Slides
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Investor Presentation Q2FY27 FSN E-Commerce Ventures Limited
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One Nykaa Highlights Beauty Omnichannel Retail Fashion House of Nykaa Superstore by Nykaa Financial Performance 01 02 03 04 05 06 Table of Contents
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Performance Snapshot – Q2FY27 GMV Net Revenue Gross Profit EBITDA PAT Rs 6,151 Cr Rs 3,006 Cr Rs 1,382 Cr Rs 263 Cr Rs 101 Cr 30% YoY Growth 28% YoY Growth 31% YoY Growth 46.0% margin 65% YoY Growth 8.7% margin 207% YoY Growth 3.4% margin Margin is % of Net Revenue 3
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Performance Snapshot – H1FY27 GMV Net Revenue Gross Profit EBITDA PAT Rs 11,740 Cr Rs 5,788 Cr Rs 2,657 Cr Rs 499 Cr Rs 181 Cr 32% YoY Growth 29% YoY Growth 32% YoY Growth 45.9% margin 66% YoY Growth 8.6% margin 215% YoY Growth 3.1% margin Margin is % of Net Revenue 4
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1,981 2,536 3,815 4,907 Q2FY26 Q2FY27 H1FY26 H1FY27 Both the verticals continue to see acceleration in growth and profitability * % of NSV Beauty Fashion NSV (Rs Cr) EBITDA (Rs Cr) NSV YoY 27% 28% 26% 29% EBITDA margin* 9.0% 10.5% 9.0% 10.4% 178 267 343 511 Q2FY26 Q2FY27 H1FY26 H1FY27 5 346 509 640 960 Q2FY26 Q2FY27 H1FY26 H1FY27 27% 47% 24% 50% -3.5% 0.2% -4.7% 0.1% -12 1 -30 1 Q2FY26 Q2FY27 H1FY26 H1FY27
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Scale, margins and capital efficiency are compounding together 1,507 1,875 2,346 3,006 600 1,100 1,600 2,100 2,600 3,100 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Rev (Rs Cr) ROCE % 6.0% 8.3% 12.7% 27.3% Rev. YoY % 22% 24% 25% 28% 5.4% 5.5% 6.8% 8.7% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% EBITDA margin (%) PAT margin (%) 0.5% 0.7% 1.4% 3.4% Capital Employed (Rs Cr) 1,786 2,057 2,126 2,566 Capital employed = Net Worth + Net Debt 6
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Big Wins in Q2FY27 7 House of Nykaa unlocking a new growth vector X Strategic partnership to Invest in the next generation of high-growth Indian beauty and personal care brands Accelerating launches to bring globally trending brands Nykaaland 4.0 India’s biggest beauty playground Launch of Nykaa Fashion Luxe 100K+ Beauty enthusiasts' attendees across 4 edition $2.6 bn Annualized GMV across all platforms [Q2FY27] ~65 mn Cumulative Customer base [32% YoY] 338 Beauty Stores [+73 stores in 1 year] 150 mn+ Social reach across 4 editions 330+ Beauty brands 1,700+ Fashion brands Acquisition of premium, professional grade brand by celebrity makeup artist “Namrata Soni” Brands launched in 1 year
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BEAUTY OMNICHANNEL RETAIL
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Beauty maintains its growth momentum, EBITDA up 50%+ YoY * % of NSV 9 GMV (Rs Cr) NSV (Rs Cr) EBITDA (Rs Cr) 1,257 1,566 1,981 2,536 Q2FY24 Q2FY25 Q2FY26 Q2FY27 YoY 23% 25% 27% 28% 111 134 178 267 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Margin % * 8.8% 8.6% 9.0% 10.5% 14% 21% 32% 51%25% 29% 28% 25% 2,156 2,783 3,551 4,454 Q2FY24 Q2FY25 Q2FY26 Q2FY27 • Omnichannel growth remained strong, driven by new customer acquisition and repeat customer engagement • Retail performance strengthened on account of network expansion along with early twenties SSSG growth (highest in six quarters)
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Strong customer momentum as Beauty expands reach, conversion and spend AOV (Rs)AUTC (mn) 1,992 2,038 2,049 2,149 Q2FY24 Q2FY25 Q2FY26 Q2FY27 11.3 13.7 17.5 22.1 Q2FY24 Q2FY25 Q2FY26 Q2FY27 MAUV (mn) 29.3 34.2 41.6 54.1 Q2FY24 Q2FY25 Q2FY26 Q2FY27 10 52 mn+ Beauty CCB [31% YoY] YoY 15% 17% 22% 30% 18% 22% 27% 26% 3% 2% 1% 5%
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Expanding Nykaa’s beauty universe with new exciting launches 11 Exclusive Global brand launches New brand Engine French botanical beauty, delivering plant-based skincare and cosmetics Korean skincare from the Amorepacific Group combining floral-derived ingredients with modern actives US based professional, luxury haircare brand 330+ new brands added in the last year Global brands that launched exclusively on Nykaa Skin MakeupHair Bath & Body FragranceOthers[33%] [14%] [13%] [11%] [16%] [13%] Other includes Wellness, Mom & Baby, and Personal care
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Global brands choose Nykaa to enter and scale in India 12 One of India’s largest distributors for global beauty 45+ Global Brands 60% GMV YoY Trusted market-entry partner 2x+ Beauty GMV growth Partnership with some of the largest global brands Launches in last 1 year Nykaa Global Store: Partner of choice for India beauty opportunity Enter with local expertise Build relevance and demand Reach consumers across channels 1 2 3 #1 online beauty retailer Largest share in specialized beauty category 52 mn+ Beauty Shoppers base 19,000+ Pincodes served ~200K India’s largest creator network 2 mn+ Content pieces annually D2C website Online Organized Retail Brands EBOs Unorganized Retail
