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FSN E-Commerce Ventures Limited, originally incorporated as a private company in 2012, converted to a public company in 2021. The company, founded by Falguni Nayar and backed by TPG Group, operates in the beauty, wellness, and fashion industry. It sells and distributes products through online platforms and offline stores. The company went public in 2021 with a Rs 5352 crore IPO. FSN E-Commerce Ventures has acquired stakes in various companies and has multiple subsidiaries. Its business segments include Beauty, Fashion, and Others, with operations spanning across online platforms, physical retail stores, and e-commerce distribution. The company has introduced several brands and formed strategic alliances to expand its market presence.
In the news

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Company insights, generated from the most recent coverage.
Fashion vertical turned profitable in Q1 FY27 with 0.1% EBITDA margin, a significant improvement from -14.1% YoY, marking a key milestone in unit economics.
Q1 FY27 results showed strong growth: GMV up 34% to ₹5,590 Cr, Revenue up 29% to ₹2,782 Cr. EBITDA surged 68% to ₹236 Cr (8.5% margin), PAT up 226% to ₹80 Cr.
Walker Chandiok & Co LLP appointed as new Statutory Auditor for 5 years at AGM on Aug 25, 2026. Auditor changes can sometimes cause short-term institutional uncertainty.
The Quarter story
The two most recent quarterly results, compared side-by-side.
Nykaa drives steady revenue growth and improves profitability margins while expanding its physical store network.
Net profit grows from ₹24 Cr in Q1 FY26 to ₹80 Cr in Q1 FY27, confirming strong bottom-line delivery.
Employee and other expense margin climbs from 7.8% in Q2 FY26 to 12.7% in Q1 FY27, signaling rising personnel costs.
Gross profit margin rises from 44.6% in Q1 FY26 to 45.9% in Q1 FY27, reflecting better pricing and mix.
Fashion EBITDA margin turns from -6.2% in Q1 FY26 to 0.1% in Q1 FY27, remaining thin and requiring close monitoring.
Store count expands from 250 in Q1 FY26 to 324 in Q1 FY27, accelerating physical network growth.
Fashion gross profit margin drops from 47.3% in Q1 FY26 to 44.7% in Q1 FY27, indicating pricing pressure.
Beauty EBITDA margin improves from 9.0% in Q1 FY26 to 10.3% in Q1 FY27, driving core profitability.
Fulfilment expense margin rises from 9.5% in Q1 FY26 to 9.9% in Q1 FY27, tracking logistics cost inflation.
Marketing and S&D expense margin falls from 15.2% in Q1 FY26 to 14.3% in Q1 FY27, showing efficient customer acquisition.
Cost of goods sold increases from ₹1,193 Cr in Q1 FY26 to ₹1,506 Cr in Q1 FY27, moving in line with higher sales volume.