Hi, good evening, everyone. This is Michelle from Chorus Call. Welcome to FSN E-Commerce Ventures Limited Q1 FY 2027 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, Executive Director and Co-Founder and CEO of House of Nykaa Brands; Mr. Vishal Gupta, CEO Nykaa Distribution; Abhijeet Dabas, CEO Nykaa Fashion, and 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, 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. All participant lines will be in the listen-only mode, there will be an opportunity for you to ask questions after the presentation from management concludes. With that, over to you, Falguni ma'am, for opening remarks. Thank you. Thank you very much, Michelle. Good afternoon, everyone. We at Nykaa are really happy to present this afternoon. We've just ended our board meeting, happy to present our first quarter financial year 2027 results. I'll start with Nykaa highlights. Happy to share that what we have seen in this quarter has been a strong growth across. Can you move on? I'll start with the performance snapshot for the first quarter. Really happy to share that the GMV for the quarter has turned out at INR 5,590 crore, which is a 34% year-on-year growth. Net revenue similarly for the quarter is at INR 2,782 crore, which is a 29% year-on-year growth. On the gross profit also, the company has seen the gross profit of INR 1,276 crore, a growth of 33% year-on-year, a margin of 45.9%. For the EBITDA, happy to report the EBITDA at INR 236 crore for the quarter, a 68% year-on-year growth, an 8.5% margin for the quarter. Finally, the PAT is at INR 80 crore, a 226% year-on-year growth with 2.9% PAT margin for the quarter. Happy to present the results, moving on to the next slide. What we have seen is that both the beauty and the fashion vertical have seen acceleration in growth and profitability. If we were to look at the beauty vertical, here we've tried to share the first quarter data for about three, four years in a row, which is Q1 2024 all the way to Q1 2027. The NSV for the beauty vertical for this quarter is INR 2,371 crore, that's a 29% year-on-year growth. If you look at it is up from INR 1,112 crore about three years ago. On the fashion vertical, similarly, we can see that the NSV has grown from INR 209 crore in quarter one of 2024 to this quarter, the fashion vertical NSV is at INR 451 crore. This represents a 54% growth on a year-on-year basis. Happy to report that both verticals are accelerating in the growth that they are seeing. On the EBITDA front also, the year-on-year EBITDA growth for beauty vertical is at about 48%, and the EBITDA itself is at INR 244 crore for quarter one of 2024, and the EBITDA margin is 10.3%. This is higher than 9% a year ago, and it is an improvement over the last three, four-year period. Similarly, on fashion, you can see that the improvement in EBITDA has been quite tremendous. From a - 14.1% EBITDA margin in quarter one financial year 2024, you can see that this year we are almost at a flat break-even margins, just 0.1% in the quarter one of this year. That is, again, a huge improvement in EBITDA margin over last one year. Moving on, sharing with you the composition of this growth. Like I said, from a key strategic initiative perspective, growth for both the verticals has strengthened over last few quarters, and it is coming in from all components of these vertical businesses. For example, in case of beauty, be it e-commerce, be it retail, and be it House of Nykaa, each one is facing a pretty strong growth momentum. Similarly in fashion, the customer growth has been quite significant, enriched by the brand portfolio that we are now having on our platform, as well as encouraging response from the Nike partnership. On the consumer front, we are now happy to report that almost 60 million consumers are Nykaa consumers who have ever bought on Nykaa, and this is a 33% growth year-on-year. We have been expanding our consumer immersive events. If you see, really, there's a lot of industry talk about on the ground event and experiential being very big, and Nykaa has always been doing a lot of that. Now we are scaling it up further through a lot of events like L'Oréal Paris Cannes, of course, that we do, but besides that, the beauty bars, many flagship sales, makeup master classes, experiential pop-ups. We did a Rare Beauty launch event, House of Nykaa, many new launch events, as well as the campus programs that we have for Gen Z. A lot of immersing experiences for the consumers. On the House of Nykaa front, now we almost have 13 consumer brands, and they're growing at 43% year-on-year basis. Kay Beauty and Nykaa Cosmetics each earned a number of industry recognition this year for their innovation, including the leading award from U.K. through CEW UK, as well as awards within India from Femina, ET, and others. Our brand partners of Nykaa across its platforms are growing. The numbers are growing. We now deal with 10,000+ brand partners across beauty and lifestyle. In fact, almost 160 were added in this quarter alone. Many important ones amongst those were brands like Rare Beauty, SK-II, Birkenstock in fashion, as well as Debenhams. On all front, high-quality brand partners are signing up. From the retail business perspective, now we are at 324 stores across 100+ cities. In fact, 11 stores were opened this quarter. We also opened our largest ever ultra-luxe Nykaa store in Vasant Kunj, which is at 5,000 sq ft. We are also now offering exclusive brand outlets to some of our brand partners through a strategic partnership, one with Charlotte Tilbury as well as Kiehl's. Getting more engaged, also a lot of innovation was brought in through formats like Nykaa Perfumery and many of the EBO formats for our own brands like Kay Kafé and others. On the AI initiative, we have been quite active, multiple high-impact AI initiatives have been launched during the quarter. We launched Virtual Closet for our fashion platform, it is converting browsers into buyers. My colleagues, during the later part of the presentation, will discuss more about these. Similarly, we also now have Nyna, our AI voice assistant, it is resolving nearly half of the customer calls at human quality. Ask Nykaa has emerged, which is our advice AI initiative for our beauty platform, it has emerged as a trusted beauty advisor. Moving on to the next slide. Really happy to say that if you look at it even over a three-year period, we have been able to grow turnover from INR 1,422 crores to, this is the net revenue, INR 2,782 crores for the quarter. During this period, the EBITDA margins have improved from 5.2% to now at 8.5% for the quarter. In fact, if you were to compare to a year ago, it's improved by almost 200 basis points. On the PAT margin also, there have been significant improvement with PAT margin now at 2.9%. The revenue growth momentum has built up now to 29% year-on-year revenue growth. Return on capital employed has also improved over this period to 26.8% from just about 12.7% a year earlier. The capital employed in the business has been kept under control with, it was about INR 1,658 crores in quarter one of FY 2024, today it stands at INR 2,211 crores. A tight capital execution leading to higher return on capital employed. Next slide. This has made Nykaa into a $2.4 billion GMV powered by demand, assortment, and distribution flywheel. If you look at the demand engine, we talked about many of these earlier, the customer base has grown rapidly from 26 million customers about three quarters earlier to now 60 million customers. Our social engine presence, our creator networks are growing massively. Our creator network is now 170,000 creators on our Nykaa app, as well as 2.3 million content pieces created by these Nappers annually. Our social media community continues to grow, it now stands at 19 million. Many consumer engagement initiative from Nykaaland, as well as many of the beauty bars, as well as the college campus events are really getting and attracting a lot of consumers into the engagement. On the assortment also, we talked about it, here you can see that it has in fact grown from about 5,000 brands working with us just about three years ago to now 10,000 brands trusting Nykaa as their retail partner. In fact, as many as 5,300 brands have been onboarded in last three years alone. Within that, deep partnerships with many of the brand partners like Peet's, Nike, Foot Locker, and Revolve on the Fashion side and Charlotte Tilbury and Kiehl's and many others on the beauty side. The distribution engine front, similarly, the network of 324 stores is a very big asset, up 2X from about three years ago. It now touches many more cities. From being present in 60 cities earlier, now we are present in 105 cities. Similarly, registered