NYKAA

FSN E-Commerce Ventures Limited August 04, 2026 National Stock Exchange of India Limited BSE Limited Symbol: NYKAA Scrip Code: 543384 Dear Sir / Madam, Subject: Investor Presentation In continuation of our letter dated July 27, 2026, and pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, we are enclosing herewith the Investor Presentation for the quarter ended June 30, 2026, which will be made by Company for the analyst / institutional investors call / meeting(s) scheduled today i.e., August 04, 2026. The said Investor presentation will also be available on the Company’s website at: https://www.nykaa.com/investor-relations/lp We request you to take the above information on records. Thanking You, Yours faithfully, For FSN E-Commerce Ventures Limited Dr. Chetan Sharma Company Secretary & Compliance Officer Encl.: As above Registered Office: 104 Vasan Udyog Bhavan | Sun Mill Compound | S. B. Marg | Tulsi Pipe Road | Lower Parel (W) | Mumbai – 400013 Website: www.nykaa.com | Phone: +91 22 6838 9616 | Email – nykaacompanysecretary@nykaa.com CIN: L52600MH2012PLC230136 Investor Presentation Q1FY27 FSN E-Commerce Ventures Limited One Nykaa Highlights 01 Beauty Omnichannel Retail 02 House of Nykaa 03 Table of Contents Superstore by Nykaa 04 Fashion 05 Financial Performance 06 Performance Snapshot – Q1FY27 GMV Net Revenue Gross Profit EBITDA PAT Rs 5,590 Cr Rs 2,782 Cr Rs 1,276 Cr Rs 236 Cr Rs 80 Cr 34% 29% 33% 68% 226% YoY Growth YoY Growth YoY Growth YoY Growth YoY Growth 45.9% 8.5% 2.9% margin* margin* margin* * of Net Revenue 3 Both the verticals saw meaningful acceleration in growth and profitability Beauty Fashion NSV YoY 27% 21% 25% 29% 19% 17% 20% 54% 2,371 451 NSV 1,834 (Rs Cr) 294 1,470 245 1,212 209 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 EBITDA YoY 38% 19% 32% 48% 27% 21% 25% 29% 0.4 244 EBITDA 165 (Rs Cr) 125 -18 105 -23 -30 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 EBITDA margin* 8.7% 8.5% 9.0% 10.3% -14.1% -9.2% -6.2% 0.1% * % of NSV 4 Key strategic highlights of Q1FY27 GROWTH BRAND PARTNERS • Beauty (29% YoY NSV growth) : Driven by strong performance • 10,000+ Brands across Beauty and Lifestyle across e-commerce, retail and House of Nykaa • 160+ new brands launched in Q1 • Fashion (54% YoY NSV growth) : Driven by strong customer growth, an enriched brand portfolio, and an encouraging response to the Nike partnership RETAIL CONSUMERS • 324 stores across 100+ cities (+11 stores this quarter) • Consumer base: 60 mn [33% YoY] • Opened the largest-ever ultra-luxe Nykaa store in Vasant Kunj • 20+ consumer immersive events in Q1 store Nykaa X L’Oreal Paris Cannes Takeover, Beauty Bars, Flagship • Strategic expansion into Exclusive Brand Outlets for global sales, Makeup Masterclasses, Experiential pop ups, Rare Beauty beauty brands - creating iconic brand destinations for Charlotte launch event, House of Nykaa new launch events Tilbury and Kiehl's HOUSE OF NYKAA AI initiatives • 13 Consumer Brands growing at 43% YoY Multiple high impact AI initiatives launched during the quarter: • Kay Beauty and Nykaa Cosmetics earned industry recognition • Virtual closet is converting browsers into buyers for innovation, with awards from leading platforms such as • Nynaa, our AI voice assistant, is resolving nearly half of Femina, ET and CEW UK customer calls at human quality • Ask Nykaa has emerged as a trusted beauty advisor 5 Scale, profitability and capital efficiency have all compounded strongly over the last 4 years Rev (Rs Cr) EBITDA margin (%) 3,100 PAT margin (%) 2,782 2,600 9.0% 2,155 8.5% 238,1..200%%0 2.9% 1,746 2.7% 7.0% 6.5% 12,6.20%0 1,422 6.0% 1.7% 5.5% 5.2% 1.1% 11,1.20%0 5.0% 0.7% 0.4% 0.8% 4.0% 06.20%0 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Rev. YoY % 24% 23% 23% 29% 5.4% 8.3% 12.7% 26.8% ROCE % Capital Employed (Rs Cr) 1,658 1,791 2,073 2,211 Capital employed = Net Worth + Net Debt 6 $2.4bn GMV, powered by a demand – assortment – distribution flywheel Demand engine Assortment engine Distribution engine Customer base (mn) Beauty + Fashion brands (#) Store Count (#) 60 324 10,275 45 246 9,067 35 198 161 26 6,683 4,992 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Cities → 60 66 82 105 Social engine Q1FY24 Q1FY25 Q1FY26 Q1FY27 523 Registered Retailers on 170k+ 2.3mn 19 mn+ ~5,300 Brands onboarded in three years