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FSN E-Commerce Ventures Limited Q3 FY26 earnings call summary

NSE: NYKAA · BSE: 543384

Earnings call of 5 Feb 2026, summarised by AI from the filing.

Nykaa Q3 FY26 net revenue ₹2,873 cr, up 27% year-on-year, with EBITDA ₹230 cr at 8.0% margin, the highest ever.

Key takeaways

  1. Beauty margin Management expects beauty vertical EBITDA margin to sustainably improve going forward, no direction guided.
  2. House of Nykaa House of Nykaa Brands grew 48% year-on-year to ₹872 cr quarterly GMV, ₹3,500 cr annualized run rate.
  3. Gross margin risk Gross margin has mix and service income impact, so it can move down in a bad quarter.

Original filing on BSE

FSN E-Commerce Ventures Limited Q1 FY27 results

As filed: Revenue ₹2,782 cr (+29% year on year), EBITDA ₹236 cr (+67% year on year), PAT ₹79.8 cr (+232% year on year), EBITDA margin 8.5% (+194 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹2,648 cr (+28% year on year), EBITDA ₹223 cr (+66% year on year), PAT ₹78.8 cr (+300% year on year), EBITDA margin 8.4% (+192 bps). Score 77 of 100, Above trend. Revenue growth was above the company's own trend; EBITDA and profit growth were well above it. EBITDA margin rose 192 bps year on year. Tax rate 35%. Revenue fell 8% from last quarter. Revenue rose ₹586 cr on a year ago, more than the ₹394 cr it added the year before. Share price after the results: +10.1% in 29 days (Nifty 500: +2.4%).
  • Q3 FY26: Revenue ₹2,873 cr (+27% year on year), EBITDA ₹230 cr (+63% year on year), PAT ₹67.7 cr (+180% year on year), EBITDA margin 8.0% (+178 bps). Score 71 of 100, Above trend. Revenue growth was above the company's own trend; EBITDA and profit before exceptional items growth were well above it. EBITDA margin rose 178 bps year on year. Tax rate 38%. Consolidated profit +161% but standalone -10%. Revenue rose ₹606 cr on a year ago, more than the ₹478 cr it added the year before. Share price after the results: −1.4% in 29 days (Nifty 500: −4.0%).
  • Q2 FY26: Revenue ₹2,346 cr (+25% year on year), EBITDA ₹158 cr (+52% year on year), PAT ₹33.0 cr (+154% year on year), EBITDA margin 6.7% (+119 bps). Score 67 of 100, Above trend. Revenue growth was in line with the company's own trend; EBITDA growth was well above it; profit growth was above it. EBITDA margin rose 119 bps year on year. Tax rate 40%. Consolidated profit +154% but standalone -25%. Revenue rose ₹471 cr on a year ago, more than the ₹368 cr it added the year before. Share price after the results: +3.6% in 28 days (Nifty 500: +1.3%).
  • Q1 FY26: Revenue ₹2,155 cr (+23% year on year), EBITDA ₹141 cr (+47% year on year), PAT ₹24.0 cr (+71% year on year), EBITDA margin 6.5% (+104 bps). Score 59 of 100, In line with trend. Revenue growth was in line with the company's own trend; EBITDA growth was well above it; profit growth was below it. EBITDA margin rose 104 bps year on year. Tax rate 45%. Consolidated profit +71% but standalone -69%. Profit lagged EBITDA because of depreciation, interest or other income, not the business. Revenue rose ₹409 cr on a year ago, more than the ₹324 cr it added the year before. Share price after the results: +16.2% in 30 days (Nifty 500: +2.4%).
  • Q4 FY25: Revenue ₹2,062 cr (+24% year on year), EBITDA ₹134 cr (+43% year on year), PAT ₹19.0 cr (+111% year on year), EBITDA margin 6.5% (+86 bps). Score 57 of 100, In line with trend. Revenue and profit growth were in line with the company's own trend; EBITDA growth was well above it. EBITDA margin rose 86 bps year on year. Tax rate 50%. Consolidated profit +111% but standalone -83%. Profit lagged EBITDA because of depreciation, interest or other income, not the business. Revenue fell 9% from last quarter. Revenue rose ₹394 cr on a year ago, more than the ₹366 cr it added the year before. Share price after the results: +3.2% in 28 days (Nifty 500: +3.6%).
  • Q3 FY25: Revenue ₹2,267 cr (+27% year on year), EBITDA ₹141 cr (+44% year on year), PAT ₹26.0 cr (+53% year on year), EBITDA margin 6.2% (+74 bps). Score 67 of 100, Above trend. Revenue growth was above the company's own trend; EBITDA growth was well above it; profit growth was well below it. EBITDA margin rose 74 bps year on year. Tax rate 40%. Profit lagged EBITDA because of depreciation, interest or other income, not the business. Revenue rose ₹478 cr on a year ago, more than the ₹326 cr it added the year before.
  • Q2 FY25: Revenue ₹1,875 cr (+24% year on year), EBITDA ₹104 cr (+30% year on year), PAT ₹13.0 cr (+63% year on year), EBITDA margin 5.6% (+24 bps). Score 75 of 100, Above trend. EBITDA margin rose 24 bps year on year. Tax rate 38%. Not enough history for a trend yet: scored on growth alone. Profit fell 7% from last quarter.

Past price moves after results do not indicate future moves. Not a recommendation.

FSN E-Commerce Ventures Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.