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Nykaa Global Store has delivered exceptional outcomes for global brands 13 Korean Beauty Acceleration Luxury brand localization and scale Unique End-to-end partnerships Education and brand building 34% of Nykaa’s Korean Beauty Business is part of the Global Store [up from 23% last year] 2.5x GMV vs last year of Korean Beauty brands via Global Store 17 Luxury brands distributed via Global Store online and 250+ stores 8 Luxury Brands exclusive to Nykaa 16 EBOs managed with 4 added in H1 FY27 D2C Site management for Kiehl’s 3600 Brand activations 2 mn+ Cumulative customers acquired to global store brands in L12M
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Nykaaland 4.0: India’s biggest immersive beauty festival 14 Nykaaland redefined experiential beauty in India through immersive learning, strong attendance and standout community engagement Key Stats across 4 editions of Nykaaland 1,500+ Celebrities, Creators and KOLs [Katrina Kaif, Janhvi Kapoor, Kriti Sanon, Aditya Roy Kapur, Taapsee Pannu, Shanaya Kapoor and more] Luxury Homegrown Korean Beauty Global Brands Fashion & Lifestyle Wellness 150+ International and Homegrown brands offering an experience for every customer cohort 100K+ Beauty enthusiasts attended 150 mn+ Social reach
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HOUSE OF Expanding omnichannel presence drive deeper market penetration with differentiated store formats 15 165 210 265 338 Q2FY24 Q2FY25 Q2FY26 Q2FY27 2x Store Count (#)NETWORK EXPANSION 338 Beauty Stores (+14 new stores in Q2) 111 Cities (+6 cities in Q2) 3.4L+ Retail space (sq.ft) (+26% YoY) 253 MBOs Curated multi-brand beauty destinations 69 House of Nykaa Outlets K I O S K K A F E C A R T 16 Brand EBOs Exclusive brand experiential formats
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Nykaa’s retail growth engine strengthens as scale, productivity and customer traction converge 16 20%+ Q2FY24 Q2FY25 Q2FY26 Q2FY27 SSSG trend 1.0x 1.2x 1.3x 1.4x Q2FY24 Q2FY25 Q2FY26 Q2FY27 1.0x 2.0x 2.4x 3.9x Q2FY24 Q2FY25 Q2FY26 Q2FY27 AOV trendAUTC trend High single digit Early teens Early teens
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Nykaa Now offers the largest BPC & Wellness assortment, differentiated by authenticity & trust 1,000+ Marquee Brands 3 cities 15 cities Q1FY26 Q2FY27 25+ cities By end of FY27 Expansion 17 Orders delivered within 30-60 mins From festive-ready skin to party-perfect lips, Nykaa Now delivering festive beauty essentials Nykaa Now brand film featuring Sharvari Wagh and Sheeba Chaddha Largest Beauty & Wellness Assortment 2x the SKU depth of Q-commerce Curated Premium Selection Luxe Offerings Most trusted brands 3x the AOV of BPC in Quick Commerce Nykaa Now Shoppers ~15% Higher FOP vs Platform Higher frequency with wider cart depth
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Nykaa and L’Oréal BOLD partners to build next generation of Indian beauty entrepreneurs Investing in the next generation of high-growth Indian beauty and personal care brands Deep omnichannel retail network and understanding of India’s beauty consumers X Global beauty expertise, network and mentorship through L’Oréal’s venture fund 18
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HOUSE OF Rs 4,000 Cr+ Annualized GMV [40% YoY] Building India’s leading new age consumer brands portfolio House of Nykaa continues to scale rapidly, crosses Rs 2,300 Cr+ annualized NSV Rs 2,300 Cr+ Annualized NSV [36% YoY] 19 mn+ Customers served till date on Nykaa.com Consumer Brands portfolio Beauty Fashion Strong topline growth Customer Love Wide Distribution reach + 338 Nykaa stores Nykaa Online + 200K+ B2B Retailer network + International (Space NK, Nysaa)D2C websites + 3P Other marketplaces+ 20
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House of Nykaa – Beauty continues its strong growth trajectory, delivers ~40% YoY NSV growth NSV (Rs Cr) NSV mix by channel – Q2FY27 153 232 385 535 Q2FY24 Q2FY25 Q2FY26 Q2FY27 39% YoY 37% 10%21% 4% 28% Nykaa Online Nykaa Stores Nykaa B2B Exports Other 3P Channels Strong growth across both Nykaa and other channels, reflecting immense consumer love 21 3x+
