FSN E-Commerce Ventures Limited
8,821words
8turns
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Key numbers — 40 extracted
9%
6%
4%
INR 83
10%
7%
8%
11%
8.5%
5%
18%
22%
Guidance — 16 items
Inflation surge post covid
opening
“Short-term dip in growth due to inflationary pressures impacting discretionary consumption 22% - 23% 54 10% - 12% ~60 ~25 FY20 FY24 FY25 FY30E One Nykaa GMV growth 47% [FY20-25 CAGR] 25% [FY24-25 YoY ] Source: Bain (How India shops online 2024/2025) 8 Why do we find the Indian market exciting?”
Inflation surge post covid
opening
“Customer base [5x+] ~20% India E-commerce CAGR [FY20 – 25] * FY25 New businesses GMV and Revenue included in Beauty Source: Bain (How India shops online 2024/2025) GMV number rounded off to the nearest 10s 25 6X growth in 5 years across Beauty, Fashion & Beyond 1.”
Inflation surge post covid
opening
“House of Nykaa - Fashion, 3% New Businesses, <1% Fashion, 20% Fashion, 7% House of Nykaa - Beauty, 9% BPC Offline, 6% House of Nykaa - Fashion, 1% BPC Online, 87% Rs 2,690 Cr [FY20 GMV] KIOSK Superstore, 6% House of Nykaa - Beauty, 11% BPC Offline, 6% BPC Online, 59% 6x Rs 15,600 Cr [FY25 GMV] 26 Strong performance across all businesses Beauty multi brand retail Rs 11,780 Cr GMV [~5x] 34 mn+ Cum.”
Inflation surge post covid
opening
“ft.) Cities 53k 34 FY’20 250k (+197k) 79 FY’25 (+45) FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 Cities 34 79 Stores 100+ 500 + 63 FY'20 237 FY'25 FY'30 Forward looking statements are subject to inherent risk and the Company, therefore, cannot guarantee that they shall be realized.”
Store Formats
opening
“On Nykaa.com; sub-brand Moi India’s trendiest brand built for the youthful beauty consumer of today, and tomorrow Nykaa Cosmetics: a large player in the makeup market 6 Year GMV Trajectory (Rs Cr) 350+ 3x+ ~240 400 350 300 250 200 150 100 50 - ~110 Key brand highlights Top 3 Makeup Brand1 #1 Liquid Lipstick Brand1 8Mn+ Customers Served2 20%+ Customer Penetration2 #1 Nail Polish Brand1 38k+ Offline Distribution FY19 FY22 FY25 1.”
Store Formats
opening
“On Nykaa.com in FY25 Democratizing beauty access through 360° distribution”
Nykaa Kiosks
opening
“Lip Cloud Nearly Doubled Its Reach Goal—19.2M vs 10M Event Crossed 150+ Footfall & 12.8M in Reach India’s first & most successful celebrity-led makeup brand Growing at a ~50% CAGR led by strong innovation & marketing 3 Year GMV Trajectory (Rs Cr) 3x+ ~240 ~160 ~125 300 250 200 150 100 50 0 ~70 Key brand highlights Top 5 Makeup Brand1 #1 Blush Brand1 2.5Mn+ Customers Served2 700+ Premium, BA Assisted Distribution Top 4 Lipsticks Brand1 Premium Price Positioning FY22 FY23 FY24 FY25 1.”
Nykaa Kiosks
opening
“50%+ D2C Customer Retention FY22 FY23 FY24 FY25 Nykaa Acqn Year 1.”
Nykaa Retail
opening
“6000Cr GMV Long Term GMV Trajectory (Existing Portfolio, Rs Cr) EBITDA Benchmarks1 6000+ ~30% 7,000 6,000 5,000 4,000 3,000 2,000 1,000 ~750 0 47% ~1095 ~1700 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Source: Publicly available data Note: Forward looking statements are subject to inherent risk and the Company, therefore, cannot guarantee that they shall be realized.”
Nykaa Retail
opening
“500 bps for overall retail to reach 12%) Premium segment expected to grow faster within online fashion Premium online fashion market growing at 25-30% CAGR vs.”
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Risks & concerns — 7 flagged
<5% during FY18-19 Decline in real wages/salaries: Earnings were atleast 5% lower in FY24 respectively vs.