retailers on our Superstore platform have improved from 403, that's about 400,000 retailers about a year ago, to now 523,000 retailers. A solid distribution platform is being built which touches 1,200+ cities. This is allowing us to acquire mandate from a lot of brand partners for distribution in these markets. We cover, obviously, 19,000 PIN codes and also almost 13 cities in the country are now covered through Nykaa Now, which is our quick delivery platform. Similarly, this number is likely to go up further by the end of the year. With that, we feel that the GMV has been able to grow at almost 3x versus about three years ago, through a very conscious effort to build categories as well as build customers and build our influence. It's been an execution which has leveraged flywheel from assortment to distribution to demand creation, and touches everyone from brand partners, to customers, to ecosystem, to retailers and distributors. Really happy with what Nykaa has been able to build over the last few years. With that, next slide. With that, I would like to hand over to Anchit to take us through the beauty omnichannel retail. Thank you very much, and thank you to everybody who's taken the time to join us for our call. As mentioned, I think beauty has had a very strong quarter one in FY 2027 with 28%-29% growth on both GMV and NSV. At the same time delivering a very healthy EBITDA margin of 10.3%, which is 130 basis points higher than Q1 of FY 2026. A lot of this growth is coming on the back of strong customer acquisition as well as successful execution of certain key sales during the quarter. On top of that, retail has continued to strengthen its performance with double-digit same store sales growth, and continues to be an area of growth for us. Next slide, please. We've spoken in the past about the two main pillars of the beauty vertical's growth strategy is penetration as well as premiumization, and both of those pillars are playing out nicely for us. You can see that on the penetration side, we have increased the number of visits to our platform to close to half a billion in Q1 FY 2027, which is a 22% growth year-over-year. The number of annual unique transacting customers on the platform has now crossed 20 million. In terms of premiumization, we're seeing positive signs on that front with the average order values at the aggregate growing by roughly 5%. If I look at the average order values split between new and existing customers, the growth, and the premiumization of the customer's basket is even more obvious. Our hypothesis on driving growth through both penetration and premiumization has played out nicely in Q1. Speaking about brand launches as well as assortment. As you know, Nykaa has always had, and continues to have a strong assortment of exclusive and new brands that we bring into the India market, and Q1 was no different. With the launch of Selena Gomez's Rare Beauty, one of the most iconic brands from the U.S. market, has launched on Nykaa in June of 2026. Very quickly, that brand has gone on to become a top five brand within the prestige space on the Nykaa platform. There is a nice quote from the CEO of Rare Beauty, who speaks about the incredible opportunity that India is offering, as well as the partnership with Nykaa. We have a small video from Selena Gomez herself that we'd like to share with you. Hi, guys. I'm so excited to share that we're bringing Rare Beauty to Nykaa in India. Nykaa is such an amazing partner, it makes me so happy to keep growing Rare Beauty in India. You'll now be able to shop both in stores and online. Thank you again for all of your love and support, I hope you enjoy. I think the purpose of the video is to also convey that India is becoming so critical to all global brands as they think about their growth over the next several years. When they think India, they think Nykaa as the partner of choice for their go-to market as well as their brand-building strategy. In addition to Rare, this quarter, we also had a few other very, I would say, high profile launches. Some of those are listed on this page. I'll just mention a few. K18, which is a prestige haircare brand from the Unilever portfolio, has launched with us on Nykaa. As well as SK-II, which is a high-end Japanese skincare brand that is owned by P&G. Finally, Anua, which is a very trending Korean brand, also launched with Nykaa this quarter. To show you that there are brands coming from all parts of the world, from the U.S., from Korea, from China even from Japan. Again, looking to India as a growth opportunity and within India, Nykaa in particular. This quarter we also had two flagship sales. One was the Pink Summer Sale, which we hosted in May, and the Nykaa Birthday Sale, which is our annual sale to celebrate the anniversary of the founding of Nykaa. Both sales delivered, I would say, very good outcomes in terms of traffic, customer acquisition, as well as revenue outcomes for the platform. Speaking a bit about retail, we added 11 new stores in quarter one that took the store count to 324, and our coverage to over 105 cities today. In terms of same-store sales growth, we did double-digit growth on a like-for-like basis, which was very strong. Today, over 50% of our stores are in Tier 2 cities and beyond. We have a very well-diversified geographical network of stores servicing multiple different customer profiles and multiple different geographies. In terms of formats, as you're aware, today we have multiple formats in terms of concepts for retail. We have three multi-brand specialty stores, which is Nykaa Luxe, On Trend, and Perfumery. Interestingly, we have been experimenting with new formats such as the Kay Kafé, as well as Nykaa Wanderlust Cart and Nykaa Kiosks that are much, I would say, lower CapEx and quicker to execute and launch that is helping us to increase our footprint and to bring innovative new concepts, retail concepts into the market. Next slide, please. As was shown earlier, we are very proud to launch or to introduce to you our newest and largest store in the country today at Ambience Vasant Kunj Mall in Delhi. It is over 5,000 sq ft in terms of size and has over 100 brands that are being retailed through the store. The idea to increase the size of our stores goes back to something which we've been speaking about for a while, which is making the stores more about experiences, more about engagement, more about community, and that requires a larger floor plate. As well as the fact that with the sheer number of brands looking to enter the India market, we need more space to be able to curate the right assortment of brands for our customers. In addition to having, I would say, the best brands available in the store, we also have multiple services such as makeover services, brow services, skin consultation and diagnostic services, as well as hair styling and consultation as well. This, we believe is the future of retail in India. We are early to it. We have invested, I would say, ahead of the curve to build something incredibly innovative, disruptive, and this is how the new generation likes to shop. You can expect to see more such innovative formats from us in the coming quarters. Next slide, please. Spending a minute on Nykaa Now. I'm happy to say that Nykaa Now has expanded and accelerated its growth quite, I would say, remarkably. From being present in just three cities with limited assortment in Q1 of FY 2026, today we're present in 13 cities with over 1,000 brands available through Nykaa Now. Not only are we delivering packages within 60 minutes, which we believe is competitive, but more importantly, we are offering the widest assortment of beauty and personal care products available amongst any of the quick commerce platforms in the country. We're combining speed with choice, and I think that's an important differentiator in our strategy, and that's something which we were committed to being able to do since day one of the launch of Nykaa Now. In terms of expansion, we plan to be in over 25 cities by the end of FY 2027 and cater to a meaningful percent of our orders coming through the Nykaa Now fulfillment model, which means within 60 minutes. Next slide, please. Spending a minute on Nykaa as not just a retail platform, but Nykaa is truly a, in a way, a media/marketing platform in the sense that we now have over 170,000 content creators who work with the platform. We have over 90 million followers across our social media channels, we are playing a very critical and crucial role in helping to evolve the way Indian consumers will consume this category in the coming years. We've done that through really focusing on education and entertainment through the digital channels, which is where a lot of our consumers are engaging and educating themselves. Next slide, please. With that, I will hand it over to Adwaita to talk about the House of Nykaa. Hi, everyone. Looking forward to talking about the House of Nykaa business today. Today, the House of Nykaa business has an annualized GMV of INR 3,760 crore. It's grown at 40% year-over-year. On an NSV basis, that's an INR 2,200 crore top line with 36% year-over-year growth. To date, we've served 18 million customers across these brands. As a reminder, we have distribution across Nykaa platforms as well as 3P, whether that's online or offline. On the right-hand side, we mentioned the brands in our portfolio. There are 13 brands at this time, seven of which are in beauty and six in fashion. Moving on. On the NSV front, if we just double-click on the beauty brands, the seven beauty brands that I mentioned. In Q1, we delivered INR 508 crore of NSV. This is a 40% year-over-year growth. On the right-hand side, you can see how that distribution spans across Nykaa online at 33%, Nykaa stores at 10%. 