Superstore (in 000s) 403 Creator Content pieces social media network annually community Deep partnerships with full stack offering 282 Consumer engagement initiatives 169 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Cities → 650+ 1,100+ 1,100+ 1,200+ 19,000+ pincodes 13 cities covered covered by online by Nykaa Now $2.4 bn Annualized GMV* across all platforms [~3x vs Q1FY24] *Q1FY27 GMV converted at USD 1= INR 95 7 Beauty remains on a strong growth trajectory with double digit EBITDA margin GMV (Rs Cr) NSV (Rs Cr) EBITDA (Rs Cr) YoY 28% 28% 26% 28% 27% 21% 25% 29% 38% 19% 32% 48% 4,105 244 2,371 3,208 1,834 165 2,543 1,470 125 1,991 1,212 105 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Margin % * 8.7% 8.5% 9.0% 10.3% • Growth accelerated on the back of strong platform performance, a successful Pink Summer Sale, and robust customer acquisition. • Retail performance strengthened on account of network expansion along with double digit SSSG growth. • Gross margin expansion and operating leverage led to profitability improvement. * % of NSV 9 Focus on penetration and premiumization is driving growth Q1FY26 Q1FY27 28% YoY Rs 3,208 Cr GMV Rs 4,105 Cr GMV Visits (mn) AUTC (mn) AOV (Rs) 22% YoY 25% YoY 5% YoY 500 20.8 2,102 2,009 411 16.5 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 10 Nykaa partners with Selena Gomez’s Rare Beauty for India Launch Rare beauty, one of the world’s largest and most trending celebrity beauty brands is now on Nykaa Scott Friedman, CEO of Rare Beauty added, “India is a very important market for Rare Beauty, and we’re thrilled to partner with Nykaa to bring the brand to more people across the country. Nykaa has built a powerful beauty community in India, and together, we’re excited to make Rare Beauty more accessible while continuing to foster authentic connection, self- acceptance, and belonging” Launched in Jun’26 Top 5 Premium brands on Nykaa 11 Bringing the best global brands to Indian consumers EXCLUSIVE TO NYKAA Trending Haircare brand from Trending Chinese makeup Exclusive Japanese high Exclusive Gen Z focused Korean Derma skincare brand the Unilever Prestige portfolio brand efficacy skincare brand from licensed range from Anua P&G 12 Strong performance of marquee sale events in Q1 FY27 Nykaa Pink Summer Sale Nykaa Birthday Sale For Deck - Image Gifs (75).gif 35 mn+ 100 mn+ ~40% YoY 20 mn+ Unique Visitors Visits GMV Unique visitors 13 Strengthening omnichannel presence with 11 new stores in Q1FY27 Pioneering innovative retail formats that are redefining retail experience in India 324 stores Store Count +11 new stores in Q1 Multi brand specialty Stores Exclusive House of Nykaa Outlets Exclusive House of Nykaa 105 cities Coverage +6 new cities in Q1 outlets in high footfall retail zones KI OSK Experience led stores with brands, SIS, skin consultation tools and beauty services ~3.3 L sq. ft Retail space +29% YoY Brand carts in key consumer hotspots CART Exclusive brand experiential Double digit growth SSSG formats Destination for trending, D2C/home grown & international brands A first of its kind lifestyle café KAF E blending beauty, coffee and community Geographic 50% in Tier 2 & beyond Penetration Strategic expansion into exclusive brand outlets, unlocking a new growth vector through partnerships with leading global brands Nykaa has a well diversified store network across A fragrance-first concept redefining discovery through luxury brands and and many tiers, regions and servicing different customer personalized experiences. more to come need states 14 Launch of our newest and largest flagship store: Nykaa Luxe, Ambience Mall, Vasant Kunj Experiential services in collaboration with the best of beauty brands Largest Nykaa store at 5,000+ sq. ft. Skin Consultation & Diagnostic Makeovers & Brow Services Services [4x of avg. luxe store size] 12+ Shop in shops for elevated brand representation Fragrance Discovery & Layering Hair consultation & styling 100+ premium Global and Indian beauty brands 15 Nykaa Now expands to 13 cities Rapid store expansion + Expansive store network for hyperlocal fulfilment Expansion 3 cities 13 cities 25+ cities Q1FY26 Q1FY27 By end of FY27 1,000+ Marquee Brands [Luxe, FMCG, and D2C brands] Largest beauty & personal care assortment 324 stores in 105 cities Rapid stores in 13 cities 16 India’s