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Our core brands continue to lead across key categories A playful approach to actives led skincare – amongst India’s top D2C skincare brands India's largest celebrity beauty brand with inclusivity at its core India’s trendiest makeup brand built for youthful beauty consumers Rs 1,300 Cr Ann. NSV (Q2FY27) Rs 350 Cr+ Ann. NSV (Q2FY27) Rs 300 Cr+ Ann. NSV (Q2FY27) 22 Driving Innovation across formulation, design and packaging in the largest and fastest growing skin categories 8 new shades of Tinted Sunscreen in new packaging to deliver better shade coverage, organically creating social buzz Dragon Fruit Jelly Bounce Moisturizer - lightweight hydration for Oily & Combination skin Kay Beauty launched into the skin category this quarter, unlocking new vectors of growth Celebrating 1 Year of Kay Beauty in the UK Kay Beauty now live in UK across: Omnichannel Social Commerce Collaborated with GenZ celebrity icon Sara Tendulkar to deepen resonance with younger shoppers & establish Nykaa Cosmetics as the go-to trend destination Strengthening its position in lipstick category with innovative launches in trending formats
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Emerging Brands carving out distinct indentities with innovative products and design 23 Wanderlust Strengthens its gifting-focused portfolio anchored in Body Mist and accessible indulgence Earth Rhythm blends conscious beauty with science backed formulation, with new innovations Maison Moi reimagined to high-value fine fragrances rooted in French perfumery Aminu, a premium dermocosmetic brand innovates in skin health with its longevity serum
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Nykaa to acquire 82% stake in Simply Nam House of Nykaa enters premium professional make-up with Simply Nam India’s leading beauty and lifestyle platform An expert-backed beauty brand founded by celebrity make-up artist Namrata Soni 24
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Founded in 2020 by celebrity make-up artist Namrata Soni and Bozzil Group, a venture studio ₹17 Cr FY26 net revenue 5x Revenue growth in 4 yrs 90% Custom developed formulations Founder Background Simply Nam – A premium, pro-grade makeup brand created for Indian skin tones • Celebrity and bridal make-up artist with 25 yrs+ experience • Long-term make-up artist of choice for top Indian and global celebrities • Advanced degree from Delamar Academy (London), in high- performance beauty • 50+ Awards and Recognition Top SKUs attracting consumer love Satin Soft Liquid LipstickThe Ultimate Kajal Pixie Dust Glitter Gaining industry recognition 25
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How does Simply Nam fit within House of Nykaa? Current portfolio Expansion opportunity SPECIALISED LUXURY PREMIUM CORE MAKEUP SKINCARE HAIRCARE BATH & BODY FRAGRANCE WELLNESS Derma led skincare Mid-Premium nutraceuticals clean beauty Clinical body care A playful fruit meets actives approach to skincare Clean, Kind & Effective Skincare Premium dermocosmetic skincare 26 Premium, professional makeup Acquired Brand Acquired in Q2FY27 Premium fragrance Acquired in Q1FY27
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Simply Nam fills a whitespace in our make-up portfolio, with a differentiated proposition 27 The trendiest makeup brand built for young beauty consumers Celebrity led makeup with inclusivity at its core Celebrity makeup artist brand with professional grade makeup Democratizing global trends & launching pop-culture first innovations for Gen-Z Bringing Katrina’s beauty expertise to life through high performance, skincare infused makeup Built around Namrata’s expertise & philosophy of enhancing natural beauty ASP: Rs 250 -750 ASP: Rs 750 -1,250 ASP: Rs 1,250 – 2,000
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Key terms of the transaction • Nykaa to acquire 82% stake for a consideration of upto Rs 33 Crores • Namrata Soni to own 18% stake and serve as Co-Founder and Chief Product Officer (CPO), bringing her unique expertise across product development, content creation, brand strategy, marketing and education • Nykaa’s scale, reach and omnichannel ecosystem, and expertise in scaling make-up brands, combined with Simply Nam’s innovation, formulations and education-led community strength will unlock synergies for future growth • The transaction is expected to close in Q3FY27, subject to regulatory approvals and closing conditions 28
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SUPERSTORE
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Superstore continues to expand its scale and deepen its reach GMV (Rs Cr) 127 228 285 328 Q2FY24 Q2FY25 Q2FY26 Q2FY27 • GST-led MRP reductions impacted a portion of the portfolio; the effect is expected to normalise in the coming quarter • Focused leakage reduction initiatives in H1 improved GMV-to-NSV conversion 28% YoY NSV growth 30 ~3x GMV 15% YoY GMV growth 554K Onboarded Retailers 27% YoY growth Fast growing retailer network 1,200+ cities 100+ cities added in last 1 year
