FSN E Commerce Ventures Limited has informed the Exchange regarding 'Chairperson s Speech made at the 13th Annual General Meeting held on August 25, 2025'.
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Nykaa reported strong FY25 performance, with GMV of ₹15,600 crore (25% YoY growth, 42% five-year CAGR vs industry's 20%) and revenue of nearly ₹8,000 crore (24% YoY). EBITDA margin expanded to 6.0% and ROCE improved to 11.3% from 7.5%. The beauty vertical grew 30% YoY to ₹11,800 crore GMV, while the fashion vertical reached ₹3,800 crore GMV with gross margin rising to 49% and EBITDA margin improving from -28.3% in FY20 to -8.3% in FY25. The B2B Superstore platform scaled to ₹941 crore GMV with a 484 bps improvement in contribution margin. The company also crossed 250 stores across 82 cities and serves 42 million customers. New initiatives highlighted include Nykaa Now (30-120 minute quick delivery), Nykaa Muse (AI stylist), and a target of 50% AI-generated code by year-end.
Clear margin improvement trajectory across beauty, fashion, and B2B verticals signals strengthening unit economics. The fashion vertical's path toward profitability and Superstore's improving contribution margins could boost investor confidence in long-term profitability.