largest and most trusted creator, social and content ecosytem Influencer marketing and content plays a crucial role in the evolving lifestyle consumption in India 76% 3 in 4 $1 Trillion Indian consumers rely on influencer recommendations for discovery and India’s creator economy by FY31E Content consumed is creator content decisions App Integration Largest Beauty Content Creator Network Largest Social Community Expertise Content Expertise integration Nykaa Affiliate Program and creator network A highly engaged social community across platforms Nykaa play brings content and shopping together Tutorials and influencer • 170k+ creators • 19 mn+ social media followers recommended stores 300K+ subscribers • 2.3mn+ content pieces generated annually • Differentiated content formats & collaborations to drive embedded in the app engagement 17 House of Nykaa continues to scale rapidly, crosses Rs 2,200 Cr+ annualized NSV Rs 100 Cr+ Ann. NSV HOUSE OF 13 Consumer Brands portfolio Building India’s leading new age consumer brands portfolio Beauty Strong topline growth Rs 3,760 Cr Rs 2,200+ Cr Annualized GMV [39% YoY] Annualized NSV [36% YoY] Customer Love 18 mn+ Customers served till date [35%+ YoY] Fashion Wide Distribution reach + 180K+ + 300+ B2B Nykaa stores Retailer network Nykaa Online + + + International 3P D2C website Other marketplaces (Space NK, Nysaa) 19 House of Nykaa – Beauty continues its strong growth trajectory, delivers 40% YoY NSV growth NSV (Rs Cr) NSV mix by channel - Q1FY27 40% YoY 508 37% 33% 10% 363 1% 19% Nykaa Online Nykaa Stores Nykaa B2B Exports Other 3P Channels Strong growth across both Nykaa and other channels, reflecting a powerful brand Q1FY26 Q1FY27 presence and strong buyer trust 20 Our core brands are leading in skincare and colour cosmetics A playful approach to actives led skincare – India's largest celebrity beauty brand with India’s trendiest makeup brand built for youthful amongst India’s top D2C skincare brands inclusivity at its core beauty consumers ~Rs 1,300 Cr ~Rs 300 Cr ~Rs 270 Cr Ann. NSV (Q1FY27) Ann. NSV (Q1FY27) Ann. NSV (Q1FY27) ~25% ~40% ~22% New launches sales contribution* New launches sales contribution* New launches sales contribution* New Launches Cashmere Lip Blur All new Lip Grip High performance hybrid Designed to meet the formula combining long- rising GenZ demand for wear color payoff with transfer-proof, functional skincare comfortable, low-effort benefits beauty. Dragon Fruit Bounce Meltie Lip Balm chocolate-scented Sunscreen treatment featuring SPF broad-spectrum gel 50+ PA+++ sun sunscreen featuring new-age protection UV filters * Lauches post Q2FY26 21 House of Nykaa is scaling brand equity through strategic collaborations Saba Azad x Cashmere Lip Blur marks House of Nykaa’s next high-impact collaboration, following Bridgerton and FSP, and builds on a strong track record of driving buzz and virality A Quarter of Wins and Recognition for House of Nykaa • Best in blush category • Best social media campaign Kay Beauty achieved a major • Best in undereye Breakthrough Brand Growth Best Beauty Product Range category international milestone, winning (Kay Beauty Hydra Cloud (Nykaa Cosmetics X Bridgerton “Best New Brand” at the prestigious Cushion Foundation) Collection) CEW UK Awards within a year of its UK debut at Space NK. 23 House of Nykaa expands into premium skincare with Aminu India’s leading beauty and Premium Dermocosmetic skincare lifestyle platform brand Nykaa acquires 51% stake in Aminu 24 Aminu – Premium dermocosmetic brand with strong R&D capabilities A premium, founder-led dermocosmetic skincare brand ₹19 Cr 8x 30+ FY26 net revenue Revenue growth in 3 yrs SKUs across skincare – serum, sunscreen, cleansers and more Strong innovation supported by in-house R&D ; trusted by premium salons and clinics 30+ 150+ WHY IT STANDS OUT Proprietary High performing Strong in-house R&D capabilities Formulations ingredients Premium positioning and strong Present across premium salons repeat rate • Aminu brings ‘Skin-Intelligence’ lab and proprietary formulation into the House of Nykaa — a capability Nykaa can leverage in addition to filling the premium skincare space in its portfolio Bootstrapped and scaled • Wide product portfolio with a strong presence across salons, clinics, and D2C retail profitability since inception 25 