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Superstore scales its retailer network 27% with a flat BDE team, lifting productivity per BDE Retailer serviced/BDE (#) 189 238 Q2FY26 Q2FY27 31 Onboarded Retailers (k) 438 554 Q2FY26 Q2FY27 Retailer count increased by 27% YoY , while BDE count maintained flat 2.3K 2.3K BDE Count (#) 27% YoY 26% YoY GMV/BDE/month (Rs) 410k 469k Q2FY26 Q2FY27 14% YoY
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Q2FY26 Q2FY27 Sales mix, scale and efficiencies leading to unit economics improvement % of NSV Fulfilment expense S&D expense 53 bps Q2FY26 Q2FY27 363 bps Q2FY26 Q2FY27 +370 bps YoY EBITDA margin (as % of NSV) • On account of improving BDE productivity (14% YoY) • Efficiency gains partly offset by impact of new labour code on warehouse off-roll employees * Employee and other expenses 32
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Empowering retailers with access to a wider brand universe Exciting launches this quarter 33 Q2FY25 Q2FY27 FMCG Regional D2C A heritage Indian skincare brand best known for its calamine and kaolin-based oil-control lotions, alongside everyday skincare essentials Skincare Premium skincare brand that brings together beauty rituals from around the world and modern skincare formulations Skincare Fragrance Indian fragrance brand focused on vibrant, youth- oriented, and affordable long-lasting perfumes Indian D2C brand known for offering professional- grade makeup at accessible prices. Makeup Homegrown, cruelty-free, and organic beauty brand, blending natural ingredients with modern Ayurveda New-age Indian beauty brand known for its innovative, multifunctional and cruelty-free makeup MakeupMakeup ~190 brands 250+ brands 76% 9% 15% 52% 16% 32% Expanding assortment across incumbent and emerging brands
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Meri Dukan: Personalizing shopping experience for every retailers Leveraging technology to build a smarter and more productive ordering ecosystem 34 Running Low in My Shop Replenishment from reorder intervals, recency, GMV In Demand Near Me Local growth and similar- retailer adoption High Margin for Me Deal of the day, price drops, trade schemes Brands in My Shop Past purchases ranked by frequency / GMV Recommended for Me Adjacent brands from similar retailers Top Brands for You Cold-start picks by geography and store type
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FASHION
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Fashion delivers solid performance with acceleration in growth and profitability * % of NSV 36 GMV (Rs Cr) NSV (Rs Cr) EBITDA (Rs Cr) • Platform growth driven by strong customer acquisition, exciting brand launches across key categories, and encouraging traction from the Nike partnership 241 271 346 509 Q2FY24 Q2FY25 Q2FY26 Q2FY27 YoY 35% 13% 27% 47% Margin % * -12.1% -9.0% -3.5% 0.2% 27% 10% 37% 42% 787 863 1,180 1,674 Q2FY24 Q2FY25 Q2FY26 Q2FY27 -29 -24 -12 1 Q2FY24 Q2FY25 Q2FY26 Q2FY27
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Strong customer funnel is resulting in improving order metrics 239 mn Visits | 25% YoY 5.1 mn AUTC | 37% YoY 3.3 mn Orders | 38% YoY Strong customer acquisition with 31% New customers YoY Cumulative customer base of 12 mn+ Improved unique visitor to order conversion to 4.2% [+82 bps YoY] – MAUV of 26 mn+ ~30% reduction in CAC in last 2 years 37 AOV of Rs 4,378
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Exciting marquee launches across core and emerging categories 250+ new brands launched across categories in Q2 38 UK based streetwear brand, blending vintage American styling with Japanese- inspired graphics and British tailoring China’s leading sportswear brand, known for delivering high-performance footwear and apparel Dutch based footwear brand with a comfort-led proposition Swedish fashion house known for minimalist, refined wardrobe collections Established American casualwear brand, associated with denim Indian womenswear label combining traditional textiles and prints with contemporary silhouettes Established Indian home-comfort brand Established Belgian brand offering nursery furniture, changing bags and baby accessories Niche brand with a strong following among designer-fashion and streetwear consumers
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Strengthening partnership with H&M, with exclusive launch of “COS” 39 Q3FY26 Q1FY27 Q2FY27 Launched on Launched on Launched on Global trend forward fashion powerhouse H&M’s dedicated sportswear brand that aims to democratize athletic apparel Luxury design, sustainable craftsmanship and quality
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Introducing Nykaa Fashion Luxe: Bringing luxury labels in one dedicated SIS destination 40 In App Luxe store Expert led curated luxe destination in Nykaa fashion app Personalized Service Concierge support, styling, customization and Indian designer alterations Authenticity Direct sourcing from brand partners and authorized distributors Curating an elevated shopping experience with homegrown and international luxe labels International Luxury Brands Indian Designer Labels
