Q2 2026 Fsn E-Commerce Ventures Ltd Earnings Call Transcript
Key Points
- FSN E-Commerce Ventures Ltd (BOM:543384) reported a 30% year-on-year growth in GMV for Q2 FY '26, reaching INR 4,744 crores, marking the highest growth in the last six quarters.
- The company achieved a 25% year-on-year growth in net revenue, amounting to INR 2,346 crores, maintaining consistent mid-20s growth over the past 12 quarters.
- EBITDA increased by 53% year-on-year to INR 159 crores, representing 6.8% of net revenue, the highest EBITDA margin since the IPO.
- The beauty segment showed robust growth with a 28% year-on-year increase in GMV, and the fashion segment saw a 37% year-on-year growth in GMV.
- The company expanded its customer base by 32% year-on-year, reaching 49 million customers, and opened 19 new beauty stores, bringing the total to 265 stores across 90 cities.
- Despite improvements, the fashion vertical's EBITDA margin remains negative at minus 3.5%, although it has improved from minus 9% a year ago.
- The company faced a short-term dip in contribution margin by 62 basis points due to increased investment in field force, which is expected to yield results in future quarters.
- Fulfillment expenses increased by 34 basis points to 9.7% due to faster delivery initiatives in the fashion vertical.
- Marketing and S&D expenses rose by 44 basis points to 15.7% of net revenue, reflecting increased investments in customer acquisition and brand building.
- The GST changes impacted the eB2B business, causing a temporary deflationary impact on ASP and AOV, although the overall impact on the company's GMV was less than 1%.
Good evening, everyone. This is Michelle from Chorus Call. Welcome to FSN E-Commerce Ventures Limited Q2 FY '26 Earnings Call. From the management at Nykaa, we have Ms. Palguni Nair, Executive Chairperson, MD and CEO; Mr.
Anchit Nayar, Executive Director and CEO, Beauty; Ms. Adwaita Nayar, Executive Director and CEO, Nykaa Fashion; Mr. Vishal Gupta, CEO, Nykaa Distribution; Mr. Abhijeet Dabas, Executive Vice President, Nykaafashion.com; 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, for opening remarks. Thank you, ma'am.
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