How does Aminu fit within House of Nykaa? Current portfolio Expansion opportunity Derma led skincare SPECIALISED Professional MUA clean beauty clinical body care Clean, Kind & Effective Skincare LUXURY Premium dermocosmetic skincare with clinical, yet gentle ingredients Premium Fragrance Mid-Premium Nutraceuticals PREMIUM Premium Skincare CORE A playful fruit meets actives approach to skincare MAKEUP SKINCARE HAIRCARE BATH & BODY FRAGRANCE WELLNESS 26 Top SKUs are showing strong momentum Top SKUs are attracting consumer love Gaining industry recognition Strong early traction in serum category Skin Longevity Rejuvenate Eye Serum Nourishing Sleep Oil One of India’s first copper- Among best sellers on Nykaa in eye- Overnight barrier-repair face oil peptide serums serum category Aminu operates in a sizeable high growth segment. It is among the top premium skincare brands on Nykaa.com in the Rs 1,000-1,900 price range 27 Key terms of the transaction • Nykaa to acquire 51% stake for a consideration of Rs 32 Crores • The remaining 49% stake will be acquired over the next few years, as per terms set out in the transaction documents • The Aminu team, led by Prachi Bhandari and Aman Mohunta, will continue to run the business • Nykaa’s scale, reach and omnichannel ecosystem, combined with Aminu’s innovation and R&D depth, will unlock synergies for future growth • The transaction is expected to close in Q2FY27, subject to regulatory approvals and closing conditions 28 Superstore continues to expand its scale and deepen its reach 523K+ GMV (Rs Cr) Registered retailers 17% YoY 30% YoY growth Fast growing retailer network 336 1,200+ cities 288 Coverage 100+ cities added in last 1 year 11% YOY Orders Driven by increasing retailer network expansion Q1FY26 Q1FY27 28% YoY NSV growth 5% YOY A part of the portfolio was impacted by GST-led MRP AOV reductions, which is expected to normalise over the Bigger baskets driving growth coming quarters 30 Sales mix, scale and efficiencies lead to unit economics improvement % of NSV Fulfilment expense S&D expense Overhead expense* 10 bps  232 bps  174 bps Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 • Efficiency gains offset by impact of new labour code on warehouse off- • On account of improving BDE • Scale led efficiency improvement roll employees productivity +332 bps YoY EBITDA margin (as % of NSV) Q1FY26 Q1FY27 * Employee and other expenses 31 Expanding our brand assortment with 18 new launches Skincare Skincare Skincare High-performance German New-age skincare skincare brand rooted dermatological brand built on science- in scientific research, skincare renowned for backed formulations, known for transparent, its soap-free, pH 5.5 active ingredients and science-backed formulations for ingredient formulations. sensitive skin. transparency. Wellness Wellness Makeup Science-backed Clean-label nutrition New age trend-driven, wellness portfolio brand offering protein- "glow-first" modern spanning electrolytes, rich snacks and beauty brand probiotics and daily functional foods. specializing in nutritional expressive makeup supplements. Portfolio of 240 leading brands across categories 32 Reinventing the ordering experience for retailers with technology Extending personalised selling to WhatsApp Driving engagement through gamification Automated WhatsApp nudges, triggered by a retailer’s ordering history and preferences, Gamified in-app experiences encourage repeat visits, strengthen habitual app usage and replicate relevant BDE guidance and bring timely offers closer to the retailer. improve discovery of new brands and offers. Leveraging technology to build a smarter and more productive ordering ecosystem 33 Tech initiatives to increase BDE productivity and conversions Retailer passport : Instant context for every visit Smart lead prioritisation and next-best actions for BDEs Retailer Passport surfaces: Retailer’s organic Retailer Order Trends intent Past BDE visit trends Retailer’s Active Cart Offers on Favourite Favourite Brands & SKUs Brands Engine Supercash availability Supercash Expiry Loyalty Schemes Price Drop Exclusive Offers Gives new BDEs an instant, 360-degree view of the retailer by combining purchase history, Smart recommendations enable BDEs to target high-intent retailers based on signals such app behaviour, brand preferences and