FSN E-Commerce Ventures (NYKAA) Q1 26/27 earnings summary

Executive summary

• Achieved strong growth in Q1 FY27 with GMV at INR 5,590 crore (34% YoY growth), net revenue at INR 2,782 crore (29% YoY growth), and gross profit at INR 1,276 crore (33% YoY growth, 45.9% margin).

• EBITDA reached INR 236 crore (68% YoY growth, 8.5% margin), and PAT was INR 80 crore (226% YoY growth, 2.9% margin), marking the highest growth in 13 quarters.

• Both beauty and fashion verticals accelerated in growth and profitability, with Beauty NSV up 29% and Fashion NSV up 54% YoY.

• Customer base expanded to 60 million, up 33% YoY, with strong engagement through immersive events and digital initiatives.

• Expanded omnichannel presence with 11 new stores, launched major global brands, and executed strategic collaborations, including the India launch of Rare Beauty.

Financial highlights

• GMV: INR 5,590 crore (+34% YoY); Net revenue: INR 2,782 crore (+29% YoY); Gross profit: INR 1,276 crore (+33% YoY, 45.9% margin).

• EBITDA: INR 236 crore (+68% YoY, 8.5% margin); PAT: INR 80 crore (+226% YoY, 2.9% margin).

• Beauty NSV: INR 2,371 crore (+29% YoY); Fashion NSV: INR 451 crore (+54% YoY).

• ROCE improved to 26.8%, reflecting strong capital efficiency.

• Fixed asset turnover at 10.7x; working capital days reduced to 22.

Outlook and guidance

• Continued focus on omnichannel expansion, premiumization, and technology-driven customer engagement.

• Nykaa Now to expand to 25+ cities by FY 2027, aiming for margin accretive growth.

• Superstore GMV growth expected to normalize to 35%+ CAGR by FY 2030 as GST impact fades and network expands.

• Fashion vertical targets 3x-3.5x growth over four to five years, with continued focus on platform and enterprise business lines.

• Ongoing investments in infrastructure and digital initiatives to drive future growth and efficiency.