Analysts/Institutional Investor Meet/Con. Call Updates

FSN E-Commerce Ventures Limited November 06, 2026 National Stock Exchange of India Limited BSE Limited Symbol: NYKAA Scrip Code: 543384 Dear Sir / Madam, Subject: Transcript of the Conference Call for Analyst / Investors Please find enclosed the transcript of the Analyst / Investor Conference Call held on Wednesday, November 04, 2026, with regards to the Unaudited Standalone and Consolidated Financial Results for the quarter ended September 30, 2026. This intimation is being submitted pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. 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 “FSN E-Commerce Ventures Limited (Nykaa) Q2 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MS. FALGUNI NAYAR – EXECUTIVE CHAIRPERSON, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – FSN E-COMMERCE VENTURES LIMITED (NYKAA) MR. ANCHIT NAYAR – EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER – BEAUTY – FSN E- COMMERCE VENTURES LIMITED (NYKAA) MS. ADWAITA NAYAR – EXECUTIVE DIRECTOR AND CO-FOUNDER AND CHIEF EXECUTIVE OFFICER OF HOUSE OF NYKAA BRANDS – FSN E-COMMERCE VENTURES LIMITED (NYKAA) MR. VISHAL GUPTA – CHIEF EXECUTIVE OFFICER – NYKAA DISTRIBUTION – FSN E-COMMERCE VENTURES LIMITED (NYKAA) MR. ABHIJEET DABAS – CHIEF EXECUTIVE OFFICER NYKAA FASHION – FSN E-COMMERCE VENTURES LIMITED (NYKAA) MR. P. GANESH – CHIEF FINANCIAL OFFICER – FSN E-COMMERCE VENTURES LIMITED (NYKAA) FSN E-Commerce Ventures Limited (Nykaa) November 04, 2026 Moderator: Hi. Good evening, everyone. This is Michelle from Chorus Call. Welcome to FSN E-Commerce Ventures Limited Q2 FY '27 Earnings Conference Call. From the management at Nykaa, we have Ms. Falguni Nayar, Executive Chairperson, MD and CEO; Mr. Anchit Nayar, Executive Director and CEO, Beauty; Ms. Adwaita Nayar, Executive Director and Co-Founder and CEO of House of Nykaa brands; Mr. Vishal Gupta, CEO, Nykaa Distribution; Abhijeet Dabas, CEO, Nykaa Fashion; Mr. P. Ganesh, Chief Financial Officer. Before we start, we would like to point out that some of the statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings presentation shared with you earlier. Kindly note that this call is meant for investors and analysts only. By participating in this event, you all consent to such recording, distribution and publication. All participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation from management concludes. With that, over to you, Falguni ma'am for opening remarks. Falguni Nayar: Good afternoon, everyone. It's a pleasure to be here with you to talk about our quarterly results. The second quarter, the September quarter has ended well with the GMV at INR 6,151 crores, which is a 30% year-on-year growth. And the net revenue has come out strongly at INR 3,006 crores, about 28% year-on-year growth. What is also heartening is that the gross profit which is INR 1,382 crores, 31% growth in gross profit margin and the margin stands at 46%. EBITDA is at INR 263 crores for the quarter, a 65% growth year-on-year and the margin stands at 8.7%. And the profit after tax is at INR 101 crores, a 207% year-on-year growth and the margin stands at 3.4%. So, clearly a good strong quarter in a period where the festive has shifted to the third quarter. So in light of that, this is clearly a good result. I will move on to the next slide, which is the first half performance. On the first half, the net revenue stands at INR 5,788 crores, a 29% year-on-year growth and gross profit margin at 45.9%, which is INR 2,657 crores. EBITDA for the first half at INR 499 crores, again, a 66% year-on-year growth and a margin of 8.6%, and the PAT at INR 181 crores, a 215% year-on- year growth with a PAT margin at 3.1%. So clearly, the first half has been reasonably strong, with the second quarter being slightly improved compared to the first quarter. This is the numbers for Beauty and Fashion. On the beauty, we saw a healthy growth rate of 28% on a year-on-year basis for the beauty vertical. And this on a first half basis is at 29% year-on-year growth, with the first half number at INR 4,907 crores of NSV. And the fashion, the same numbers are INR 509 crores for the quarter 2 of this year, which is 47% year-on-year growth, a pretty strong momentum. And if you were to look at it on a first half basis, the NSV stands at INR 960 crores, which is a 50% year- on-year growth. On the EBITDA margin, again, a strong result. The EBITDA margin for the quarter this year has come out at INR 267 crores in the second quarter, which when compared to INR 178 crores a year ago is an EBITDA margin improvement to 10.5%, a significant improvement from 9% that it was about a year earlier. And on a first half basis, the improvement is similar. Page 2 of 23 FSN E-Commerce Ventures Limited (Nykaa) November 04, 2026 On the fashion side, against the loss of minus INR 12 crores in second quarter of '26, we are breakeven at about INR 1 crore, a positive margin, which is 0.2%. So the EBITDA margin for fashion for this quarter has improved from minus 3.5% to just breakeven at 0.2%. And for the first half also, the picture is similar, where against a INR 30 crores loss in the first quarter at a minus 4.7% margin. This was the picture last year. And the picture this year is that we are again breakeven with just about INR 1 crores of EBITDA, and that is about 0.1% of our NSV. Next. I think if you were to look at the picture longer term, really happy to see that there has been substantial improvement in turnover. So, revenue has grown from INR 1,500 crores in second quarter of financial year '24. So over 3 years, this revenue has grown now to INR 3,000 crores, doubled over a 3-year period. And also the growth has been accelerating. You can clearly see that the growth has now accelerated to almost 28% year-on-year revenue growth for the latest quarter. On return on capital employed also, the story has been similar. You can see that from a return on capital employed, which is only 6%, 3 years ago, it now stands at solid 27.3%. And the details of the capital employed are given that capital employed pretty much stands compared to INR 1,786 crores in second quarter of '24. It now stands at INR 2,566 crores. So, Nykaa has managed to achieve scale as well as margin improvement and the capital efficiency is also improving in terms of return on capital employed. Next. So the big wins this quarter. If you see the big wins this quarter, again, we had the fourth Nykaaland 4.0, the fourth version of Nykaaland in Delhi again this year. Fabulous attendance, again, 30,000 attendees. And if you look at it over 4 years, Nykaaland has had 100,000 beauty enthusiasts visit across its 4 editions. And the social media reach of this event also tends to be magnified multifold, with total social media reach of 150 million across 4 editions. We have seen acceleration in launches to bring globally trending beauty brands. So, beauty business has been able to continue to convince the global majors and now fashion also joins that party. And both of them have been convincing the global beauty and fashion brands that Nykaa is the platform to list on. And with that, we saw unique partnership with Yves Rocher, Oribe, Rare Beauty on the fashion side COS, Superdry as well as Birkenstock. The brands launched in the last 1 year alone are 330-plus on the beauty side and 1,700 plus on the fashion side. So clearly, the platform is [Showing first 8,000 characters — download PDF for full document]