past interactions—helping them prepare faster and as active carts, offers on previously purchased brands, available promotions and wallet engage more effectively from the first visit. balance expiry—helping expand reach and improve productivity. Leveraging technology to build a smarter and more productive ordering ecosystem 34 Fashion growth accelerates sharply with strong growth and positive EBITDA GMV (Rs Cr) NSV (Rs Cr) EBITDA Margin (% of NSV) YoY 13% 15% 25% 53% 19% 17% 20% 54% 0.1% Q1FY24 Q1FY25 Q1FY26 Q1FY27 1,471 451 -6.2% -9.2% 964 294 245 774 -14.1% 676 209 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 • Richer brand assortment across all categories, solid customer acquisition, and encouraging results from Nike partnership accelerated Fashion growth to a multi-quarter high while delivering positive EBITDA 36 Strong customer funnel is resulting in improving order metrics 211 mn 28% YoY Visits | Accelerated customer acquisition with 44% New customers YoY 24 mn+ 22% YoY MAUV | Cumulative customer base of 12 mn Improved unique visitor to order ~5 mn 38% YoY AUTC | conversion to 4.0% [+70 bps YoY] ~30% reduction in CAC in last 2 years 3 mn 48% YoY Orders | 37 Core categories remain strong, while emerging categories continue to accelerate Core Category Emerging Category Women 40% YoY Men 83% YoY Kids 57% YoY Footwear Active wear Apparel Footwear Apparel 80%+ 65%+ 85%+ 85%+ 65%+ GMV YoY GMV YoY GMV YoY GMV YoY GMV YoY Elevating customer choice with 130+ new brands launched across categories in Q1 * GMV growth on NykaaFashion.com 38 Nykaa x Nike: A partnership compounding across channels Deepening the partnership across Nykaa and Nike ecosystem India’s #1 destination for Nykaa Fashion operates Nike.in and Live across Nykaa Fashion and Nykaa Man premium and curated fashion Nike App in India Differentiation through exclusivity X Exclusive categories - Football Boots Exclusive collections - Nike X Lego Collection Global leader in athletic 1.5 mn+ footwear, apparel, equipment and sportswear Among Top 3 Brands App installs within Exclusive styles - Air 6 months of Max 90 series on Nykaa launch 39 Virtual Closet: Moving trial room inside the app Launched in May’26 200K+ Virtual Avatars created 2X Higher Conversion First-of-its-kind AI-powered virtual try-on experience, transforming how consumers discover and shop for fashion online 40 Fashion profitability has improved structurally % of NSV Marketing and S&D expense Overhead expense* EBITDA margin  534 bps 14.2% 292 bps  627 bps 28.2% 0.1% 11.3% 22.9% -6.2% Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 • Efficiencies in performance marketing and scale leverage, while we continue • Scale efficiencies in employee to invest in customer acquisition (44% expenses and other overheads YoY new customer acquisition) * Employee and other expenses 41 Revenue growth accelerates to 29%, PAT growth of 220%+ Net Revenue (Rs Cr) EBITDA (Rs Cr) PAT (Rs Cr) YoY 24% 23% 23% 29% 60% 31% 46% 68% 8% 152% 79% 226% 80 2,782 236 2,155 141 1,746 1,422 24 96 14 73 5 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Highest growth in last 13 quarters Margin % * 5.2% 5.5% 6.5% 8.5% 0.4% 0.8% 1.1% 2.9% *% of revenue 43 Both business verticals delivered strong performance One Nykaa Beauty Fashion YoY 24% 33% 25% 29% 20% 54% 2,835 2,371 451 NSV (Rs Cr) 1,834 2,137 294 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 EBITDA margin* %| 8.3% | +174 bps 10.3% | +128 bps 0.1% | +627 bps YoY * % of NSV 44 Profit and Loss Statement Particulars (Rs Cr) Q1FY27 Q1FY26 YoY Revenue from Operations 2,782 2,155 29% Supported by rising share of House of Nykaa along with uptick in marketing Gross Profit 1,276 962 33% income Gross Margin 45.9% 44.6% 123 bps Fulfilment expense 274 203 35% We continue to invest in our infrastructure As % of revenue from operations 9.9% 9.4% 42 bps which is leading to efficiencies in our order Marketing and S&D expense 412 328 26% to delivery days As % of revenue from operations 14.8% 15.2% -42 bps Efficiencies in performance marketing Contribution Profit 589 430 37% spends on Beauty and Fashion platforms Contribution Margin 21.3% 19.9% 123 bps along with improved BDE productivity Employee and Other Expense 353 289 22% As % of revenue from operations 12.7% 13.4% -72 bps Scale efficiency and productivity gains EBITDA 