FSN E-Commerce

Q4 FY25Retailing

FSN E-Commerce Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book

Q4 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹334

Market cap₹95.7K Cr

P/E359.4

Updated26 Aug 2026

Read5 min read

The short version

Nykaa’s overall GMV grew 27% YoY in Q4 and 25% for the full year FY25, with net revenue growth at 24% YoY for the full year. Nykaa's fashion business is showing strong momentum with 18% YoY GMV growth in Q4 and 12% for the full year, outperforming industry growth (~10-11%).

From FSN E-Commerce's Q4 FY25 earnings-call transcript · updated 26 Aug 2026.

Revenue & Sales Performance

Nykaa’s overall GMV grew 27% YoY in Q4 and 25% for the full year FY25, with net revenue growth at 24% YoY for the full year.
The Beauty vertical grew 30-31% YoY in FY25, significantly above the industry growth rate (~23-25% CAGR).
Fashion vertical showed revival with 18% YoY GMV growth in Q4 and 12% for the full year; fashion outpaced industry growth estimated at 10-11%.
Strong momentum entering next year, with strategic investments in marquee brands and own-brand expansion.
The eB2B business tripled in size with 57% YoY growth, indicating growth opportunities in retail distribution.
Expansion of rapid delivery (Nykaa Now) expected to boost volumes, currently in major metros with plans to expand to more cities.

2 more points management made on revenue & sales performance

Profitability & Margins

Nykaa's fashion business is showing strong momentum with 18% YoY GMV growth in Q4 and 12% for the full year, outperforming industry growth (~10-11%).
Structural profitability improvements highlighted with 200 basis points EBITDA margin improvement in fashion and ongoing margin expansion in beauty verticals.
Beauty vertical grew 30% YoY in Q4 with strong gross margin expansion (90 bps) driven by own brands and ad income.
Nykaa Now (rapid delivery) is gaining traction with plans to expand, enhancing customer convenience and possibly driving future sales growth.
Own brand and eB2B businesses show improving margins, which are key levers for future profitability improvements.
Marketing investments continue ahead of growth, supporting accelerated customer acquisition and brand expansion.

2 more points management made on profitability & margins

See what FSN E-Commerce said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Peak capex occurred in FY '22 and FY '23, driven by investments in office space, warehousing capacity due to regionalization strategy (70% capex increase in FY '23).
FY '24 capex was INR 115 crores; increased slightly to INR 128 crores in FY '25.
Current capex mainly focused on technology investments and expansion of physical stores.
In FY '25, 50 new stores were added across 11 new cities, increasing retail space by 45% YoY to 2.5 lakh square feet.
Plans include further scaling of Nykaa Now rapid delivery service to additional metros.

2 more points management made on capital expenditure plans

Top-ranked in Retailing

Ranked on what management guided this quarter

5x potential

1V2 Retail₹7.8K Cr

Rev 1Mar 3

2Entero Healthcar₹7.5K Cr

Rev 2Mar 2

3₹688 Cr

Rev 2Mar 2

4₹3.2L Cr

Rev 2Mar 3

5₹1.2L Cr

Rev 2Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The transcript from the Q4 FY'25 earnings call does not mention any current or planned fundraising through debt or equity. Key points related to finances are: - The company has started generating strong cash flows with operating cash flow of INR 467 crores. - There is surplus cash available even after lease payments and capex, indicating healthy liquidity. - Capex peaked in FY'22 and FY'23 and has moderated since, focusing on tech and store expansion. - No specific comments made about raising debt or equity in the near future.

2 more points management made on fundraising & capital structure

See what FSN E-Commerce said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript does not provide explicit details on the current or expected order book or pending orders for FSN E-Commerce Ventures (Nykaa). However, related insights can be summarized as follows: - Q4 Fashion GMV exceeded INR 1,000 crores with 18% YoY growth. - Full-year fashion GMV was INR 3,800 crores, growing 12% YoY, with industry growth estimated around 10-11%. - Strong growth momentum entering the next year in fashion, along with structural profitability improvements. - Beauty vertical showed consistent ~30% growth each quarter, with Q4 GMV at INR 3,058 crores. - The Superstore eB2B business tripled within 2 years, now at nearly INR 950 crores GMV with 57% YoY growth.

2 more points management made on order book & pipeline

FSN E-Commerce — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹2.6K Cr, net profit ₹79 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What FSN E-Commerce's management said in earlier quarters

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Frequently Asked Questions

What were FSN E-Commerce Q4 FY25 results?

What is FSN E-Commerce share price analysis?

FSN E-Commerce currently shows a neutral. The stock trades at a P/E of 359.4 with a market cap of ₹95,661 Cr. Investors should review the full earnings analysis for detailed insights.

Is FSN E-Commerce planning capital expenditure?

Peak capex occurred in FY '22 and FY '23, driven by investments in office space, warehousing capacity due to regionalization strategy (70% capex increase in FY '23).

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.