19% is actually what we call our B2B business, so it's both through Superstore by Nykaa as well as through modern trade, general trade, all the offline distribution that we have. Lastly, there's 3P sales, which is across D2C sites as well as 3P e-commerce players. Can move on. As a reminder, we have three large brands that constitute the portfolio. Dot & Key, which is an INR 1,300 crore NSV annualized run rate brand. It's had two excellent launches this quarter, Meltie Lip Balm, as well as a Dragon Fruit Bounce Sunscreen. We have then Kay Beauty, which is growing exceptionally well and is now an INR 300 crore annualized NSV business. This quarter it launched the Cashmere Lip Blur, which became a huge success, really important for the brand, and also was a top seller on the platform, so there was a good customer connect there. Lastly, we have Nykaa Cosmetics, which is at INR 270 crore of annualized NSV, and also had some very strong lip launches this year, including the Lip Grip, and a few other products. Moving on. In Kay Beauty, to launch the Lip Blur, we collaborated with Saba Azad to come up with a lovely video, and we'll show that to you now. This is all with the intent of making sure that this is an enduring brand that is able to stand on its own two feet. [Presentation] This was also an exciting quarter as we were recognized both internationally and domestically for our brands. The one I'll really touch on is on the left-hand side. Kay Beauty actually won the Best New Brand Award at the CEW Awards in the U.K. This is a very prominent award series that happens in the U.K. and is considered really the most important amongst beauty brands. This was a really big win, and we're really proud of that. There were a bunch of awards in India as well that our brands won across Femina, ET, and other platforms. Moving on. We're also excited today to announce that we are acquiring Aminu, which is a premium dermocosmetic skincare brand. Personally, I'm really excited about the brand. It's very rich in its derma abilities and its R&D abilities. They have some of the best R&D and formulations that we've seen out there. As of today, in FY 2026, it closed with INR 19 crore of net revenue. It's growing exceptionally well in FY 2027. It's been completely bootstrapped till now. It's been built very well by the founders, Prachi and Aman, and they do focus on a more premium skincare space. Like I said, what's really appealing to us is really two things. One is their R&D depth and focus. They have over 30 proprietary formulations. Prachi herself is a cosmetologist and has a lot of experience in coming up with the right types of products and being very rigorous in the standards she puts the products through. The second thing we're very excited about is that the brand has a significant distribution already set up in the salon businesses. We feel both these are really formidable moats. We're excited to welcome this brand into our portfolio. Moving on. In the past, often investors and analysts have asked us, "What is the strategy with House of Nykaa? Where are you going to enter next?" We had shown this in the Investor Day, but I'll bring it back today as well. Here you can see the seven brands we have and where they sort of play. Then we're sort of indicating where we'd like to go from here. Aminu does address the premium skincare space. It is more premium than the brands we have today from a pricing perspective. It does fill a gap that we are actively looking for, both in terms of the R&D capabilities as well as in terms of the price point that it plays at. Some of the other purple buckets are areas that we're continuing to explore and understand how we enter into. Moving on. Just sort of recapping. The last slide on Aminu itself. Today it has three hero products across a longevity serum, an eye serum, which is amongst the best seller on Nykaa in that particular category, and a sleep oil. It has a very good set of assortment that's also coming over the next year across lip and moisturizers and face washes. We're excited to see where this portfolio goes, and like I said, very excited about the quality of founders that we're entering into partnership with. On the next slide, we just talk about the terms of the deal. We are acquiring 51% today. The remaining 49% will be acquired over the next few years, as per terms that we've set out in the documents. The Aminu team, excellent founders, very passionate, very rigorous, and very clear about what they're doing, will continue running the business. We will support them in every way that we can. Hopefully, this is really set up for success. We're very much looking forward to it. With that, I'll hand over to Vishal to talk us through the Superstore business. Thanks, Adwaita. Hello. Very good evening to everyone on the call. Like Falguni ma'am said, Nykaa flywheel is customers and brands. We made very good progress in Superstore as well on this flywheel. We added 30% more retailers, who are our customers, to reach half a million customers. We are in 1,200 cities with 100 more cities added. You can see as a result of that, we grew NSV at 28%, driven by the expansion in the network, which is our customers, as well as more from the same customers, which is the AUV growth that you see. Very good, 28% kind of NSV growth. GMV is slightly lower because of the GST-led MRP impact, but very good NSV growth. Next slide. This growth helps us on our path to profitable scale, where we improved our EBITDA by more than 300 basis points. There's a slight increase in fulfillment cost led by the one-off impact of the new labor code. You can see that getting more from the same retailer base and getting more from the same field force actually really helps us to improve our S&A expense, where we improved by more than 200 basis points. Increased scale, obviously, also leads to overhead efficiency of almost 200 basis points. Overall, very good EBITDA improvement as well. Next slide. This is the brand flywheel where you will see that we have 240+ brands, and we continue to attract new brands, very successful brands. We added 18 new brands in last quarter itself. You can see the brands there, well-known brands in the skin space, and we are also aggressively expanding our portfolio in the wellness space, especially for pharmacies. You can see the Yoga Bar and Cipla coming in. Overall, very good progress on the flywheel. We are also leveraging tech a lot because ultimately Nykaa DNA is tech. You can see that how we are really leveraging tech and data science, and soon AI, to engage our customers and to get more productivity. For example, this is automated WhatsApp, which goes to retailers, and they can order through that. We are doing engagement activities like spin the wheel, et cetera, to keep the retailers engaged. Next. We're also able to really leverage our data science to have a predictive engine on which retailer is going to buy which brand, and then we are really able to guide our field force on whom to contact when and with which brand. Who, what, when, right? This is really helping us improve our efficiencies, and we'll get more impact as we go along. Overall, good customer growth. More and more brands. Great leverage of technology, which really puts us on our path to profitable growth. Thanks. Now over to Abhijeet. Hi, good evening to everyone, and thank you firstly for joining the call. On the fashion business, very happy to share with everyone that we continue to build on the inputs which we have successively been putting in place over the last couple of years. We are very happy to report one of our fastest growth quarters in the past many quarters, 53% growth on GMV, 54% growth on NSV year-on-year. On the back