236 141 68% across the organizations EBITDA Margin 8.5% 6.5% 196 bps PBT 129 44 195% PBT Margin 4.6% 2.0% 261 bps PAT 80 24 226% PAT Margin 2.9% 1.1% 173 bps 45 Vertical Reporting – Q1FY27 (All amounts in Rs Cr, unless otherwise stated) Q1FY27 Q4FY26 Q1FY26 Particulars Beauty Fashion Total1 Beauty Fashion Total1 Beauty Fashion Total1 GMV 4,105 1,471 5,590 3,892 1,334 5,241 3,208 964 4,182 Growth 28% 53% 34% 27% 29% 28% 26% 25% 26% NSV 2,371 451 2,835 2,269 397 2,678 1,834 294 2,137 Growth 29% 54% 33% 29% 42% 31% 25% 20% 24% Revenue from Operations 2,516 253 2,782 2,410 225 2,648 1,975 171 2,155 Growth 27% 48% 29% 27% 40% 28% 24% 15% 23% Gross Profit 1,068 202 1,276 1,013 184 1,203 819 139 962 Fulfilment expense 227 47 274 215 45 260 170 33 203 Marketing and S&D expense2 300 103 405 278 91 374 234 83 318 Contribution Profit 542 51 597 520 48 570 415 24 440 Other expense (Including Employee and G&A expenses) 298 51 361 287 47 347 250 42 299 EBITDA 244 0.4 236 233 1 223 165 -18 141 Key Ratios as a % to NSV Gross Profit Margin % 45.1% 44.7% 45.0% 44.7% 46.4% 44.9% 44.6% 47.3% 45.0% Fulfilment expense % 9.6% 10.5% 9.7% 9.5% 11.3% 9.7% 9.3% 11.1% 9.5% Marketing and S&D expense % 12.6% 22.9% 14.3% 12.3% 23.0% 14.0% 12.8% 28.2% 14.9% Contribution Margin % 22.9% 11.4% 21.0% 22.9% 12.1% 21.3% 22.6% 8.0% 20.6% Other expense% 12.6% 11.3% 12.7% 12.7% 11.8% 12.9% 13.6% 14.2% 14.0% EBITDA Margin % 10.3% 0.1% 8.3% 10.3% 0.3% 8.3% 9.0% -6.2% 6.6% 1. Includes GCC business and international business 46 2. Branding Media & Production Cost is part of Other expenses Capital efficiency evident in strong ROCE trend Fixed Asset Turnover* (x) Working Capital Days (#) ROCE* (%) 10.7 42 26.8% 9.9 21.2% 9.1 9.1 34 29 28 11.3% 7.5% FY24 FY25 FY26 Q1FY27 FY24 FY25 FY26 Q1FY27 FY24 FY25 FY26 Q1FY27 Improvement in profitability coupled with Rising salience of asset light business Sustained working capital efficiency capital efficiency driving strong ROCE such as Fashion and House of Nykaa trends *Annualised for Q1FY27 47 Glossary Term Description Unique customers identified by their email-id or mobile number who have placed at least one Order on our websites, mobile applications or physical stores during the last 12 months ended as on measurement date. Annual Transacting Customers, with respect to beauty and personal care, denotes Annual Transacting customers on the Nykaa websites and mobile applications and physical stores. Annual Transacting customers, with respect to Fashion, denotes Annual Annual Unique Transacting Customers (AUTC) Transacting customers on the Nykaa Fashion website and the mobile application, with respect to Others, denotes Annual Transacting customers on the Nykaa Man website and the mobile application, “Superstore by Nykaa” website and mobile application Average Order Value (AOV) GMV generated across our websites, mobile applications and physical stores divided by Orders considered for such GMV. Contribution Profit Contribution Profit is a non-GAAP financial measure. Contribution Profit refers to Gross profit for the period, after the adjustment of Fulfillment Expenses, Marketing Expenses (Other than branding), Selling & Distribution Expenses. Cost of Goods Sold Cost of Goods Sold is a non-GAAP financial measure. cost of goods sold refers to cost of material consumed, purchase of traded goods, changes in finished goods and stock-in-trade. EBITDA is a non-GAAP financial measure. EBITDA refers to our profit/(loss) before Tax for the period, as adjusted to exclude (i) Other Income, (ii) Depreciation and Amortization Expenses, (iii) Finance Costs. EBITDA Margin refers to EBITDA the percentage margin derived by dividing EBITDA by Revenue from Operations Gross Profit Gross Profit is a non-GAAP financial measure. Gross Profit refers to Revenue from Operations less COGS. Gross Profit Margin refers to the percentage margin derived by dividing Gross Profit by Revenue from Operations. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across our websites, mobile applications and physical stores prior to product returns or order cancellations and including sales to and through third party channels. GMV, Gross Merchandise Value (GMV) with respect to BPC, denotes GMV of BPC vertical. GMV, with respect to Fashion, denotes GMV of Fashion vertical. GMV, with respect to Others, denotes GMV of Other Verticals Number of unique devices (laptops, mobile phones, etc.) which recorded at least one Visit to our websites or mobile applications during the month. Monthly Average Unique Visitors, with respect to BPC, denotes Monthly Average Unique Monthly Average Unique Visitors (MAUV) Visitors on the Nykaa websites and mobile applications. Monthly Average Unique Visitors, with respect to Fashion, denotes Monthly Average Unique Visitors on the Nykaa Fashion website and the mobile application. Monthly Average Unique Visitors, with respect to Others, denotes Monthly Average Unique Visitors on the Nykaa Man website and the mobile application, “Superstore by Nykaa” website and mobile application Revenue from operations Revenue from operations includes sale of products, marketing support revenue, income from marketplace and logistics services Net Sales Value (NSV) NSV refer to Net Sales Value and calculated basis GMV minus Discounts, Cancellation & Returns, and Taxes. All orders placed on our websites, mobile applications and physical stores prior to any cancellations and returns. Orders, with respect to BPC Vertical, includes all Orders that placed on Nykaa websites & mobile applications and Physical Store, having at least one BPC product. Orders, with respect to Fashion Vertical, includes all Orders that placed on Nykaa website & mobile application, and Fashion.com website & mobile application having at least one fashion product . Orders Orders, with respect to Others includes all Orders that placed on Nykaa Man website & application, and “Superstore by Nykaa” website & mobile application. Number of visits to our websites and mobile applications. A visit is considered ended when no new request has been recorded in more than 30 minutes from the same device to the website or the mobile application. Visits, with respect to Visits beauty and personal care, denotes Visits to the Nykaa websites and mobile applications. Visits, with respect to Fashion, denotes Visits to the Nykaa Fashion website and the mobile application. Visits with respect to Others, denotes Visits to Nykaa Man website and mobile application, “Superstore by Nykaa” website and mobile application Existing Customers Existing Customers, identified by their email-id or mobile number, are Customers who placed at least one Order in any prior Financial Year on our websites or mobile applications. New Customers New Customers, identified by their email-id or mobile number, are Customers who placed at least one Order in any current Financial Year on our websites or mobile applications. Beauty includes BPC online, BPC physical Stores, Beauty owned brands, Superstore by Nykaa and Nykaa Man Grooming, Verticals Fashion includes Nykaa Fashion, LBB, and Nykaa Man Lifestyle 49 Disclaimer By attending the presentation or by reading the presentation slides you agree to be bound as follows: This Presentation is prepared by FSN E-Commerce Ventures Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of any particular person and is not and nothing in it shall be construed as an invitation, offer, solicitation, recommendation or advertisement in respect of the purchase or sale of any securities of the Company or any affiliates in any jurisdiction or as an inducement to enter into investment activity and no part of it shall form the basis of or be relied upon in connection with any contract or commitment or investment decision whatsoever. This Presentation does not take into account, nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. This Presentation and its contents are confidential and proprietary to the Company and/or its affiliates and no part of it or its subject matter be used, reproduced, copied, distributed, shared, or disseminated, directly or indirectly, to any other person or published in whole or in part for any purpose, in any manner whatsoever. The information contained in this Presentation is a general background information of the Company. We don’t assume responsibility to publicly amend, modify or revise any information contained in this Presentation on the basis of any subsequent development, information or events, or otherwise. This Presentation should not be considered as a recommendation to any investor to subscribe to any security. This Presentation includes certain statements that are, or may be deemed to