First Read: FSN Ecommerce Ventures "Q4FY26: Strong end to FY26; Fashion..."

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First Read: FSN Ecommerce Ventures "Q4FY26: Strong end to FY26; Fashion..."

YoY to 4.3mn. NykaaNow: Present across seven cities, with 75-80 stores, 03/28E 3.17 2.54

allowing it to cover 80-90% of the relevant PIN codes in these metros, with delivery

times of 30-120 minutes. Navin Killa

Analyst

Q: Has the company's outlook/guidance changed? navin.killa@ubs.com

+852-2971 7594

Management highlighted the following: A) BPC: Margins are expected to continue

improving gradually as underlying businesses scale, without specific guidance, with Ajay Raj Choudhary

Associate Analystcontinued reinvestment in customer acquisition and driving repeat behaviour; mgmt

ajay-raj.choudhary@ubs.com

also indicated that AUTC growth can sustain over the near-medium term given +91-20-3055 5000

significant headroom for expansion. B) Fashion: continued improvement in core

business drivers supporting both growth and profitability, and expressed confidence in a Amit Sachdeva

sustained positive margin trajectory going forward C) Macro: Good growth momentum

amit.s@ubs.com

in April-May but flagged global risks around oil prices, currency and inflation, while +91-22-6155 6029

noting that demand should remain relatively resilient as the category is a “small luxury”,

with low ticket sizes, habitual usage and limited impact from macro pressures, although

consumer response to inflation remains uncertain.

Valuation: maintain our Neutral rating with a PT of Rs275

Overall, healthy results with BPC margins beating street and our estimates. Trading at

FY27E EV/EBITDA of 70x, we see the risk reward as balanced for now. Maintain Neutral.

Highlights (Rsm) 03/23 03/24 03/25 03/26E 03/27E 03/28E 03/29E 03/30E

Revenues 51,438 63,857 79,500 100,221 125,546 152,873 185,446 223,883