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Structural improvement in Fashion’s profitability % of NSV * Employee and other expenses 41 Marketing and S&D expense 26.9% 22.7% Q2FY26 Q2FY27 419 bps • Efficiencies in performance marketing and scale leverage, while we continue to invest in customer acquisition Overhead expense* 13.0% 11.1% Q2FY26 Q2FY27 197 bps • Scale efficiencies in employee expenses and other overheads -3.5% 0.2% Q2FY26 Q2FY27 EBITDA margin 371 bps Fulfilment expenses 11.2% 10.3% Q2FY26 Q2FY27 96 bps • Driven by better delivery routing and improved freight economics
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FINANCIAL PERFORMANCE
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Revenue growth accelerates to 28%, PAT growth of 200%+ Net Revenue (Rs Cr) EBITDA (Rs Cr) PAT (Rs Cr) 1,507 1,875 2,346 3,006 Q2FY24 Q2FY25 Q2FY26 Q2FY27 YoY 22% 24% 25% 28% 81 104 159 263 Q2FY24 Q2FY25 Q2FY26 Q2FY27 8 13 33 101 Q2FY24 Q2FY25 Q2FY26 Q2FY27 32% 29% 53% 65% Margin % * 50% 66% 154% 207% 5.4% 5.5% 6.8% 8.7% 0.5% 0.7% 1.4% 3.4% *% of revenue 43
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Both business verticals delivered strong performance One Nykaa Beauty Fashion 2,340 3,064 Q2FY26 Q2FY27 NSV (Rs Cr) EBITDA margin* %| YoY YoY 1,981 2,536 Q2FY26 Q2FY27 27% 31% 27% 28% 346 509 Q2FY26 Q2FY27 27% 47% 8.6% | +178 bps 10.5% | +158 bps 0.2% | +371 bps * % of NSV 44
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Profit and Loss Statement – Q2FY27 Particulars (Rs Cr) Q2FY27 Q2FY26 YoY Revenue from Operations 3,006 2,346 28% Gross Profit 1,382 1,054 31% Gross Margin 46.0% 44.9% 106 bps Fulfilment expense 304 227 34% As % of revenue from operations 10.1% 9.7% -47 bps Marketing and S&D expense 457 368 24% As % of revenue from operations 15.2% 15.7% 50 bps Contribution Profit 621 459 35% Contribution Margin 20.6% 19.6% 109 bps Employee and Other Expense 358 300 19% As % of revenue from operations 11.9% 12.8% 87 bps EBITDA 263 159 65% EBITDA Margin 8.7% 6.8% 196 bps PBT 149 55 168% PBT Margin 4.9% 2.4% 258 bps PAT 101 33 207% PAT Margin 3.4% 1.4% 196 bps Supported by rising share of House of Nykaa along with uptick in marketing income Investment in infrastructure to drive efficiencies in our order to delivery days Efficiencies in performance marketing spends on Beauty and Fashion platforms along with improved BDE productivity Scale efficiency and productivity gains across the organizations 45
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Vertical Reporting – Q2FY27 1. Includes GCC business and international business 2. Branding Media & Production Cost is part of Other expenses (All amounts in Rs Cr, unless otherwise stated) Particulars Q2FY27 Q1FY27 Q2FY26 Beauty Fashion Total1 Beauty Fashion Total1 Beauty Fashion Total1 GMV 4,454 1,674 6,151 4,105 1,471 5,590 3,551 1,180 4,744 Growth 25% 42% 30% 28% 53% 34% 28% 37% 30% NSV 2,536 509 3,064 2,371 451 2,835 1,981 346 2,340 Growth 28% 47% 31% 29% 54% 33% 27% 27% 27% Revenue from Operations 2,700 287 3,006 2,516 253 2,782 2,132 201 2,346 Growth 27% 43% 28% 27% 48% 29% 25% 21% 25% Gross Profit 1,148 225 1,382 1,068 202 1,276 884 165 1,054 Fulfilment expense 251 52 304 227 47 274 187 39 227 Marketing and S&D expense2 330 116 448 300 103 405 260 93 356 Contribution Profit 567 57 630 542 51 597 437 33 471 Other expense (Including Employee and G&A expenses) 300 56 367 298 51 361 259 45 312 EBITDA 267 1 263 244 0.4 236 178 -12 159 Key Ratios as a % to NSV Gross Profit Margin % 45.3% 44.3% 45.1% 45.1% 44.7% 45.0% 44.6% 47.7% 45.0% Fulfilment expense % 9.9% 10.3% 9.9% 9.6% 10.5% 9.7% 9.5% 11.2% 9.7% Marketing and S&D expense % 13.0% 22.7% 14.6% 12.6% 22.9% 14.3% 13.1% 26.9% 15.2% Contribution Margin % 22.4% 11.3% 20.6% 22.9% 11.4% 21.0% 22.0% 9.5% 20.1% Other expense% 11.8% 11.1% 12.0% 12.6% 11.3% 12.7% 13.1% 13.0% 13.3% EBITDA Margin % 10.5% 0.2% 8.6% 10.3% 0.1% 8.3% 9.0% -3.5% 6.8% 46
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Vertical Reporting – H1FY27 1. Includes GCC business and international business 2. Branding Media & Production Cost is part of Other expenses (All amounts in Rs Cr, unless otherwise stated) Particulars H1FY27 H1FY26 Beauty Fashion Total1 Beauty Fashion Total1 GMV 8,559 3,144 11,740 6,760 2,144 8,926 Growth 27% 47% 32% 27% 31% 28% NSV 4,907 960 5,899 3,815 640 4,477 Growth 29% 50% 32% 26% 24% 26% Revenue from Operations 5,216 540 5,788 4,107 372 4,501 Growth 27% 45% 29% 25% 18% 24% Gross Profit 2,217 427 2,657 1,703 304 2,015 Fulfilment expense 478 99 579 357 71 430 Marketing and S&D expense2 629 219 852 494 176 674 Contribution Profit 1,110 109 1,226 851 57 911 Other expense (Including Employee and G&A expenses) 599 107 728 509 87 611 EBITDA 511 1 499 343 -30 300 Key Ratios as a % to NSV Gross Profit Margin % 45.2% 44.5% 45.0% 44.6% 47.5% 45.0% Fulfilment expense % 9.7% 10.4% 9.8% 9.4% 11.2% 9.6% Marketing and S&D expense % 12.8% 22.8% 14.4% 13.0% 27.5% 15.1% Contribution Margin % 22.6% 11.3% 20.8% 22.3% 8.8% 20.3% Other expense% 12.2% 11.2% 12.3% 13.3% 13.6% 13.6% EBITDA Margin % 10.4% 0.1% 8.5% 9.0% -4.7% 6.7% 47