of, like we've been consistently reporting over the past few analyst calls, assortment growth, which has happened across all categories, women's, men's, kids', and also more emerging categories like home. Consistent addition of strong brands. We've continued to invest behind customer acquisition and as the flywheel of customer acquisition leading to a wider customer base, and us as a platform being able to retain customers in the same way takes over. That shows in healthier growth going forward. Also, we are seeing very encouraging signs from the Nike partnership, which we spoke about in our last call. Just to jog everyone's memory, we now run the Nike commerce platforms, D2C platforms in the country, which means Nike.in and the D2C app across both iOS and Android. We are seeing very good early traction from that. Overall, all of those factors have contributed to very strong growth in this quarter, as you can see on the slide. Structurally, we've been making improvements in how we run the business, most particularly on the customer flywheel, leading to marketing efficiencies and overhead efficiencies, leading to also then this quarter being overall profitable for the fashion business. Building on Q4 already being profitable, so also happy to share that in Q1 of this year, we continue to be profitable overall as a business. Next slide. Talking about the customer funnel. We keep sharing this in all transparency in every call. That on one hand, we continue to acquire customers at a very healthy clip, so this quarter was no exception, 44% higher customer acquisition year-on-year. As you can see on the left side, that leads to consistently higher visits to the application, and then all the way down to from visits to then monthly active users, transacting customers, and the total orders placed. All metrics are looking healthier as a result of not just acquisition, but also then being able to retain customers in the same fashion as we have always been. We have touched a cumulative customer base of 12 million customers for the fashion vertical only. As a result of becoming better at marketing, we are now at a 30% lower CAC in the last two years, which all goes well for the business. Next slide. Talking about categories which are underlying the GMV growth. Across women, men, kids, across the board, we have seen very healthy growth. Women, which is the majority of our business and our customer base, has grown 40% year-on-year. Within which, as you can see on the slide, footwear and in particular activewear, have grown even faster than the overall women's category. We are seeing athleisure becoming very mainstream across both men and women, and that is reflected in these numbers. Men has grown 83% overall year-on-year, across apparel, footwear, consistently high growth. Kids has grown also close to 60%, 57% year-on-year. Below on the slide, there are some brand names, brand logos of marquee brands which we launched over the last quarter. I'll not go through all the names, but brands like Birkenstock, the Debenhams portfolio of brands, H&M Move, which is a sub-brand from H&M, obviously adds salience to our portfolio of brand offerings for customers. Next slide. On the Nike partnership, of course, the partnership is twofold. On one hand, like I mentioned, we run the D2C customer-facing channels for Nike in India. On the other hand, we also now have Nike available on Nykaa Fashion. Across both of those formats of partnership, it continues to go from strength to strength. Very strong early traction on the D2C partnership. We've already crossed 1.5 million app installs within less than six months of launch, and that's a fast-growing number. We've seen great traction in a lot of exclusive launches, which we did in the last quarter. The FIFA World Cup, obviously, we just went by, was a marquee occasion where the partnership just came into prominence. You'll see a few more examples on the slide. The Lego shoe collection for kids and the Air Max 90 series and many more. Those are just some examples of products which were exclusively merchandised on the D2C platform and did really well. On the right side, it's also worth calling out that Nike being available on Nykaa Fashion just adds a different dimension to the partnership. Happy to share with everyone that Nike is now overall for the fashion platform among the top three brands. The partnership with Nike is multi-dimensional. It is on the marketplace side as well as a more deeper strategic engagement on the D2C side, but both are off to a great start over the last six months. Next slide. There'll be a video playing on the slide, but I'll talk through this, because I think everyone will get the gist. We have committed to making on the fashion app, we've committed to making the shopping experience for customers the most cutting-edge and the most enjoyable, and we continue to invest in technology. AI is the buzzword, but really as a fashion platform for us, the task is to integrate AI in meaningful ways for our customers. One of the feedbacks that we consistently receive is that how can we simulate the trial room experience on the app, which has multiple benefits in the way customers shop. We launched something called Virtual Closet, where now customers can see a product rendered on themselves. By creating an avatar, they can see the product rendered on themselves. This launched in May 26. You're seeing a video which brings that to life. Just in a month, we have seen massive traction. We've seen more than 200,000 virtual avatars being created. From the customers who are creating their avatars, we see more than 2x higher conversion. This is just the start because the ambition is to continue to invest in technology and bring to bear really differentiated, meaningful shopping experiences which are powered through AI. Very good early traction, and we'll continue to report more on this front in quarters to come. Next slide. Lastly, just to recap the profitability improvement that we briefly saw in the very first slide. In the quarter, like I said, we've continued to remain profitable after Q4. It has been a profitable quarter overall, which means the 627 basis points year-on-year improvement versus the same quarter last year. Underlying this, across line items in the P&L, we've seen improvement, but worth calling out two of the line items which have changed most meaningfully. On the marketing side, marketing and S&D expenses side, we've seen a 534 basis points improvement to 22.9%. This is just structural improvement on the back of just lower CAC and being able to retain customers at an increasingly better clip. With scale, we are seeing also 292 basis points improvement in overhead expenses. Really the improvement in EBITDA, which we are now seeing after quarter four and then also the first quarter of this year, is structural in nature. Very happy that the inputs that we've been making consistently are now starting to show results. With that, I will hand over to Ganesh for the next section. Thank you. Thank you, Abhijeet, and good evening, everyone. I'll now take you through the financial performance for the quarter. As we can see, we have started FY 2027 on a very strong note. Net revenue grew at 29% versus 23% a year ago. Also, there's been sharp acceleration in our profitability. As you can see, our EBITDA grew by 68% YoY, with EBITDA margin reaching 8.5% during the quarter versus 6.5% a year back. Similarly, our PAT growth has also been very strong at 226% YoY, taking the PAT margin to 2.9%. Moving to the next slide. The strong performance for Nykaa is evident across both our business verticals. Beauty NSV growth stood at 29% for the quarter versus 25% a year ago. Fashion has had a standout quarter, as we saw in the numbers, which Abhijeet shared as well, with NSV growth coming in at 54% versus what was only 20% a year ago. On profitability, both businesses have continued to expand margins supported by operating leverage and scale efficiencies. Both verticals are witnessing strong growth while simultaneously expanding margins. Moving to the next slide. Here we have our consolidated performance for the first quarter of FY 2027. As I mentioned earlier, revenue from operations grew 29% YoY, reflecting healthy momentum across both our business verticals. Gross margin expanded 123 basis points to 45.9%, aided by the strong performance of House of Nykaa brands portfolio and improved marketing and service income. Fulfillment expenses increased by 42 basis points as we continue to invest in infrastructure expansion, which is leading to O2O efficiencies. The increased fulfillment expenses, incidentally, were offset by a like improvement in marketing efficiency of 42 basis points. We continue to make marketing investments