Q1 2026 Fsn E-Commerce Ventures Ltd Earnings Call Transcript
Key Points
- FSN E-Commerce Ventures Ltd (BOM:543384) reported a strong 26% year-on-year growth in GMV, reaching INR4,180 crores for the quarter.
- Net revenue increased by 23% year-on-year to INR2,155 crores, indicating robust top-line growth.
- The company's gross profit margin improved to 44.6%, representing a 27% year-on-year growth.
- EBITDA showed a significant 46% year-on-year growth, reaching INR141 crores, with a margin of 6.5% of net revenue.
- The Beauty business achieved a 26% year-on-year GMV growth, while the Fashion business saw a 25% increase, showcasing strong performance across both segments.
- Nykaa Fashion's EBITDA margin remains negative at minus 6.2%, although it has improved by 300 basis points from the previous year.
- Marketing expenses as a percentage of NSV increased by 101 basis points year-on-year, indicating higher investment in customer acquisition.
- The Superstore business, part of the Beauty segment, is still loss-making, although it is on a path to profitability.
- The Fashion business, while showing growth, still has a negative EBITDA margin, indicating ongoing challenges in achieving profitability.
- The company's investment in technology and web expenses has kept other expenses relatively steady, limiting operating leverage improvements.
Hi. Good evening, everyone. This is Michelle from Chorus Call. Welcome to FSN E-Commerce Ventures Limited Q1 FY26 earnings call. From the management at Nykaa, we have Ms. Falguni Nayar, Executive Chairperson, MD and CEO; Mr. Anchit Nayar, Executive Director and CEO, Beauty; Ms. Adwaita Nayar, Co-Founder of Nykaa, ED and CEO; Nykaa Fashion and Head of Own Brands. Mr. Vishal Gupta, CEO, Nykaa Distribution; Abhijeet Dabas, Executive Vice President and Business Head for Nykaa Fashion; Mr. P. Ganesh, Chief Financial Officer.
Before we start, we would like to point out that some of the statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings presentation shared with you earlier. Kindly note that this call is meant for investors and analysts only. By participating in this event, you consent to such recording, distribution and publication. (Operator Instructions)
With that, over to you, Falguni ma'am for opening remarks.
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