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Efficient Capex Utilisation 115 128 145 62 2% 2% 1% 1% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 0 20 40 60 80 100 120 140 160 180 FY24 FY25 FY26 H1FY27 Capex (Rs Cr)* Capex as % of Revenue 46% 24% 30% Category wise capex* – H1FY27 Store Warehouse Tech Rs 62 Cr Capex optimization YoY, while we continue to invest in key focus areas (Retail expansion, Fulfilment capabilities, and Technology) 48
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Capital efficiency evident in strong ROCE trend Fixed Asset Turnover* (x) Working Capital Days (#) ROCE* (%) 9.1 9.1 9.9 10.8 FY24 FY25 FY26 H1FY27 42 34 28 28 FY24 FY25 FY26 H1FY27 7.5% 11.3% 21.2% 27.3% FY24 FY25 FY26 H1FY27 Rising salience of asset light business such as Fashion and House of Nykaa Improvement in profitability coupled with capital efficiency driving strong ROCE trends *Annualised for H1FY27 49 Sustained working capital efficiency
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THANK YOU
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Glossary Term Description Annual Unique Transacting Customers (AUTC) Unique customers identified by their email-id or mobile number who have placed at least one Order on our websites, mobile applic ations or physical stores during the last 12 months ended as on measurement date. Annual Transacting Customers, with respect to beauty and personal care, denotes Annual Transacting customers on the Nykaa websites and mobile ap plications and physical stores. Annual Transacting customers, with respect to Fashion, denotes Annual Transacting customers on the Nykaa Fashion website and the mobile application, with respect to Others, denotes Annual Transac ting customers on the Nykaa Man website and the mobile application, “Superstore by Nykaa” website and mobile application Average Order Value (AOV) GMV generated across our websites, mobile applications and physical stores divided by Orders considered for such GMV. Contribution Profit Contribution Profit is a non-GAAP financial measure. Contribution Profit refers to Gross profit for the period, after the adjust ment of Fulfillment Expenses, Marketing Expenses (Other than branding), Selling & Distribution Expenses. Cost of Goods Sold Cost of Goods Sold is a non-GAAP financial measure. cost of goods sold refers to cost of material consumed, purchase of traded g oods, changes in finished goods and stock-in-trade. EBITDA EBITDA is a non-GAAP financial measure. EBITDA refers to our profit/(loss) before Tax for the period, as adjusted to exclude (i) Other Income, (ii) Depreciation and Amortization Expenses, (iii) Finance Costs. EBITDA Margin refers to the percentage margin derived by dividing EBITDA by Revenue from Operations Gross Profit Gross Profit is a non-GAAP financial measure. Gross Profit refers to Revenue from Operations less COGS. Gross Profit Margin refe rs to the percentage margin derived by dividing Gross Profit by Revenue from Operations. Gross Merchandise Value (GMV) Monetary value of Orders inclusive of taxes and gross of discounts, if any, across our websites, mobile applications and physical stores prior to product returns or order cancellations and including sales to and through third party channels. GMV, with respect to BPC, denotes GMV of BPC vertical. GMV, with respect to Fashion, denotes GMV of Fashion vertical. GMV, with re spect to Others, denotes GMV of Other Verticals Monthly Average Unique Visitors (MAUV) Number of unique devices (laptops, mobile phones, etc.) which recorded at least one Visit to our websites or mobile applications during the month. Monthly Average Unique Vis itors, with respect to BPC, denotes Monthly Average Unique Visitors on the Nykaa websites and mobile applications. Monthly Average Unique Visitors, with respect to Fashion, denotes Mon thly Average Unique Visitors on the Nykaa Fashion website and the mobile application. Monthly Average Unique Visitors, with respect to Others, denotes Monthly Average Unique Visitors on the Nykaa Man website and the mobile appl ication, “Superstore by Nykaa” website and mobile application Revenue from operations Revenue from operations includes sale of products, marketing support revenue, income from marketplace and logistics services Net Sales Value (NSV) NSV refer to Net Sales Value and calculated basis GMV minus Discounts, Cancellation & Returns, and Taxes. Orders All orders placed on our websites, mobile applications and physical stores prior to any cancellations and returns. Orders, wi th respect to BPC Vertical, includes all Orders that placed on Nykaa websites & mobile applications and Physical Store, having at least one BPC product. Orders, with respect to Fashion Vertical, includes all Orders that placed on Nykaa we bsite & mobile application, and Fashion.com website & mobile application having at least one fashion product . Orders, with respect to Others includes all Orders that placed on Nykaa Man website & application, and “Superstore by Nykaa” website & mobile application. Visits Number of visits to our websites and mobile applications. A visit is considered ended when no new request has been recorded i n more than 30 minutes from the same device to the website or the mobile application. Visits, with respect to beauty and personal care, denotes Visits to the Nykaa websites and mobile applications. Visits, with respect to Fashion, deno tes Visits to the Nykaa Fashion website and the mobile application. Visits with respect to Others, denotes Visits to Nykaa Man website and mobile application, “Superstore by Nykaa” website and mobile application Existing Customers Existing Customers, identified by their email-id or mobile number, are Customers who placed at least one Order in any prior Fina ncial Year on our websites or mobile applications. New Customers New Customers, identified by their email-id or mobile number, are Customers who placed at least one Order in any current Financi al Year on our websites or mobile applications. Verticals Beauty includes BPC online, BPC physical Stores, Beauty owned brands, Superstore by Nykaa and Nykaa Man Grooming, Fashion includes Nykaa Fashion, LBB, and Nykaa Man Lifestyle 51
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Disclaimer By attending the presentation or by reading the presentation slides you agree to be bound as follows: This Presentation is prepared by FSN E-Commerce Ventures Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of any particular person and is not and nothing in it shall be construed as an invitation, offer, solicitation, recommendation or advertisement in respect of the purchase or sale of any securities of the Company or any affiliates in any jurisdiction or as an inducement to enter into investment activity and no part of it shall form the basis of or be relied upon in connection with any contract or commitment or investment decision whatsoever. This Presentation does not take into account, nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. This Presentation and its contents are confidential and proprietary to the Company and/or its affiliates and no part of it or its subject matter be used, reproduced, copied, distributed, shared, or disseminated, directly or indirectly, to any other person or published in whole or in part for any purpose, in any manner whatsoever. The information contained in this Presentation is a general background information of the Company. We don’t assume responsibility to publicly amend, modify or revise any information contained in this Presentation on the basis of any subsequent development, information or events, or otherwise. This Presentation should not be considered as a recommendation to any investor to subscribe to any security. This Presentation includes certain statements that are, or may be deemed to be, “forward-looking statements” and relate to the Company and its financial position, business strategy, events and courses of action. Forward-looking statements and financial projections are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and financial projections. Forward-looking statements and financial projections include, among other things, statements about: our expectations regarding our expenses, sales and operations; our future customer concentration; our anticipated cash needs, our estimates regarding our capital requirements, our need for additional financing; our ability to anticipate the future needs of our customers; our plans for future products and enhancements of existing products; our future growth strategy and growth rate; our future intellectual property; and our anticipated trends and challenges in the markets in which we operate. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy, future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts in the Presentation, if any, are correct or that any objectives specified herein will be achieved. We, or any of our affiliates, shareholders, directors, employees, or advisors, as such, make no representations or warranties, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein and accept no liability whatsoever for any loss, howsoever, arising from any use or reliance on this Presentation or its contents or otherwise arising in connection therewith. The information contained herein is subject to change without any obligation to notify any person of such revisions or change and past performance is not indicative of future results. It is clarified that this Presentation is not intended to be a document or advertisement offering for subscription or sale of any securities or inviting offers or invitations to offer or solicitation to offer from the public (including any section thereof) or any class of investors. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. No rights or obligations of any nature are created or shall be deemed to be created by the contents of this Presentation. 52