— Inflation surge post covid
pre-Covid (FY18) levels Source: Bain (How India shops online 2025) 7 Consumption slowdown and inflation impact E-commerce today, but long-term trajectory intact India E-commerce market size ($ bn) Long-term growth remains robust with improving GDP per capita and increasing digital penetration 18%+ 170 – 190 Strong growth on the back of increasing internet penetration, improving digital ecosystem.
— Inflation surge post covid
ft.) Cities 53k 34 FY’20 250k (+197k) 79 FY’25 (+45) FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 Cities 34 79 Stores 100+ 500 + 63 FY'20 237 FY'25 FY'30 Forward looking statements are subject to inherent risk and the Company, therefore, cannot guarantee that they shall be realized.
— Inflation surge post covid
6000Cr GMV Long Term GMV Trajectory (Existing Portfolio, Rs Cr) EBITDA Benchmarks1 6000+ ~30% 7,000 6,000 5,000 4,000 3,000 2,000 1,000 ~750 0 47% ~1095 ~1700 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Source: Publicly available data Note: Forward looking statements are subject to inherent risk and the Company, therefore, cannot guarantee that they shall be realized.
— Nykaa Retail
3 - 4x in the next 5 years Women’s segment to retain dominance; Men & Kids to become more prominent Women to retain at ~70% share; Men & kids to gain share Key brands to grow faster and account for 65-70% of business share 5% 13% 78% 5-7% 20-25% 65-70% FY'25 FY'30 Women Men Kids Home Others 59% 41% FY'25 30-35% 65-70% FY'30 Key Brands Other Brands Forward looking statements are subject to inherent risk and the Company, therefore, cannot guarantee that they shall be realized.
— Nykaa Retail
Margin calculated on NSV ~10% EBITDA margin (Steady state) Mid to High single digit EBITDA FY28E EBITDA Breakeven FY26E (8.3%) EBITDA margin FY25 Forward looking statements are subject to inherent risk and the Company, therefore, cannot guarantee that they shall be realized.
— Nykaa Retail
Margin calculated on NSV ↑ 850 bps 10% ↑ 1000 bps -8.3% FY25 EBITDA Contribution Margin Overhead expense Leverage Steady State EBITDA Strong repeat buying resulting in Marketing Efficiencies + Own Brands growth Significant leverage in Overheads with Scale * Overhead expenses include Employee expenses and G&A expenses Forward looking statements are subject to inherent risk and the Company, therefore, cannot guarantee that they shall be realized.
— Nykaa Retail
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Opening remarks
Inflation surge post covid
CPI trended between 5% and 7% for majority months in FY2023–25 vs. <5% during FY18-19 Decline in real wages/salaries: Earnings were atleast 5% lower in FY24 respectively vs. pre-Covid (FY18) levels Source: Bain (How India shops online 2025) 7 Consumption slowdown and inflation impact E-commerce today, but long-term trajectory intact India E-commerce market size ($ bn) Long-term growth remains robust with improving GDP per capita and increasing digital penetration 18%+ 170 – 190 Strong growth on the back of increasing internet penetration, improving digital ecosystem. Covid acted as a catalyst. Short-term dip in growth due to inflationary pressures impacting discretionary consumption 22% - 23% 54 10% - 12% ~60 ~25 FY20 FY24 FY25 FY30E One Nykaa GMV growth 47% [FY20-25 CAGR] 25% [FY24-25 YoY ] Source: Bain (How India shops online 2024/2025) 8 Why do we find the Indian market exciting? 9 Significant headroom for discretionary spend to grow supported by lifestyle categories Discretionary s
Store Formats
Flagship Luxe On Trend Kiosks Mission #2: Catalyzing Premiumization Building regimen to create more need states and occasions for beauty consumption Mission #2: Premiumization Content IPs on Platform to drive regimen ‘Stepification’ of Beauty +388% Sunscreen Spray +78% Hair Serum +74% Hair Masks +26% Setting Spray +26% Loose Powder (Growth in search on Nykaa from Jan ‘24 to Jul ’24) Create desire for premium beauty through aspirational marketing & community building Mission #2: Premiumization Destination Marketing on Premium Beauty Nykaa Luxe Squad Nykaa FragTok Nykaaland AV Mission #2: Premiumization Engage customers in-app and in-store via immersive journeys Mission #2: Premiumization In-app journeys driving consideration via premium imagery & education Indulgent shopping environment with curated experiences Nykaa has reached significant milestones in driving premium beauty in India Mission #2: Premiumization Nykaa’s scale in premium beauty Partner of choice for leading global beauty