that support strong customer acquisition across both beauty and fashion. This, coupled with scale and productivity efficiencies, have led to EBITDA growth of 68% YoY, which is 196 basis points margin expansion on a YoY basis. Moving ahead, this is our vertical reporting, which provides an in-depth performance details across our business verticals. At the vertical level, as we can see, both businesses clocked improved performance. Both beauty and fashion saw sharp acceleration in growth YoY and a notable margin expansion across both the businesses, benefiting from scale, operating leverage, efficiencies, and productivity gains. Next slide. Here, I would like to spend a moment to say, as an organization, our focus has always been on efficient capital utilization and long-term value creation. What this slide highlights is how our philosophy of prudent capital utilization has enabled us to deliver an increasingly strong balance sheet. Fixed asset turnover, as we can see, has improved to 10.7x as of quarter end, ended June 2026, versus 9.9x in FY 2026. Similarly, working capital days, which was already at a healthy 34 days in FY 2025, has improved to under 30 days, both in FY 2026 and something which we have sustained during this quarter as well. This has been driven by disciplined inventory and receivables optimization. Together with stronger earnings, these gains have lifted ROCE sharply to 26.8% as of June 2026, of course, these are annualized numbers, versus 21.2% in FY 2026. Therefore, to conclude, what I would like to add is Nykaa has delivered strong, broad-based growth, acceleration and profitability, and strong capital productivity. We are pleased with the balance we have achieved between ambition and discipline, investing in customer acquisition and future capabilities while steadily expanding margins and returns. With our differentiated omni-channel platform, powerful brand ecosystem, and sharper operating leverage, we remain confident in our ability to create sustainable long-term value. With that, I would now like to open the floor for questions. Thank you very much, sir. We will now begin the question and answer session. If you would like to ask a question, please click on the video question tab. Before asking the question to the management, please introduce yourself, providing your name and your organization name. If possible, you may switch on your video as well. Please limit yourself to a maximum of two questions so we can accommodate as many as possible. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from Aditya Soman. Please introduce yourself and proceed with your questions. Hi, can you hear me? Yes, you are audible. Please proceed. Excellent. Hi, this is Aditya from CLSA. Two questions. Firstly, can you throw some more light on sort of the economic arrangement between you and Nike? If that's not possible, just the type of contract that you would typically have or financial arrangement you will have here. Second, again, related to Nike, how do you use the customer data? Does that reside with you or does it stay with Nike? Right. Let me answer both questions. Thank you for the question. Like I said, the partnership with Nike is in two parts. One is a standard marketplace partnership, where we list Nike on the marketplace platform, just like we list many other brands, and that's one part of the partnership. The second is where we completely end-to-end operate their D2C customer platforms, which is across web and app. Nike.in as well as the consumer-facing apps, which is the app on iOS and Android, are built and operated 100% by Nykaa Fashion. It's a much deeper integration on that side, and end to end, including fulfillment and everything which goes into running those platforms is done by us. I will not go into financial contractual details because that's not relevant, but the arrangement is very different. Marketplace is just listing Nike on the platform, as we do with many other brands. The other one is us operating a different sales channel for them completely end to end. Yeah. Thanks for that. Just in terms of the running the, say, Nike.in platform. I just want to understand, would you get a percentage of the sales? Even if obviously you can't share the exact numbers, but just to try and understand what type of arrangement this would be, or how does it work between you and Nike? We don't go into those kind of details. When I say we operate the entire platform, we sell everything that's sold on Nike.in as part of the fashion vertical, as part of the number three report. Yeah. I think, Abhijeet, what they may be looking for is it's like a retailer-like arrangement where we get commission numbers and some other service numbers based on the sales that we achieve. Yeah. We are protected against inventory and there are similar arrangements like a retailer. Yeah. I think on the Nike.in side, on the D2C side, it's an arrangement. On the marketplace side, it's a standard marketplace arrangement. If that further answers your question. Yes, it does. Perfect. Thank you. Thank you so much. Thanks. Thank you. We'll take the next question from Videesha Sheth. Kindly introduce yourself and proceed with your questions, please. Hi. Am I audible? You are, ma'am. Please proceed. Yes. Hi. This is Videesha from Ambit Capital. My first question was on Nykaa Now. With this Nykaa Now aspiration to reach 25 odd cities, how do you expect the EBITDA drag from this Nykaa Now proposition to trend going forward? It might be early days, but at what point does Nykaa Now's overall contribution turn margin accretive? Yeah. Maybe I'll take that question. Look, I think we've already now been live with Nykaa Now for almost a year, and it is now at critical mass in the metros in which it is live. Those, as you can imagine, tend to be the larger metros where a significant amount of our demand is currently coming from. As you can see from our results, there is not any EBITDA margin dilution, even though Nykaa Now has reached a certain size and scale whereby it is already meaningful in the cities in which it is present. Our early read is that we don't think this will be dilutive if at all. In fact, we are currently seeing that the frequency of purchase from customers who are now engaging with Nykaa Now is increasing. That was always our hypothesis, that if Nykaa Now would become a destination for customers to make those last-minute unplanned purchases on Nykaa, which maybe in the past was being fulfilled by other platforms because Nykaa did not have this quick delivery capability. There are new use cases which are now being fulfilled through Nykaa Now, which were not being done earlier. Net-net, we see this as accretive from a LTV perspective. The AOVs for the Nykaa Now orders are not meaningfully different from the mainline orders either. The only cost which we are currently keeping an eye on is the fulfillment cost, whereby point-to-point fulfillment of a Nykaa Now order is on a cost per order basis, naturally would be more expensive. Again, the benefit of the increase in frequency of purchase, the average order value staying consistent, I think these things are all offsetting some of that increase in fulfillment. That's why you're seeing that despite Nykaa Now having become meaningful in the past several quarters, we've still shown EBITDA improvement this quarter. I hope that answered the question. Sure. Just a small follow-up to this. In terms of the category mix in Nykaa Now versus Nykaa, if you could call out some trends that you're seeing over there. Currently, it's not looking very different. Ultimately, we are not a horizontal quick commerce player, right? We are a beauty player, naturally it's all beauty categories that are doing well. Our business does revolve around four or five key categories, and those are makeup, skincare, haircare, bath and body, and fragrance. Those are the same categories which we're seeing obviously do well on Nykaa Now as well. I think what's interesting on Nykaa Now is, of course, new subcategories which are starting to see some incremental growth. Such as certain personal care type categories that you need in a hurry. Things like low ASP face washes and cleansers and bath gels, et cetera. Those are also pure incremental business for us because those are categories in which historically Nykaa never had a big role to play. Got it. My second question was on Superstore. When does the GMV growth normalize here towards the 40%, 45% CAGR ambition called out during the analyst meet? Because even when we compare it to the GST-led shift, the gap in growth seems to be a little higher. Yeah. Let me answer in two ways. Firstly, the GST impact will start normalizing from Q3 onwards. You will see very close numbers between NSV