FSN E-Commerce Ventures (NYKAA) Q3 25/26 earnings summary

Executive summary

• Q3 FY2026 delivered strong results with GMV up 28% year-over-year to INR 5,795 crore and net revenue up 27% to INR 2,873 crore, maintaining a 13-quarter streak of expansion.

• EBITDA reached INR 230 crore (8% of net revenue), a 63% year-over-year increase and the highest margin to date.

• PAT was INR 68 crore (2.4% of net revenue), up 156% year-over-year; adjusted for a one-time labor code impact, PAT would be INR 78 crore (2.7%).

• Both beauty and fashion verticals showed robust growth and margin improvement, with beauty GMV up 27–32% and fashion GMV up 31% year-over-year.

• Net profit after tax for the quarter was ₹67.74 crore, compared to ₹26.41 crore in the same quarter last year.

Financial highlights

• Gross profit rose 31% year-over-year to INR 1,297 crore, with gross margin at 45.2% of net revenue, the highest in 13 quarters.

• EBITDA margin improved by 180 basis points to 8%.

• Working capital days improved to 30 for the nine months, and ROCE increased to 19.1% annualized from 11.3% last year.

• Revenue from operations for the nine months ended December 31, 2025, was ₹7,374.18 crore, up from ₹5,888.06 crore year-over-year.

• Basic and diluted EPS for the quarter were ₹0.22, up from ₹0.09 in the same quarter last year.

Outlook and guidance

• Management remains optimistic about continued growth, citing strong e-commerce momentum, omnichannel expansion, and innovation in owned brands.

• No explicit forward guidance provided, but structural improvements in profitability are expected to sustain.

• The group continues to monitor regulatory changes, especially regarding new Labour Codes, and will recognize further accounting effects as clarifications are issued.