Nykaa Kiosks
47 Brand Owned Outlets Introducing Rasha Thadani: our new brand ambassador - 3.2 Mn highly engaged followers - Resonates strongly with the Gen Z customer - Viral and trending following her blockbuster movie release Superlight Range: breathable, ultra-lightweight makeup, premiumising Nykaa Cosmetics Skincare infused High performance Second skin feel Feather light Premium Avg cust rating Range saw stellar launches that received immense consumer love Perf Marketing Experiential Marketing 4.3 Skin tint foundation Packed with Hyaluronic Acid and Vitamins E & A, giving you up to 24 hours of hydration* Feather touch lipstick Advanced colour lock technology that stays put, with nourishing avocado oil Volumizing peptide mascara instantly lifts and volumizes lashes, making eyes look 3X bigger* And more! *Based on 100 Consumers Self-Assessment Study, October 2024. As compared to other benchmark brands. Lip Cloud Nearly Doubled Its Reach Goal—19.2M vs 10M Event Crossed 150+ Footfall & 12.8M in Rea
Nykaa Retail
Network Highlights 190 Luxe & On- Trend format stores 47 Owned Brand Kiosks Market Leading 15% LFL Store Growth 1 Distribution Advantage: We have also built a strong distribution capability outside of Nykaa – both online and offline We have built a strong capability for offline distribution of our House of Nykaa brands We have strong presence in 3rd party eCommerce Strong GT Visual Display 6 brands distributed 1000+ BA Counters 38k+ unassisted doors 1000+ BA’s managed 47 Brand Owned Kiosks BA Training & Mgmt With a winning approach on our key focus areas #1 Sunscreen brand across 6 marketplaces Our Competitive Advantages 1 Distribution Advantage 2 Marketing Advantage 3 Innovation Advantage 2 Marketing Advantage: Strategic, viral content engineered to drive discovery, engagement & commerce Our Competitive Advantages 1 Distribution Advantage 2 Marketing Advantage 3 Innovation Advantage 500Mn+ New Launch Activation Reach ~15% Innovation Contribution 5+ Sold Out Launches Our Commercial Tra
Real time decision making
Autonomous systems that don’t just suggest, but take action with confidence. Ex 5: Accelerating Product Development with AI Copilots Watch how AI copilots turn Design to functional code - in minutes! AI Copilot Adoption: Building Faster, Smarter! Investor Day 2025 To Infinity & Beyond AI is becoming co-author Targeting 50%+ code generation via AI Copilots Ex 6: Customer Service Automation “Always on. At your service. Zero wait-time.” Investor Day 2025 To Infinity & Beyond Introducing NyNaa Nykaa’s AI Support Voicebot • Instantly answers queries with natural, human-like tone • No hold time - faster resolutions, smarter service • Live (Beta) on Nykaa - handling order-related support queries NyNaa: AI Voicebot is Live (Beta) Goal: Scaling to 70%+ We Are Swinging to the Fences! Investor Day 2025 To Infinity & Beyond Our FY’26 Goals: Bold, Focused, Measurable 40+ 50% GenAI initiatives in motion Of code to be AI- generated From personalisation to automation - across consumer, partner, and in
Working Capital Days
34 Days Optimisation by 10 Days All margins are % Net Revenue 157 Robust Multi Year Performance Consistent Revenue Growth EBITDA Margin Expansion Strong Balance Sheet Revenue from operations (Rs Crs) EBITDA (Rs Crs) 1,343 % 3 . 1 1 35% 7,950 41% 6,386 5,144 3,774 2,441 1,768 474 Expanding Net Worth (Rs Crs) 346 256 323 FY 20 FY 25 11.3% 157 163 84 Return On Capital Employed 4.6% FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 20 FY 25 EBITDA% 4.7% 6.0% CAGR % All margins are % Net Revenue 158 All Rounded Topline growth on the back of focused execution on strategic pillars Diversified investments accelerating growth opportunities Delivering / creating more value for customers Vertical Play Channel Expansion Beauty Fashion 36% 5 year CAGR 83% 5 year CAGR Channel 5 yr CAGR Online (Platform) Retail (Incl Kiosk) GT (Incl EB2B) 3P Channels 39% 45% 103% 96% Owned Brands scaled 8x Scaled 8x in 5 yrs 53% 5 yr CAGR 1,117 710 260 393 2165 1,529 FY 20 FY 21 FY 22 FY 23 F
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