growth and GMV growth. That's one. Secondly, yes, we had called out, the CAGR was 35%+, which is a small gap versus the 28% NSV that you see. There are three-pronged things that we are doing, which will take us to that 35%. We continue expanding our retailer network, number one. Number two, we are also, like I had shown in my brand partnership chart, we are expanding our category footprint and adding more wellness categories, which will give us more throughput and leveraging data science and technology to drive more brands in more stores and basically leveraging our network more. I think with that we will be able to be on our guidance by FY 2030. I hope I've answered. No, thank you. Yes. Very much so. I'll get back in the queue. Thank you. The next question is from Kapil Singh. Please introduce yourself and proceed with your questions. Hello, am I audible? Yes, you are. Yeah. Good evening, thanks for taking my question. Firstly, just wanted to understand top-down. We are seeing a growth acceleration for last few quarters. Are we still on that trajectory, and what is really contributing to it? If you can articulate a bit in terms of whether it's the market conditions that are also improving or across the platform, some actions you have been taking. Just some more details here would help. Sorry, is this for any particular segment of the business or? I think each of the businesses, if they want to add, would be helpful. Generally, the observation is that growth is accelerating across segments, both for beauty and fashion. Maybe we'd like to hear both from Anchit and Abhijeet, if possible. Yeah. Maybe I'll start, I'll just caution you that's a very long conversation. There's not one or two things that we can point to. In fact, we try to cover this in our investor day, which I assume you are a part of. We try to cover this every quarter on these calls by giving you as much of an update on the business as we can. There's no single thing. Yes, the market has been strong, and I'm sure you follow other consumer companies, so you know that generally results were good. The market has held up nicely. Of course, there are aspects of our business where we have executed well. We've executed, we've performed, we've delivered for our brand partners, we've acquired customers well. On the beauty side, every quarter I talk about penetration and premiumization. You're seeing that play out in the growth. We continue to acquire new customers to the platform. We continue to hold an appeal for younger Gen Z consumers through all of the work we do on college campuses, onboarding new brands, building new stores. It's difficult for me to really try to, in a short answer, summarize exactly what it is, but it's a multitude of factors. It's a combination of a good market, strong execution, very high-quality customer base that Nykaa has, and continuing to build the right platform and the right marketing and the right technology, to service a very unique consumer. Yeah. If anyone else would like to add, please feel free, but I think that's it from me. No, I will add on top of it. I think, Anchit, you captured it well. Indeed, in the investor day, we had the opportunity to cover this in more detail. I think on one hand, there is just consistent execution, just quality of execution across many aspects which go into making a retail business, which is just keep on adding great brands, work with the brands to bring the best merchandise to customers. Use technology more and more to elevate the shopping experience for customers, to personalize and through that, improve metrics like conversion, retention, so on and so forth, which we don't share in as much detail here, but that's just the very nuts and bolts of execution. In case of both businesses, I think you also asked a question, is there something wider in the industry which is going on? Irrespective of which source you refer to, it's fair to say that both businesses have consistently grown faster than industry. In case of fashion, in addition to what Anchit already shared, rigor of execution aside, I think there are also structural improvements and step change improvements we have made in the last couple of years on assortment addition. We called this out in maybe the previous call that just over the last year, we added more than 1,200 brands, and we've continued to do that every quarter. These are many of the marquee brands, if we can think of, were in that list. H&M, Nike more recently. Those are just step change improvements. The platform assortment is more holistic. Addition of brands has happened not just in women's, which has been the core strength for Nykaa Fashion always, but also men's, kids, increasingly home and so on. We've also continued to add more business lines. The D2C partnership with Nike, the enterprise business line is an example. We continue to execute on the known facets of a retail business while also adding step change improvements in the form of new business lines. All of that put together leads to outsized growth versus the industry. That's what I would say. Sure. That helps. Thank you. We've talked a few times about marketing efficiency. What really is happening over there, and how much more scope is there? Whatever color you can share there would be helpful. I think I'll come in here. Actually, I was going to add to this that from a financial numbers, you can see that the growth and improvement in EBITDA margin is coming with, at least in the last one year, where fulfillment costs have gone up slightly. Obviously we are prioritizing faster delivery, better customer experience, and similarly, marketing costs have not come down significantly. We've protected them at a similar levels. Obviously in fashion, there's been improvement in marketing cost. There's a sea change improvement, but I'm talking about beauty. What has happened is that we are seeing efficiency in marketing, but we are pushing the pedal on acquisition, customer acquisition, and through that, we are delivering. That's not just for beauty.com, but that's similar for all our house of brands. It's similar for fashion, every business of ours. Marketing continues to be an investment that we make, through that, we are seeing growth momentum also being supported. If you see Superstore, in Superstore, most of the growth has come without adding any feet on street. In many ways, we were trying to improve the productivity and get to better unit cost economics. To our growth, if we were to add additional distribution through feet on street, that helps us roll out further addition of retail network, then there could be additional growth added to the mix. Sure. Thank you. Through the AI benefit, we are seeing a better ability to productive marketing. Productivity of marketing remains good, we are investing that through reaching out and getting more customers on board. I think it's also worth highlighting that one thing we've always said, for many years is as a business matures, the share of business coming from existing buyers starts to become a larger percent of the overall revenue mix. As you know, a lot of marketing cost goes towards new customer acquisition. That amount of money, even if you're growing that in absolute terms year-over-year, it is now being spread over a larger base of shoppers and of revenue. That is the leverage that you get as you continue to mature and you continue to have a larger number of cohorts, customer cohorts, shopping on the platform. That's been a large part of the reason why the beauty business has managed to get to the EBITDA margin it has. We've always guided that fashion was just several years behind beauty on its own journey of building a very meaningful base of repeat buyers. I think you're seeing a similar story play out with the kind of marketing spend reduction in percentage terms that fashion has managed to show year-over-year. Again, Abhijeet can add more to that. I'll just add one more layer on that. That is exactly right, that we are now seeing a higher share of revenue come from repeat customers. Like I said, that's for us to be able to retain the customers that we acquire, and it's all very well to acquire customers, but as a platform, we need to be able to retain them for efficiencies to improve. That's what we see happening, just like we saw first in beauty and fashion. That's one aspect. The second is I want to draw attention back to what I shared on the customer funnel slide in the Fashion section, that even the customer acquisition costs, even the new customer acquisition costs are actually increasingly better. That's as a result of many things that we do behind the scenes. One is just more robust assortment, which leads to conversion rates on acquiring customers to improve. Also being