FSN E-Commerce Ventures Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript FSN E-Commerce Ventures Ltd filed with BSE on 26 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Nykaa reported Q4 FY26 net revenue of Rs 2,648 crore, up 28% year-on-year, with EBITDA of Rs 223 crore and PAT of Rs 79 crore. For the full year, net revenue crossed Rs 10,000 crore for the first time, growing 26%, with EBITDA up 59% and PAT up 183% year-on-year. Management described improvement across Beauty, Fashion, House of Nykaa and Superstore verticals, with Fashion turning EBITDA-positive in the fourth quarter.
Numbers mentioned
Net revenue: INR 2,648 crores (Q4 FY26)
p. 3
“And the net revenue for the quarter was INR 2,648 crores.”
Falguni Nayar, page 3 of the filed PDF · View the filing
GMV growth: 28% year-on-year (Q4 FY26)
p. 3
“we are really seeing continued growth momentum in both GMV, which grew at 28% year-on-year and net revenue, which grew also at a similar pace of 28% year-on-year.”
Falguni Nayar, page 3 of the filed PDF · View the filing
Gross profit: INR 1,203 crores, 45.4% (Q4 FY26)
p. 3
“gross profit has come out at INR 1,203 crores, which is 45.4%, about a 32% increase year-on-year”
Falguni Nayar, page 3 of the filed PDF · View the filing
EBITDA: INR 223 crores, 8.4% of net revenue (Q4 FY26)
p. 3
“the EBITDA was at INR 223 crores, 8.4% to net revenue and 67% growth year-on-year”
Falguni Nayar, page 3 of the filed PDF · View the filing
PAT: INR 79 crores, 3% of net revenue (Q4 FY26)
p. 3
“on PAT, it came out at INR 79 crores, a 3% PAT with a 313% year-on-year growth.”
Falguni Nayar, page 3 of the filed PDF · View the filing
Net revenue: crossed INR 10,000 crores (FY26)
p. 3
“we touched INR 10,000 crores net revenue for the first time ever, a $1 billion revenue mark.”
Falguni Nayar, page 3 of the filed PDF · View the filing
Full year gross profit: 45.1%, INR 4,516 crores (FY26)
p. 3
“the full year gross profit is at 45.1%, INR 4,516 crores, a 30% year-on-year growth”
Falguni Nayar, page 3 of the filed PDF · View the filing
Full year EBITDA: INR 752 crores, 7.5% of net revenue (FY26)
p. 3
“the EBITDA came out at INR 752 crores. That's about 7.5% of net revenue and 59% growth year-on-year.”
Falguni Nayar, page 3 of the filed PDF · View the filing
Full year PAT: INR 204 crores, 2% of net revenue (FY26)
p. 4
“the PAT is at about INR 204 crores for the full year, 2% of net revenue and 183% year-on-year growth”
Falguni Nayar, page 4 of the filed PDF · View the filing
Return on capital employed: 21.2% (FY26)
p. 4
“return on capital employed also now stands at a healthy 21.2%.”
Falguni Nayar, page 4 of the filed PDF · View the filing
Beauty EBITDA margin: 9.6% (FY26)
p. 5
“we closed FY '26 with almost INR 15,000 crores of GMV, which is a 27% growth year-on-year, around INR 8,500 crores of NSV and an EBITDA margin of 9.6%.”
Anchit Nayar, page 5 of the filed PDF · View the filing
Beauty EBITDA margin: 10.3% (Q4 FY26)
p. 5
“27% growth on GMV, 29% growth on NSV and an EBITDA margin of 10.3%”
Anchit Nayar, page 5 of the filed PDF · View the filing
House of Nykaa GMV: INR 3,176 crores (FY26)
p. 8
“this unit delivered a strong INR 3,176 crores of GMV. That's a ~50% year-on-year increase.”
Adwaita Nayar, page 8 of the filed PDF · View the filing
House of Nykaa Beauty GMV: INR 2,788 crores (FY26)
p. 8
“this unit now is at about INR 2,788 crores of GMV, which is a 65% year-on-year growth.”
Adwaita Nayar, page 8 of the filed PDF · View the filing
Dot & Key GMV: INR 1,790 crores (3-year period)
p. 8
“This brand grew enormously in the last 3 years at 13x, delivering INR 1,790 crores of GMV.”
Adwaita Nayar, page 8 of the filed PDF · View the filing
Kay Beauty GMV: INR 380 crores
p. 9
“growing enormously and what we stated is 3x in 3 years to about INR 380 crores of GMV.”
