FSN E-Commerce Ventures Limited, which operates under the Nykaa brand, reported a significant year-on-year increase of 154% in net profit, reaching ₹33 crore for the quarter ending September 30, 2025. The company’s consolidated revenue from operations grew 25% to ₹2,346 crore, marking the twelfth consecutive quarter of sustained growth in the mid-20s percentage range.
The Mumbai-based beauty and fashion retailer recorded a gross merchandise value (GMV) of ₹4,744 crore, representing a 30% increase compared to the previous year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 53% to ₹159 crore, with margins improving to 6.8%, up from 5.5% during the same quarter last year. This change marks the highest EBITDA margin since Nykaa’s initial public offering.
Beauty Sector Growth
Nykaa’s beauty segment was a primary driver of performance, with GMV rising 28% to ₹3,551 crore. This sector now serves approximately 40 million customers, reflecting an annual growth rate of 31%. The company expanded its retail presence by opening 19 new physical stores during the quarter, bringing its total to 265 stores across 90 cities and covering over 2.7 lakh square feet of retail space.
Fashion Sector Recovery
The fashion vertical saw a notable recovery, with GMV increasing by 37% to ₹1,180 crore. The EBITDA margin as a percentage of net sales improved from a negative 9% to a negative 3.5%, indicating a reduction in losses. The platform experienced an increase to 191 million visits and processed 2 million orders, both up by more than 30% year on year. Recent brand additions include GAP, Guess, and H&M Fashion.
Strength of Owned Brands
The company’s portfolio of owned brands, known as House of Nykaa, generated ₹720 crore in GMV for the quarter, reflecting a 54% year-on-year increase. Dot & Key achieved an annualized GMV run rate exceeding ₹1,500 crore, with growth surpassing 110%. Meanwhile, Kay Beauty crossed the ₹350 crore mark and began international operations in the UK through Space NK.
Boost from Quick Commerce
Nykaa’s quick commerce service, Nykaa Now, has successfully completed over 2 million orders across seven cities using 53 rapid delivery hubs, with delivery times ranging from 60 to 120 minutes. Additionally, Superstore by Nykaa, its B2B distribution arm, has connected with 3.3 lakh retailers across 1,100 cities, achieving an annualized GMV run rate of ₹1,100 crore.
As of now, Nykaa’s cumulative customer base in the beauty and fashion sectors stands at 49 million.
On November 7, 2025, shares of FSN E-Commerce Ventures Limited closed at ₹246 on the National Stock Exchange, a decrease of ₹0.14 or 0.06%.