able to target with the use of technology, the right product to the right customers. A whole lot of things go into making the customer acquisition cost itself better, which allows us to acquire customers still at a very high percentage, maybe 44% higher year-on-year on new customer acquisition, but at healthier CACs. That has led to step change improvement in fashion that we've not slowed down customer acquisition, but that's happening at better CACs, significantly better CACs. Increasingly, we have a much higher cumulative customer base, and both of those are showing up in the sizable improvement in marketing efficiency. Thank you so much for the detailed answer. That's very helpful. Thank you. The next question is from Swapnil Potdukhe. Please introduce yourself and proceed with your questions. Hi. Thanks for the opportunity. This is Swapnil Potdukhe from JM Financial. My first question is in the BPC segment. If I were to look at your order volume numbers on a Q-on- Q basis, it seems there was a certain dip of 1% Q-on- Q. Can you please explain that? What is the reason behind that? Is it seasonality or something else? Can we go to that slide wherever you're seeing that information? It was 17.5 million last quarter, now it's 17.3. You're saying sequentially? Sequentially, Q-on-Q. Yep. Yeah, I think it's relatively similar. As we always say, ultimately, this business does have certain quarters and certain seasons that naturally have more demand. It might be, as we always say, Q3 is our best quarter because of festive weddings as well as certain large flagship sales that we do. Q4 last year was probably a strong quarter. I think it's quite similar. I don't see it as being very meaningfully different quarter-on-quarter, but I would encourage you to look at a more apples to apples comparison, which is the year-on-year comparison of the number of orders, right? I think that's where we're showing close to 20% growth on the beauty side. That's really how we track that. Are we growing the business both on a volume and value basis by making the comparison slightly more apples to apples? Understood. The other question is with respect to the pricing difference between your core platform and the Nykaa Now platform. Is there any pricing difference that you typically have, and that adjusts for your cost of fulfillment in some way or the other? Because as you might be aware, all of the discounts that are passed on to the consumer on the MRP is funded by the brand, right? Nykaa as a retailer, does not do retailer-funded discounting as a policy. That's a cost that the brand has chosen to bear. That price at which the brand is choosing to sell to the customer is offered across both Nykaa Now as well as the main line. Currently there is no differential pricing on Nykaa Now versus the main line. Got it. The other question is on your fashion business. The business obviously is growing at a very healthy pace, and partly aided by your Nike partnership. That partnership will come in your base numbers somewhere in mid-Q4 FY 2027. If I were to look at your numbers beyond this partnership, how should one look at the growth that you're looking at? Unless you get some other partner, and that too of the size of Nike, the growth numbers thereafter may see some adjustment. Is that the right way to look at it or something is on the cards there as well? I think, let me address the question. Firstly, just anchoring to long-term, we still guide to what we shared in the Investor Day just a couple of weeks ago, which is 3x-3.5x growth over a four- to five-year period, and we still retain that. At the same time, I think engines we are building, the Nykaa Fashion core platform, the enterprise business, other business lines that we run within the fashion vertical, we do everything to do even better than what we guided. The numbers you're seeing is a result of that. Without going into too many details, I think it's still very early days for the Nike partnership, the D2C partnership particularly. That may seem like it's of course, it's a new business line which gets added to the numbers reported here, but the numbers here are actually largely reflective of the underlying platform's growth in a very big way. We are fairly confident that that itself will continue to be quite healthy, irrespective of us adding other potential partners such as Nike. Hope that answers your question. Yeah. Thanks. Just the last one. There will be some shift in festivities this time around. How to look at the numbers from a 2Q and 3Q perspective, given that the base would be different from last year? Thanks. Sorry, is that a question for fashion or is that overall a question on seasonality? It's a question for both from BPC and fashion. Last year festives came in early and this time around the festives will get pushed out to the 3Q quarter. Yeah. I think as we've always said, there is some amount of business that for us comes from the festive period. We're not so overly dependent on festive, right? Our categories, especially in the beauty side, a lot of our categories are everyday use categories, and a lot of it is for personal consumption. I don't think that business will be affected too much, but whatever festive demand we do capitalize on, which we do, and we've always said that that benefit tends to accrue in Q3. I think you will continue to see that play out in a similar way. I think still a lot of the dates are in Q3 this year, and that is generally when we tend to have our best quarter. You can look at our past several reported years and you'll see Q3 generally tends to be the highest in terms of absolute revenue that the business does. I think if there are dates that are being pushed into Q4, then some of that benefit might accrue in Q4 as well. To me, it seems most of the dates are falling in Q3. Got it. Thanks a lot for the opportunity and all the best. Thank you. The next question is from Sachin Salgaonkar. Please introduce yourself and proceed with your questions. Hi. Thank you for the opportunity. This is Sachin Salgaonkar from BofA Securities. I have three questions. First question on beauty. When we look at repeat rates, are these repeat rates equal across mass premium luxury, or is there a concentration in any specific category? I'm asking that because your AOV improved 7% on a YoY basis. Is that a trend we should continue to expect going ahead as well because of a bit more premiumization or mix shift change? On beauty, we've always said that premiumization can happen in many forms. One is the ASP premiumization, which is where customers will buy a higher ASP product, and that's one form of premiumization. Even a frequency of purchase increasing is, for us, a form of premiumization, as well as consumers educating themselves and being more, I would say, up to speed and more comfortable with the category, and therefore buying a wider assortment, so increasing their items per transaction or average basket size. There is an ABS premiumization, FOP premiumization, and an AOV premiumization on the back of ASP or on the back of ABS. We are investing behind driving premiumization across all those three variables. A part of that premiumization you're seeing flow through onto AOV. Some of that is coming from selling higher ASP products, and some of it is coming from an expansion in the basket size. The expansion in the basket size is something that takes some time to start to show into the numbers, because the education has to be done over a long period of time to influence the customer to change their buying behavior, which ultimately can only be altered if the consumption behavior is changed. We try to change the consumption behavior that ultimately will result in a positive outcome on the buying behavior. I don't know if that answered your question. Yeah, that's kind of why you're seeing the, even though we continue to acquire many new customers whose AOV tends to be lower than the weighted average AOV that you're currently seeing on this slide. Despite acquiring new customers, the fact that we're able to grow the average order value at the aggregate level should tell you that we are able to meaningfully influence our existing shoppers' buying behavior on the platform. Got it. Thanks, Anchit. A quick follow-up out there is, presume safe to say that this trend could be sustainable because of the multiple levers you mentioned for the improvement in AOV. Yes. I think repeat customer AOV growth is something which we are working. We work on day in, day out, and that is sustainable. Even on new customers, we feel that ultimately the consumption, the per capita consumption of beauty in India is so low that as affordability, as awareness, and as availability increases, you'll start to see new customers