Earnings Review
FSN E-Comm Q2 consol PAT more than trebles but misses view
This story was originally published at 17:14 IST on 7 November 2025
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--FSN E-Comm Jul-Sept consol net profit INR 344.3 mln
--Analysts saw FSN E-Comm Jul-Sept consol net profit at INR 381.5 mln
--FSN E-Comm Jul-Sept consol revenue INR 23.46 bln
--Analysts saw FSN E-Comm Jul-Sept consol revenue at INR 23.48 bln
--FSN E-Comm Jul-Sept consol PAT INR 344.3 mln vs INR 100.4 mln year ago
--FSN E-Comm Jul-Sept consol revenue INR 23.46 bln vs INR 18.75 bln year ago
--FSN E-Comm Apr-Sept consol PAT INR 577.5 mln vs INR 196.8 mln year ago
--FSN E-Comm Apr-Sept consol revenue INR 45.01 bln vs INR 36.21 bln year ago
--FSN E-Comm Jul-Sept consol beauty revenue INR 21.32 bln vs INR 17.03 bln
--FSN E-Comm Jul-Sept consol fashion revenue INR 2.01 bln vs INR 1.66 bln
--FSN E-Comm Jul-Sept consol EBITDA INR 1.59 bln, up 53% on year
--FSN E-Comm Jul-Sept consol EBITDA margin 6.8% vs 5.5% year ago
--FSN E-Comm Q2 gross merchandise value INR 47.44 bln, up 30% on year
--FSN E-Comm Q2 spent 26.9% of sales on marketing, advt vs 31.1% year ago
By Shakshi Jain and Akash Mandal
MUMBAI – FSN E-Commerce Ventures Ltd.'s bottom line for the September quarter fell short of the Street's projection even though it was the company's best performance in 12 quarters. The company's consolidated revenue for the reporting quarter, which was largely in line with analysts' consensus estimate, grew at the highest on-year pace in three quarters.
The company, which operates under the brand name Nykaa, reported more than a threefold year-on-year rise in its consolidated net profit for the September quarter at INR 344.3 million. On a sequential basis, the company bottom line was up almost 48%. Analysts had expected the company to report a consolidated net profit of INR 381.5 million for the reporting quarter.
The company's consolidated revenue rose 25% on year and nearly 9% sequentially to INR 23.46 billion. Analysts had expected a top line of INR 23.48 billion. FSN E-Commerce's gross merchandise value for the reporting quarter was INR 47.44 billion, up 30% on year.
The company's total expenses for the September quarter rose almost 24% on year to INR 22.98 billion. Its expenses tied to purchase of stock-in-trade rose over 10% on year to INR 11.97 billion while other epenses of the company grew 28% on year to INR 7.12 billion. Exployee benefit expense of the company in the September quarter totalled INR 1.83 billion, up 13% on year. Depreciation and amortisation expense of the retailer shot up 24% on year to INR 791 million in Jul-Sept.
The company's earnings before interest, tax, depreciation, and amortisation in the September quarter jumped 53% on year to INR 1.59 billion. Its EBITDA margin in Jul-Sept expanded 130 basis points on year to 6.8%. This was FSN E-Commerce's highest EBITDA margin since its initial public offering, the company said in a press release.
Revenue from the company's beauty and personal care segment rose to INR 45.01 billion in the September quarter on a consolidated basis from INR 36.21 billion a year ago. Revenue from its fashion segment rose 21% on year to INR 2.01 billion. The company spent 26.9% of its sales on advertising and marketing, down from 31.1% in the year-ago period.
For the six months ended September, the company's consolidated net profit nearly trebbled on year to INR 577.5 million. Its consolidated revenue for the period rose 24% on year to INR 45.01 billion. Friday, shares of the online retailer ended at INR 245.87 on the National Stock Exchange, down 0.1%.
The company also reappointed Falguni Nayar as chief executive officer and managing director for a period of five years effective Feb. 12. End
Edited by Akul Nishant Akhoury
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