FSN E-Commerce Ventures

NYKAA delivered a strong Q3 FY26 with revenue of ₹2,873 CrCurrent reported value: ₹2,873 Cr. No comparable prior figure is available in the source record. (+27.7Current reported value: 27.7. No comparable prior figure is available in the source record.% YoY) and EBITDA margin of 8.0%Current reported value: 8.0%. No comparable prior figure is available in the source record. (+180bps YoY), the highest ever. PAT came in at ₹68 CrCurrent reported value: ₹68 Cr. No comparable prior figure is available in the source record. (+156Current reported value: 156. No comparable prior figure is available in the source record.% YoY), after a one-time labor code provision of ₹16 Cr. Beauty vertical grew 27% GMV with EBITDA margin of 10.1%Current reported value: 10.1%. No comparable prior figure is available in the source record., while fashion GMV grew 31% with EBITDA loss narrowing to -2% from -5.4%. Key drivers included robust festive sales, strong performance of House of Brands (Dot & Key at ₹1,900 Cr annualized GMV, +100% YoY), and strategic partnerships with H&M and Nike. Management remains confident in sustaining mid-20s growth and margin expansion, though they caution that ad income seasonality and mix shifts could cause quarterly fluctuations. Risk: intensifying competition in quick commerce and potential tariff changes from trade deals.