coming into the beauty category at higher average order value. In our opinion, given all the work we are doing as Nykaa, as well as a macro outlook on rising penetration and rising consumption, I think the average order value moving in the right direction is definitely our base case at this point in time. Got it. Second question is on fashion for Abhijeet. Abhijeet, obviously, agreements like Nike and H&M, in a way allow you guys to move away from a marketplace model partly towards an inventory-led model. Assuming there are similar such partnerships in future also, how should we think about the mix between marketplace and inventory for fashion business? A related question is there a thought process to open stores for fashion just the way you guys have stores for beauty? Yeah. Hi, Sachin. Thanks for the question. I think firstly on the likes of H&M and Nike, for the large part, barring the Nike D2C partnership, which we've spoken adequately about, the rest of the multi-brand retail business is still and continues to be predominantly marketplace, and that's how it will be going forward. Inventory-based business is a very small portion. Partnerships such as the Nike D2C partnerships will also be selective in nature. It will be predominantly a marketplace business, and that's how we want to build it. We believe that's the right, healthy way of building a multi-brand fashion retail business anyway. H&M you mentioned, H&M is actually not an inventory-based business. It's a standard marketplace agreement where they list products on us, just like so many other brands. That's on that question. Just to also maybe clear the confusion a little bit, because H&M is not an inventory partnership at all. On the second one, not for now. We are focused on just building out digitally with partners. Not for the moment. Got it. Last question is mainly on buying behavior, Anchit did elaborate a lot in terms of how Nykaa is focused in terms of changing buying behavior. The question out here is, thanks to Nykaa Now and your ability to deliver things faster to consumer, are you actually seeing new, what you call, use cases unlocked because the customer behavior is changing on the back of rapid delivery? Anything particular which is getting sold better than your expectations, particularly on replenishment-led categories? I think the hypothesis, it would improve the repeat frequency of purchase, it would give us an ability to continue to build personal care. You're aware that Nykaa is a big leader in beauty, or strong beauty category, which is makeup and high-end skin care. Of course, we play in hair and bath and body and many of the personal care categories, and to a significant extent. If you look at, say, toothpaste, we may not be doing much business. With Nykaa Now and as it plays out more and as we roll it out, I do feel that we all feel that over time customers can increase the frequency of purchase on Nykaa and buy more of personal care. That's an assumption that we are working on. Yeah, sorry, I had a little bit of a lag on my end on the computer, but I think [Falguni] has summarized it well. Ultimately, as we've discussed in the past, this is an opportunity for us to drive incremental demand in categories where we have had low penetration in the past. That continues to be the hypothesis, and that's what we're working to build the Nykaa Now experience around. Yes, I think what you will see is, given where our strengths lie, that will continue to be in core beauty subcategories, that will also continue to be fulfilled through Nykaa Now, and that's what really differentiates us against some of the other platforms that are selling beauty or through quick commerce capabilities. This gives us a chance to also start getting into categories where we've been relatively under-penetrated in the past. We have a right to win because we're delivering with competitive speed, but giving the customer a much, much wider assortment available through Nykaa Now. Also the fact that Nykaa is a platform that is very much trusted for delivering authentic products to the consumers, we believe should help us to really identify new areas of growth, new subcategories of growth through Nykaa Now. Perfect. Thanks all, and all the best. Thank you. The next question is from Percy Panthaki from IIFL Securities. Please go ahead. Audible? Yes, please proceed, s ir. I just wanted to understand the target market for the beauty products in terms of number of customers. You've already reached close to 20 million+. If I look at urban women in the age group of 15-50, that's about 150 million. This is before applying of income filter or anything of that sort. Just wanted to understand in a medium-term, over a five-year view, what do you think is your total target audience after you apply an income filter? Also, typically how these things work out is that when the headroom is very high, the YoY growth also is high, and as the headroom gets lower, the YoY growth comes off. Just from that point of view, because right now your total growth is largely led by AOV, how do you look at the AOV growth beyond, let's say, a two, three-year period, say, total five-year horizon? Do you think you can maintain this kind of a run rate? What is the target market in terms of AOV in your calculation over, let's say, a five-year horizon? In our Annual Day, we had deep dived on this in a very detailed manner, and it is all there on the Exchange website. I would urge you to do that, or even our investor teams can share with you. I think the answer, it definitely lies that fashion online has been as big as 55 million to 65 million consumers who have bought fashion online. Fashion online is a serious consumer. In many ways, we always believe that that much of a headroom was available to us. On top of that, now if you see, we believe that the way the income levels are shifting, that number itself will be about INR 100 million going forward in five years. We believe that somewhere between INR 65 million to INR 100 million will be the relevant TAM for Nykaa. We are servicing men, though predominantly women, but increasingly, we are adding men to our mix. We are not restricted only by women customers. Both fashion as well as we have a platform, Nykaa Man, and even on beauty, there is a certain percentage consumption towards men, especially in personal care category and grooming categories. Just to add to that, you have to, again, I keep repeating that even the existing 20 million customers, as we have said, we have got 60 million shoppers who ever bought on Nykaa, of which 20 million are buying in the last 12 months or on an annual basis. One, there is a huge opportunity to get the buyers who are infrequently transacting on the platform who have shopped on Nykaa in the past, which is a very large number of consumers, to start engaging and transacting on the platform more. That is one. The second is the frequency of purchase of our existing 20.8 million annual unique transacting buyers is X. As I said, the frequency of purchase is very low when compared to global averages. Yes. The ticket size is also low compared to global averages. There is so much still to be done with the 60 million shoppers who have ever shopped on Nykaa, increasing their frequency of purchase, increasing their average order values, and therefore, lot of growth to be had from the annual consumption value that is yet to come from the base of shoppers already on the platform. On top of that, there is still a very long way to go when you, as you mentioned, in terms of the total addressable market of urban households that are relevant to us. In terms of a price filter, we don't really see ourselves as needing to apply a price filter because we have assortment available at all price points across the spectrum. We sell everything from the most, I would say, mass market, FMCG type SKUs, all the way to the most premium products. We have something for everybody. We are also now catering to building communication in vernacular languages and enabling voice-based search. We are also definitely an option for a much wider audience than you might be thinking. Thank you, sir, for answering those questions. That was the last question we can take today. You may reach out to Nykaa's Investor Relations team for any additional queries. I would now like to hand the conference over to the management for closing comments. Thank you, and over to you, ma'am. Thank you very much. I'd just like to thank each one of you for participating in the call today and discussing with us about the performance. Thank you very much, and look forward to continuing to see you guys. Thank you. Thank you, members of the management. Thank you. Thank you, sir. Thank you. Thank you, members of the-