be, “forward-looking statements” and relate to the Company and its financial position, business strategy, events and courses of action. Forward-looking statements and financial projections are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and financial projections. Forward-looking statements and financial projections include, among other things, statements about: our expectations regarding our expenses, sales and operations; our future customer concentration; our anticipated cash needs, our estimates regarding our capital requirements, our need for additional financing; our ability to anticipate the future needs of our customers; our plans for future products and enhancements of existing products; our future growth strategy and growth rate; our future intellectual property; and our anticipated trends and challenges in the markets in which we operate. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy, future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts in the Presentation, if any, are correct or that any objectives specified herein will be achieved. We, or any of our affiliates, shareholders, directors, employees, or advisors, as such, make no representations or warranties, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein and accept no liability whatsoever for any loss, howsoever, arising from any use or reliance on this Presentation or its contents or otherwise arising in connection therewith. The information contained herein is subject to change without any obligation to notify any person of such revisions or change and past performance is not indicative of future results. It is clarified that this Presentation is not intended to be a document or advertisement offering for subscription or sale of any securities or inviting offers or invitations to offer or solicitation to offer from the public (including any section thereof) or any class of investors. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. No rights or obligations of any nature are created or shall be deemed to be created by the contents of this Presentation. 50 Profit and Loss Statement (All amounts in Rs Cr, unless otherwise stated) Particulars Q1FY27 Q1FY26 Q4FY26 YoY Growth QoQ Growth FY26 FY25 YoY Growth Revenue from Operations 2,782 2,155 2,648 29% 5% 10,022 7,950 26% Cost of goods Sold 1,506 1,193 1,445 26% 4% 5,506 4,473 23% Gross Profit 1,276 962 1,203 33% 6% 4,516 3,477 30% Gross Profit Margin % 45.9% 44.6% 45.4% 123 bps 41 bps 45.1% 43.7% 132 bps Fulfilment expense 274 203 260 35% 5% 959 742 29% Fulfilment cost % of Revenue 9.9% 9.4% 9.8% 42 bps 4 bps 9.6% 9.3% 23 bps Marketing and S&D expense 412 328 380 26% 8% 1,537 1,211 27% Marketing and S&D expense % of Revenue 14.8% 15.2% 14.4% -42 bps 46 bps 15.3% 15.2% 10 bps Contribution Profit 589 430 563 37% 5% 2,020 1,524 33% Contribution Profit % 21.2% 19.9% 21.3% 123 bps -9 bps 20.2% 19.2% 99 bps Employee and Other expense 353 289 340 22% 4% 1,268 1,050 21% Employee and other expenses % of Revenue 12.7% 13.4% 12.8% -72 bps -15 bps 12.7% 13.2% 56 bps EBITDA 236 141 223 68% 3% 752 474 59% EBITDA Margin % of Revenue 8.5% 6.5% 8.4% 196 bps 7 bps 7.5% 6.0% 155 bps Depreciation & Amortisation* 89 76 84 17% 6% 320 266 20% Depreciation & Amortisation % of Revenue 3.2% 3.5% 3.2% -32 bps 4 bps 3.2% 3.4% -15 bps Finance Cost (Net of other income)** 17 21 17 -16% 1% 84 80 5% Profit before Tax and exceptional items 129 44 122 195% 6% 347 127 173% PBT Margin % 4.6% 2.0% 4.6% 261 bps 5 bps 3.3% 1.6% 187 bps Exceptional items 17 0 Profit before Tax 129 44 122 195% 6% 330 127 159% Total tax expense 49 19 43 126 54 Profit after tax 80 24 79 227% 1% 204 74 177% Share of (loss) of associate 2 Net Profit for the period 80 24 79 226% 1% 204 72 183% PAT Margin % 2.9% 1.1% 3.0% 173 bps -11 bps 2.0% 0.9% 113 bps * Amortization includes the depreciation on RoU (Right of Use Assets) 51 **Finance cost includes the interest cost on lease liabilities (Net of Interest Income on Security Deposit & Gain on cancellation of lease) Key Performance Metrics Particulars Unit Q1FY27 Q1FY26 YoY Visits Beauty mn 500 411 22% Fashion mn 211 165 28% MAUV Beauty mn 48.4 38.8 25% Fashion mn 24.8 20.4 22% Orders Beauty mn 17.3 14.5 19% Fashion mn 3.0 2.0 48% AOV Beauty Rs 2,102 2,009 5% Fashion Rs 4,414 4,504 -2% AUTC Beauty mn 20.8 16.5 25% Fashion mn 4.7 3.4 38% 52