Growth momentum intact; margin expansion structural. Nike dependence risk.

Beauty NSV 2,371 Cr YoY +29%; Fashion NSV 451 Cr YoY +54%

EBITDA margin Q1 FY27 8.5% vs Q1 FY26 6.5%; 200 bps expansion confirmed

EBITDA margin improved YoY despite Nykaa Now rollout; claims accretive to LTV but early-stage profitability unproven

Claimed top-3 brand on platform; exclusive launches performing well; but partnership still very early, represents concentration risk

PAT 79.8 Cr delivered; growth from low base; NPM still modest at 2.9% vs 2.8% prior

Fashion EBITDA margin 0.1% (Q1 FY27) vs negative 14.1% (Q1 FY24). 627 bps YoY improvement from Q1 FY26, driven by customer maturation and 30% CAC reduction in 2 years.

Beauty EBITDA margin 10.3% vs 9% YoY; consistent with multi-year margin expansion thesis. Not raised above prior guidance.

Expanded from 3 cities (Q1 FY26) to 13 cities; targeting 25+ by year-end. No EBITDA dilution reported; management claims accretive but unproven at scale.

Nike D2C platform went live ~6 months ago (Jan 2026). 1.5M app installs achieved; Nike top-3 brand on Nykaa Fashion. Exclusive launches and Football World Cup campaign highlighted.

Acquiring 51% of premium dermocosmetics brand (₹19 Cr FY26 revenue, growing in FY27). Fills gap in premium skincare positioning for House of Nykaa.

Retailer-like arrangement with commission + service fees; we operate 100% end-to-end (Nike.in, apps, fulfillment). Inventory protected. Marketplace listing standard. Customer data unaddressed.

Already at critical mass in metros; no EBITDA dilution now. Frequency gains offset higher fulfillment costs. LTV accretive.

Market strength + execution (penetration, premiumization, brand additions, customer retention). No single driver; multifaceted (brand launches, flagship sales, AI, Nykaa Now, new formats).

Both verticals have improved CAC (Fashion down 30% in 2Y). Beauty protecting marketing spend but improving unit economics. Fashion shows 534 bps improvement in marketing/S&D. More runway as repeat cohorts scale.

Seasonal pattern; Q3 & Q4 strongest due to festives/weddings/sales. Year-over-year comparison more relevant; +20% YoY growth.

Long-term guidance 3-3.5x over 4-5 years maintained. Nike early-stage; underlying platform growth healthy. Confident in ex-Nike growth.

Yes; repeat customer AOV growth sustainable. New customers entering at higher baseline as consumption rises. Multiple levers: ASP, frequency, basket size.

No; marketplace remains core. Nike D2C selective partnership. H&M standard marketplace. Inventory small portion of mix.

Yes; low-ASP personal care categories (face washes, bath gels) seeing incremental demand. Hypothesis: frequency increases, lowers penetration in categories Nykaa was weak in.

65-100M target TAM in 5 years (vs 55-65M today for fashion online). 20.8M AUTC low vs global; assortment across all price points; no income filter needed.

Long-term CAGR target reaffirmed at Investor Day. Underpinned by Nike, assortment, retention improvements.

3-pronged plan: retailer network expansion (100+ new cities), category footprint (wellness), tech-driven productivity.

Currently 10.3%; achieved through scale and customer maturation. Nykaa Now claimed accretive over time.

Currently 0.1% (from -14.1%); 627 bps YoY improvement. Contingent on customer retention and scale.

11 stores Q1; on track for annual run-rate. Nykaa Now aggressive rollout but no profitability timeline given.

Nike D2C platform (Nike.in + apps) fully operated by Nykaa Fashion; top-3 brand on platform. Commission-based arrangement with inventory protection, but early-stage (6 months). Exclusive launches critical to traction.

Expanded from 3 to 13 cities targeting 25+ by year-end. Management claims critical mass in metros with no EBITDA dilution and LTV accretion, but no separate P&L disclosed. Fulfillment cost per order 'naturally higher'; offset by frequency gains unvalidated.

Fashion EBITDA margin 0.1% (vs -14.1% Q1 FY24); 627 bps YoY improvement contingent on customer maturation, 44% customer acquisition growth, and 30% CAC reduction. If acquisition cools or retention falters, margin gains reverse.

Beauty TAM ~65-100M over 5 years (per management). Currently 20.8M annual unique transacting customers. Growth dependent on 2-3x expansion in customer base + frequency uplift. Macro consumption pressure could slow penetration.

Prior Q4 FY26 guidance acknowledged inflation and currency depreciation risks. Q1 call muted on macro; growth attributed to operational execution rather than market tailwind. If consumption slows, customer acquisition or AOV growth could soften.