2,330.7 2,0
Slide 56: Cash Flow
Cash Flow Summarised Cash Flow Statement Particulars H1 FY27 H1 FY26 A Opening Cash and Bank Balance (Incl FD) 418.3 338.6 Add: Sources of Funds 1 Operating Profit (Net of lease payment) 388.8 218.9 2 Proceeds from Borrowings 240.5 28.0 3 Investment by Apparel Group in Nessa 8.0 15.7 4 Interest on F
FSN E-Commerce Ventures — Q2 FY27 Earnings Presentation on 6ix