Adwaita Nayar, page 9 of the filed PDF · View the filing
Superstore GMV: ~INR 1,200 crores
p. 10
“In a short span of 4 years, we have created a ~INR 1,200 crores GMV business which is quite remarkable on its own.”
Vishal Gupta, page 10 of the filed PDF · View the filing
Superstore EBITDA margin improvement: greater than 500 bps
p. 10
“we have improved our EBITDA margin by greater than 500 bps which is spread across all the levers.”
Vishal Gupta, page 10 of the filed PDF · View the filing
Fashion GMV growth: 30% (FY26)
p. 10
“the financial year '26 was 30% growth, almost reaching INR 5,000 crores in GMV, close to 30% growth in NSV reaching INR 1,447 crores in NSV for the year.”
Abhijeet Dabas, page 10 of the filed PDF · View the filing
Fashion EBITDA margin: minus 2.6%, up 570 bps (FY26)
p. 11
“A significant improvement in EBITDA margin from minus 8.3% in FY '25 to minus 2.6%, which is a 570 basis points improvement in EBITDA for the full year”
Abhijeet Dabas, page 11 of the filed PDF · View the filing
Fashion EBITDA: positive 30 basis points (Q4 FY26)
p. 11
“I'm happy to share with everyone that we reported a positive 30 basis points EBITDA for the fourth quarter of last year.”
Abhijeet Dabas, page 11 of the filed PDF · View the filing
Fixed asset turnover: 9.9x (FY26)
p. 13
“our fixed asset turnover has improved to 9.9x in FY '26, up from 9.1x in FY '25”
P. Ganesh, page 13 of the filed PDF · View the filing
Working capital days: 28 days (FY26)
p. 13
“Working capital days, as you can see, has improved further from an already healthy 34 days to even better at 28 days now”
P. Ganesh, page 13 of the filed PDF · View the filing
ROCE: 21.2% versus 11.3% (FY26 vs prior year)
p. 13
“ROCE seeing a sharp improvement in FY '26 and moving up to 21.2% versus 11.3% a year ago.”
P. Ganesh, page 13 of the filed PDF · View the filing
Capex as % of revenue: about 1% (FY26)
p. 13
“Our capex utilization here, as we can see, has become more efficient, and it currently stands at about 1% of revenue.”
P. Ganesh, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Beauty retail store expansion — about 500 stores · next 3 to 4 years
stated firmly by Anchit Nayar
p. 25
“we have said in the past that the plan was to get to about 500 stores over the next 3 to 4 years, and we said this about 2 years ago.”
Anchit Nayar, page 25 of the filed PDF · View the filing
New store additions — 50 to 60 or 70 doors · FY27
stated firmly by Anchit Nayar
p. 25
“it's, we're thinking it will be similar to what it was in FY '26. So similar 50 to 60 or 70 doors and we're already now covering the top 99 cities.”
Anchit Nayar, page 25 of the filed PDF · View the filing
Margin trajectory across Beauty, Fashion, House of Nykaa businesses — coming years
stated as an aspiration by Anchit Nayar
p. 16
“each of the businesses will continue to improve their respective margin profile and some of that could accrue at a consolidated level.”
Anchit Nayar, page 16 of the filed PDF · View the filing
Growth outlook for next financial year — FY27
stated conditionally by Falguni Nayar
p. 14
“Except for the general environmental concerns, we are not seeing any specific concerns yet, but it is hard to assume that they won't emerge as you go forward because inflationary pressures may be there”
Falguni Nayar, page 14 of the filed PDF · View the filing
House of Nykaa growth — next 5 years, 10 years
stated as an aspiration by Falguni Nayar
p. 25
“it's a portfolio approach. And if you have 3-4 brands who are at 1/3 the turnover but growing 65% or 100% is very much possible.”
Falguni Nayar, page 25 of the filed PDF · View the filing
Fashion margin trajectory — coming quarters
stated as an aspiration by Abhijeet Dabas
p. 18
“we feel confident that the trajectory should be positive on margins for the fashion business from here on.”
Abhijeet Dabas, page 18 of the filed PDF · View the filing
Nykaa Now marketing intensity — FY27
stated firmly by Anchit Nayar
p. 26
“the plan is to really start to market Nykaa Now more actively to our consumers, given that we have the assortment and the speed buttoned up.”
Anchit Nayar, page 26 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said April-May were good but flagged global concerns like currency and oil prices while citing AI-led efficiency benefits.