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Profit and Loss Statement (All amounts in Rs Cr, unless otherwise stated) Particulars Q2FY27 Q2FY26 Q1FY27 YoY Growth QoQ Growth H1FY27 H1FY26 YoY Growth Revenue from Operations 3,006 2,346 2,782 28% 8% 5,788 4,501 29% Cost of goods Sold 1,624 1,292 1,506 26% 8% 3,131 2,486 26% Gross Profit 1,382 1,054 1,276 31% 8% 2,657 2,015 32% Gross Profit Margin % 46.0% 44.9% 45.9% 106 bps 11 bps 45.9% 44.8% 114 bps Fulfilment expense 304 227 274 34% 11% 579 430 35% Fulfilment cost % of Revenue 10.1% 9.7% 9.9% -47 bps -27 bps 10.0% 9.6% -44 bps Marketing and S&D expense 457 368 412 24% 11% 869 696 25% Marketing and S&D expense % of Revenue 15.2% 15.7% 14.8% 50 bps -37 bps 15.0% 15.5% 46 bps Contribution Profit 621 459 589 35% 5% 1,210 889 36% Contribution Profit % 20.6% 19.6% 21.2% 109 bps -53 bps 20.9% 19.7% 116 bps Employee and Other expense 358 300 353 19% 1% 711 589 21% Employee and other expenses % of Revenue 11.9% 12.8% 12.7% 87 bps 77 bps 12.3% 13.1% 80 bps EBITDA 263 159 236 65% 11% 499 300 66% EBITDA Margin % of Revenue 8.7% 6.8% 8.5% 196 bps 25 bps 8.6% 6.7% 196 bps Depreciation & Amortisation* 93 79 89 18% 4% 183 155 18% Depreciation & Amortisation % of Revenue 3.1% 3.4% 3.2% 28 bps 12 bps 3.2% 3.4% 30 bps Finance Cost (Net of other income)** 21 23 17 -10% 20% 38 44 -13% Profit before Tax and exceptional items 149 56 129 163% 15% 278 100 177% Exceptional items 1 1 Profit before Tax 149 55 129 168% 15% 278 99 180% PBT Margin % 4.9% 2.4% 4.6% 258 bps 30 bps 4.8% 2.2% 260 bps Total tax expense 47 22 49 97 42 Profit after tax 101 33 80 207% 27% 181 57 215% Share of (loss) of associate Net Profit for the period 101 33 80 207% 27% 181 57 215% PAT Margin % 3.4% 1.4% 2.9% 196 bps 49 bps 3.1% 1.3% 185 bps * Amortization includes the depreciation on RoU (Right of Use Assets) **Finance cost includes the interest cost on lease liabilities (Net of Interest Income on Security Deposit & Gain on cancellation of lease) 53
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Balance Sheet 54 As at Sep 30, 2026 As at Mar 31, 2026 Movement Assets 1 Fixed assets including Intangibles 573.4 555.7 17.7 2 Leased Assets 496.5 461.5 35.0 3 Investment 0.2 0.2 - 4 Deferred Tax Assets (Net) 285.9 268.8 17.1 5 Other Assets 974.8 802.8 172.0 6 Total Other Assets 2,330.7 2,088.9 241.8 7 Working Capital Components 8 Inventories 2,209.7 1,642.2 567.5 9 Receivables including unbilled 390.8 462.0 (71.2) 10 Total Current Assets (Working Capital) 2,600.5 2,104.2 496.3 11 Cash and Bank Balance (including FD's) 408.6 418.3 (9.6) Total Assets (6+10+11) 5,339.8 4,611.4 728.4 As at Sep 30, 2026 As at Mar 31, 2026 Movement Liabilities 12 Equity Share Capital and Other Reserves 1,713.9 1,502.1 211.8 13 Lease liabilities 528.1 490.6 37.5 14 Borrowings 990.7 747.2 243.4 15 Other Liabilities 610.3 628.0 (17.6) 16 Total Other Liabilities 3,843.0 3,367.9 475.1 17 Working Capital Components 18 Trade payables 1,496.8 1,243.5 253.3 19 Total Current Liabilities (Working Capital) 1,496.8 1,243.5 253.3 Total Liabilities (16+19) 5,339.8 4,611.4 728.4 Net Working Capital (10-19) 1,103.6 860.7 Particulars Particulars
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Cash Flow 55 Particulars H1 FY27 H1 FY26 A Opening Cash and Bank Balance (Incl FD) 418.3 338.6 Add: Sources of Funds 1 Operating Profit (Net of lease payment) 388.8 218.9 2 Proceeds from Borrowings 240.5 28.0 3 Investment by Apparel Group in Nessa 8.0 15.7 4 Interest on FD 8.8 5.1 5 Issue of shares (ESOP) 16.7 18.4 B Total Source of Funds 662.7 286.2 Less: Utilisation of Funds 6 Capex (72.9) (75.2) 7 Investment in Earth Rhythm and Aminu (net of cash acquired) (20.9) - 8 Working Capital Change (A1) (475.8) (133.1) 8 Interest on Borrowings (30.4) (41.5) 9 Tax Paid (72.4) (58.5) C Total Utilisation of Funds (672.4) (308.3) Closing Cash and Bank Balance (Incl FD) (A+B+C) 408.6 316.5 A1 Working Capital Change H1 FY27 H1 FY26 1 Inventories (564.7) (155.4) 2 Receivables 72.0 36.6 3 Trade Payables 252.1 99.9 4 Security Deposit (13.8) (7.5) 5 Others (221.5) (106.8) Total Utilisation of Funds (475.8) (133.1) Summarised Cash Flow Statement