FSN E-Commerce Ventures Limited
17,198words
14turns
0analyst exchanges
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Key numbers — 40 extracted
rs,
12%
70%
85%
2.2x
15%
50%
42%
5%
10%
27%
3%
Guidance — 18 items
Sources
opening
“Compounding FY26 - FY30E The Expansion · FY18 - FY22 Added 4 new brands across Makeup, Skin, Body & Fragrance.”
Sources
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“The Acceleration · FY23 - FY26 Three years of 50% portfolio CAGR with sustainable channel expansion.”
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“FY26 grew 62% - an acceleration vs the trailing 3-year CAGR.”
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“NSV (Rs Cr) ANNUAL INVESTOR DAY / 2026 1,000+ CAGR 128% 38 FY22 FY23 FY24 FY25 FY26 Sunscreens: 7X in the last 2 years; No.1 Brand nationally ANNUAL INVESTOR DAY / 2026 NSV 7X FY24 FY25 FY26 Moisturizers 3X over 2 years; No.2 brand on the internet!”
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“ANNUAL INVESTOR DAY / 2026 Sunscreen Moisturizer #1 #2 #1 #2 #1 #1 Face Wash #4 #8 #10 Lip Balm #3 #3 #2 #1 #2 #2 #1 4.4 4.4 4.4 4.4 4.3 4.3 4.4 4.3 Top ranks and ratings across marketplaces achieved in FY26 Deeply loved products, backed by science that’s efficacious!”
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“Demand on our platform ~50 Crs ARR* FY23 FY24 FY25 FY26 FY30E 2.”
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“Redseer Market Forecast & Population Estimates; 3.”
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“Nykaa Fashion is matching the momentum ANNUAL INVESTOR DAY / 2026 WHAT CONSUMERS BUY IS CHANGING Fitness Goes Mainstream Active & Sports Growth Active & Sports Growth 15% CAGR 12.6 MN 25- 26 MN FY26 FY31E Gym Memberships in India1 6.7 MN FY20 DEDICATED ATHLEISURE LANDING PAGE Source: 1.”
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opening
“Deep Market Insights, India Streetwear Market Size, Share & Forecast 2025–2033.”
Dynamic Widget
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“FY’26 Updates “We are in rare air !” ANNUAL INVESTOR DAY / 2026 Investor Day 2026 FY26 Wins ANNUAL INVESTOR DAY / 2026 “We are in rare air ….”
Risks & concerns — 3 flagged
ANNUAL INVESTOR DAY / 2026 South-East Asia, Middle East USA UK ▪ Digital First DNA: Social Virality building desire globally ▪ Designed for the WORLD: Packaging with a universal Gen Z Appeal ▪ Formulations Depth: Sensorials that can beat global leaders Building a future ready operational core Scaling capability, systems and risk ANNUAL INVESTOR DAY / 2026 Scaling up Operational Capability Fulfilment Stronger governance frameworks Risk Mgmt.
— Sources
Content, commerce, and inspiration reassemble around each customer in real time — driven by their preferences, searches, saves, beauty identity, and concern signals.
— Dynamic Widget
A magazine of her moments — assembled in real time from her preferences, wishlist, style and concern signals.