Answered by Falguni Nayar
Asked by Kapil Singh: What is the outlook for growth and margins next year given inflation concerns?
p. 14
“we are definitely seeing benefits of AI-led growth in our business for sure. So, it will be a combination of the two.”
Falguni Nayar, page 14 of the filed PDF · View the filing
Anchit Nayar said the three beauty sub-businesses have different margin profiles and each is independently improving, while flagging some freight and currency-driven pressure on brand pricing.
Answered by Anchit Nayar
Asked by Sachin Salgaonkar: Where will steady-state margins for BPC and Fashion stabilize, and what is the impact of inflation on procurement cost?
p. 17
“there is some pressure probably on brands to take a price increase. It hasn't happened yet.”
Anchit Nayar, page 17 of the filed PDF · View the filing
Abhijeet Dabas attributed it to focused customer acquisition, assortment additions like H&M and Nike, and better targeting improving marketing efficiency.
Answered by Abhijeet Dabas
Asked by Nihal Mahesh Jham: What drove the improvement in Fashion growth in FY26 while reducing marketing spend?
p. 18
“we have been very focused on assortment addition through the last year, particularly adding very strong brands like an H&M, like Nike.”
Abhijeet Dabas, page 18 of the filed PDF · View the filing
Anchit Nayar said the platform has low revenue concentration by brand so is less exposed to any single category pulling back, and clarified owned brands do not yet account for 20% of retail revenue.
Answered by Anchit Nayar
Asked by Nihal Mahesh Jham: Could inflation lead FMCG brands to cut ad spend on the platform, and can owned brands' BPC contribution rise beyond 20%?
p. 19
“no single brand or even brand company accounts for double-digit revenue to our platform. So we have very low revenue concentration.”
Anchit Nayar, page 19 of the filed PDF · View the filing
Adwaita Nayar said growth will come from a three-pronged strategy of scaling existing big brands, growing incubating brands, and pursuing acquisitions.
Answered by Adwaita Nayar
Asked by Percy Panthaki: Can the House of Nykaa owned brands portfolio sustain its high growth rate given its now-larger base?
p. 21
“I think the strategy is really probably three pronged.”
Adwaita Nayar, page 21 of the filed PDF · View the filing
Anchit Nayar said there remains significant headroom in customer acquisition while also citing initiatives to grow annual consumption value and AOV over time.
Answered by Anchit Nayar
Asked by Percy Panthaki: In the core B2C beauty retail business, will growth continue to come from new customer additions or shift toward AOV growth?
p. 23
“there is still tremendous runway for us on customer acquisition.”
Anchit Nayar, page 23 of the filed PDF · View the filing
P. Ganesh said direct imports are a small portion of the business and forex exposure is largely hedged for the near term.
Answered by P. Ganesh
Asked by Latika Chopra: What is the salience of imported brands in beauty given rupee depreciation, and is there any pricing impact yet?
p. 24
“we operate on a fully hedged basis and at any point in time, the next 2 to 3 months, exposures continue to remain hedged.”
P. Ganesh, page 24 of the filed PDF · View the filing
Anchit Nayar said Nykaa Now built out density in top metros in FY26 and will now be marketed more aggressively in FY27, while store expansion will continue at 50-60 doors a year.
Answered by Anchit Nayar
Asked by Latika Chopra: What is the salience of Nykaa Now in overall GMV and what are the offline store expansion targets for FY27?
p. 26
“this year, as I said, it was a year of building out the density, getting the assortment right.”
Anchit Nayar, page 26 of the filed PDF · View the filing
Risks flagged
Global macro concerns including currency depreciation and high oil prices affecting inflation and consumption
p. 14
“the global concerns, which are being translated to high currency and oil prices, I mean, high oil prices and depreciating currency and its impact on inflation and through that consumption makes us cautious for the next year.”
Falguni Nayar, page 14 of the filed PDF · View the filing
Potential brand price increases passed to consumers due to freight cost and currency pressure
p. 16
“freight cost and obviously, with the currency issues that we are facing, there is some pressure probably on brands to take a price increase.”
Anchit Nayar, page 16 of the filed PDF · View the filing
Possibility that inflation causes brands to pull back on advertising and marketing spend
p. 19
“it is a possibility that certain brands pull back on ad spends or on marketing on digital platforms, including ours, that is a possibility.”
Anchit Nayar, page 19 of the filed PDF · View the filing
Competitive intensity in the fashion e-commerce market
p. 19
“I wouldn't say it has abated. I think there is always competitive intensity.”
Abhijeet Dabas, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.