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FSN E-Commerce Ventures Limited, operating as Nykaa, reported a 154 per cent year-on-year increase in net profit to ₹33 crore for the quarter ended September 30, 2025. The company’s consolidated revenue from operations grew 25 per cent to ₹2,346 crore, marking the 12th consecutive quarter of mid-20s growth. The Mumbai-based beauty and fashion retailer’s gross merchandise value reached ₹4,744 crore, up 30 per cent from the previous year. EBITDA expanded 53 per cent to ₹159 crore, with margins improving to 6.8 per cent from 5.5 per cent in the same quarter last year. The company stated this was the highest EBITDA margin since its initial public offering. Beauty leads the way Nykaa’s beauty business drove the performance with GMV growing 28 per cent to ₹3,551 crore. The segment now serves approximately 40 million customers, reflecting 31 per cent annual growth. The company added 19 physical stores during the quarter, expanding its retail footprint to 265 stores across 90 cities, covering over 2.7 lakh square feet of retail space. Fashion rebounds The fashion vertical rebounded with 37 per cent GMV growth to ₹1,180 crore. EBITDA margin as a percentage of net sales value improved from negative 9 per cent to negative 3.5 per cent, indicating reduced losses. The platform recorded 191 million visits and 2 million orders, both up by more than 30 per cent year-on-year. Recent brand additions include GAP, Guess, and H&M Fashion. Owned brands shine House of Nykaa, the company’s portfolio of owned brands, achieved ₹720 crore in GMV in the quarter, up 54 per cent year on year. Dot & Key reached an annualised GMV run rate exceeding ₹1,500 crore with over 110 per cent growth, while Kay Beauty crossed ₹350 crore and expanded internationally to the UK through Space NK. Quick commerce boost The company’s quick commerce offering, Nykaa Now, has fulfilled over 2 million orders across seven cities through 53 rapid delivery hubs, delivering products within 60-120 minutes. Superstore by Nykaa, the B2B distribution arm, reached 3.3 lakh retailers across 1,100 cities with an annualised GMV run rate of ₹1,100 crore. Nykaa’s cumulative customer base across beauty and fashion now stands at 49 million. The shares of FSN E-Commerce Ventures Limited ended on the NSE today at ₹246, down by ₹0.14 or 0.06 per cent today. Published on November 7, 2025