— Dynamic Widget
Speaking time
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Opening remarks
Discovery
Network of 170K+ creators delivering engaging content to drive awareness and education Partnerships With large BPC brand partners who have made strategic wellness acquisitions Premium Customer Base India’s leading beauty and lifestyle destination with 55Mn premium shoppers Nykaa Wellness Acceleration has begun! Untitled design (10).gif
Nykaa Wellness Store on App
Simplifying ingredients for specific need-states (Skin & Hair Health, Fitness, Hydration, Mind, PCOS, etc) Nykaa Social & Events: Driving Education via Social Influencers, Affiliates, Brand Parternships and Events both Online and Offline 200+ Brand Partners Onboarded 29 ANNUAL INVESTOR DAY / 2026 One Nykaa Driving long term value with robust growth and improving profitability ANNUAL INVESTOR DAY / 2026 Rev (Rs Cr) 10,000 EBITDA margin (%) PAT margin (%) 8,000 10,000 6,000 8,000 10,000 6,000 4,000 8,000 4,000 6,000 2,000 2,000 4,000 0 2,000 0 0 Rev. YoY % ROCE % Capital Employed (Rs Cr) GMV number rounded off to 10s Capital employed = Net Worth + Net Debt 5,150 5.0% 0.4% FY23 36% 6.6% 1,550 6,400 5.4% 0.6% FY24 24% 7.5% 1,700 7,950 6.0% 0.9% FY25 24% 11.3% 2,000 10,000 7.5% 2.0% FY26 26% 21.2% 1,850 9.0% 7.0% 7.5% 5.0% 6.5% 2.7% 3.0% 5.5% 1.7% 4.5% 1.0% 0.7% 3.5% -1.0% -0.3% 31 Diversified Portfolio of B2C, B2B, Digital, Physical & Consumer Brands serving $100 bn TAM ANNUAL INVESTOR DAY
Sources
1) DSG Game Changers 2025 2) Flament et al. (2015). Clinical, Cosmetic and Investigational Dermatology 3) Kantar Indian Skin Health Report 4) The Indian Skin Truth Report (2026) Auriga Research 50% more melanin leading to hyper- pigmentation 2 out of 3 Indians have severe dark circles 5x larger pores compared to other ethnicities Sources: Redseer - India BPC 2030: Growth, Shifts and Opportunities (Feb 2026); DSG Consumer Partners - Indian Insurgents Playbook 3.0: Game Changers 2025 (Jun 2025) Inflection point: the digital boom unleashed a wave of winning D2C brands ANNUAL INVESTOR DAY / 2026 WHAT CHANGED THE BREAKOUT WHAT'S REALLY HAPPENING • Growing online penetration • Customers’ baskets are for BPC evolving • Discovery have shifted to creators • New categories are emerging worth $1 Bn • Gen Z and Young Millennials drive >70% BPC consumption • Indian consumer’s needs are different 60% D2C : 3-yr revenue CAGR vs ~11% market 5x Growth of D2C BPC penetration, FY19–24 350+ D2C brands eme
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Amazon Myntra 35+ EBOs General Trade ₹799–₹2,499 price band Shopping habits are changing fast — and premiumising even faster ANNUAL INVESTOR DAY / 2026 WHAT CONSUMERS BUY IS CHANGING Men are trading up across lifestyle categories WHAT CONSUMERS BUY IS CHANGING ANNUAL INVESTOR DAY / 2026 High affluence is growing rapidly Men Are Allocating More Wallet to Fashion +10MN 16-18 MN 28-32 MN+ +11MN 6.9 MN FY20 FY26 FY31E Growth in Affluent Users (Income > 10L) +9% CAGR ₹6,200 ₹9,500 - ₹10,000 +5% CAGR ₹4,700 The shift in his relationship with fashion HISTORICALLY Replenishment shopping ↓ INCREASINGLY FY20 FY26 FY31E Identity-led shopping Annual Menswear Spend per Adult Male Source: Visa, Affluent India Report 2025 Source: Vogue Business; 6W Research; World Bank; Nykaa analysis Nykaa is attracting a large and growing base of premium men customers ANNUAL INVESTOR DAY / 2026 NYKAA FASHION IS WELL POSITIONED TO CAPTURE EVOLVING CONSUMER DEMAND - MEN STRENGTHENING ASSORTMENT FOR EVOLVING NEEDS 75%
Multi-Dimensional Ranking
Personalizing experience at device x buyer type x user cohort Hyper-personalised discovery and ranking for our most loyal segments
Dynamic Widget
Static homepage widgets → Dynamic engine driven by real time user behavior Keeping up with customers’ changing shopping habits - first in fashion e-commerce to integrate with ChatGPT ANNUAL INVESTOR DAY / 2026 HOW CONSUMERS BUY IS CHANGING Pushing the envelope on customer experience - GenAI to improve search and discovery ANNUAL INVESTOR DAY / 2026 HOW CONSUMERS BUY IS CHANGING Image / Video Enrichment Image Search Related Searches Model Image Generation Short Product Videos using Images ~3% conversion uptick 10,000+ daily searches Creator-to-commerce: changing how consumers discover & buy fashion ANNUAL INVESTOR DAY / 2026 HOW CONSUMERS BUY IS CHANGING 500+ Community Creators 10 Fashion Tastemakers 50 Super Creators Every Hidden Gems find, every GRWM video, every haul — becomes a direct purchase moment They style, try on, review, and recommend. Their audience buys because they trust them They define what’s next in fashion for sneakers, Occasion wear & everyday fashion The shift in con