Interim report
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FSN E-Commerce Ventures Limited 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 November 07, 2025 National Stock Exchange of India Limited Symbol: NYKAA BSE Limited Scrip Code: 543384 Dear Sir / Madam, Subject: Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2025 With reference to our letter dated October 28, 2025, we wish to inform you that the Board of Directors of the Company, at its meeting held today i.e., November 07, 2025, has inter alia approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2025. Pursuant to Regulation 33 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the Unaudited Standalone and Consolidated F inancial Results for the q uarter and half year ended September 30, 2025, along with the Limited Review Report of the Statutory Auditors on the said Financial Results. The meeting of the Board of Directors commenced at 11:05 a.m. and concluded at 03:31 p.m. We request you to take the above information on records. Thanking You, Yours faithfully, For FSN E-Commerce Ventures Limited P Ganesh Chief Financial Officer Encl.: As Above
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S.R. BATL/80/ & ASSOCIATES LLP Chartered Accountants 12th Floor, The Ruby 29 Senapati Bapat Marg Dadar ( West) Mumbai - 400 028 , India Tel : +91 22 6819 8000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors FSN E-Commerce Ventures Limited I. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of FSN E-Commerce Ventures Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the quarter ended September 30, 2025 and year to date from April 01 , 2025 to September 30, 2025 (the "Statement ") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations "). 2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, (the "Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors . Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Circular No. CIR/CFD/CMD 1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities as mentioned in Annexure to this Report . 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended , read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations , including the manner in which it is to be disclosed, or that it contains any material misstatement. S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Ident ity No. AAB-4295 Regd. Office: 22, Camac Street, Block 'B', 3rd F:oor. Kolkata-700 0 16
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S.R. 8ATLIBOI & ASSOCIATES LLP Chartered Accountants 6. The accompanying Statement includes the unaudited interim financial results and other unaudited financial infonnation, in respect of 13 subsidiaries, whose unaudited interim financial results and other unaudited financial information include total assets of Rs. 599.89 crores as at September 30, 2025, total revenues of Rs. 239.44 crores and Rs. 471.55 crores, total net profit after tax of Rs. 19.63 crores and Rs. 45.10 crores, total comprehensive income of Rs. 20.78 crores and Rs. 46.18 crores , for the quarter ended September 30, 2025, and for the period April O 1 2025 to September 30, 2025 respectively, and net cash inflow of Rs. 15.26 crores for the period from April 01 , 2025 to September 30, 2025, as considered in the Statement which have been reviewed by their respective independent auditors . The independent review reports of such auditors on interim financial results and financial infonnation of these entities have been furnished to us by the Management and our conclusion on the Statement , in so far as it relates to the amounts and disclosures in respect of these subsidiaries is based solely on the report of such auditors and procedures perfonned by us as stated in paragraph 3 above. Our conclusion on the Statement in respect of matters stated in para 6 above is not modified with respect to our reliance on the work done and the reports of the other auditors . For S.R. Batliboi & Associates LLP Chartered Accountants ICAI Firm Registration Number:101049W/E300004 Per Govind Ahuja Partner Membership Number: 048966 UDIN: 25048966BMNXJD1493 Place of Signature: Mumbai Date: November 07, 2025
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S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants Annexure to the Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Sr. No. Name of subsidiaries I Nvkaa E-Retail Limited 2 FSN Brands Marketing Private Limited 3 Nykaa Fashion Limited 4 FSN Distribution Limited 5 Nykaa-KK Beauty Private Limited 6 Dot & Key Wellness Limited 7 Nudge Wellness Private Limited 8 Nykaa Foundation 9 Earth Rhythm Private Limited 10 Nykaa Essentials Private Limited 11 FSN International Limited 12 Nykaa International UK Limited (Wholly owned subsidiarv of FSN International Limited) 13 FSN Global FZE (Wholly owned subsidiary ofFSN International Limited) 14 Nessa International Holdings Limited (Subsidiary ofFSN International Limited) 15 Nysaa Beauty LLC (Subsidiary of Nessa International Holdings Limited) 16 Nvsaa Cosmetics Trading (Subsidiary of Nessa International Holdings Limited) Nysaa International for Wholesale and Retail Trade (Subsid iary of Nessa International Holdings 17 Limited) 18 Nvsaa Trading LLC (Subsidiarv of Nessa International Holdings Limited) 19 Nysaa Distribution FZE (Subsidiary of Nessa International Holdings Limited) 20 Nvsaa Cosmetics SPC (Subsidiary of Nessa International Holdings Limited)
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Sr. No. I II Ill IV V VI VII VIII IX X XI XII XIII XIV xv XVI FSN E-Commerce Ventures Limited CIN: L52600MH2012PLC230136 Regd. Office: 104, Vasan Udyog Bhavan . Sun Mill compound, Tulsi Pipe Road, Lower Parel, Mumbai -400013 Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2025 (f in crore, exce ,t per share data) Quarter ended Half year ended Year ended Particulars Septemb er 30, June 30, 2025 September 30, Septemb er 30, September 30, March 31, 2025 2025 2024 2025 2024 Unaudited Unaudited Unaudited Unaudited Unaudit ed Audited INCOME Revenue from operations 2,345.98 2,154.94 1.874.74 4,500.92 3.620.85 7,949.82 Other income 8.03 9.33 5.45 17.36 12.78 27.26 TOTAL INCOME 2 354.01 2164 .27 1 880.19 4 518.28 3 633.63 7 977.08 EXPENSES Cost of material consumed 0.34 3.33 1.45 3.67 4.04 8.10 Purchase of traded goods 1,196.53 1,444.45 1,086.08 2,640.98 2,257.88 4,683.08 Changes in inventories of finished goods and stock-in-trade 95.57 (254.35) (33.81) (158.78) (218.07) (218.52) Employee benefits expense 182.77 18202 161.49 364.79 317.35 666.07 Finance costs 31.47 30.16 24.23 61.63 45.54 107.32 Depreciation and amortisation expense 79.09 76.14 63.62 155.23 123.68 266.40 Other expenses 711 .82 638.81 555.87 1,350.63 1 059.87 2,337.18 TOTAL EXPENSES 2 297.59 2 120.56 1 858.93 4 418.15 3 590.29 7 849.63 PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (1-11) 56.42 43.71 21.26 100.13 43.34 127.45 Exceptional items, net (refer note-2) 1.04 1.04 PROFIT BEFORE TAX (Ill - IV) 55.38 43.71 21 .26 99.09 43.34 127.45 Tax expense: Current tax 20.92 17.73 21 .12 38.65 63.15 41 .50 Deferred tax expense/( credit) 1.48 1.51 (13.30) 2.99 (47.49) 12.25 Total tax exoense 22.40 19.24 7.82 41.64 15.66 53.75 NET PROFIT AFTER TAX (V -Vil 32.98 24.47 13.44 57.45 27.68 73.70 Share in loss of associate - (0.47) (1 .07\ (1.53) NET PROFIT FOR THE PERIOD (VII+ VIII) 32.98 24.47 12.97 57.45 26.61 72.07 Other Comprehensive lncome/(Loss) ("OCI") Items that will not be reclassified to profit or loss Remeasurements of defined benefit plan 0.40 (0.06) (3.32) 0.34 (3.44) (6.01) Income tax effect on above 0.08 0.01 0.84 0.09 0.87 1.21 Items that will be reclassified to profit or loss Exchange differences in translating the financial statements of foreign 1.77 0.17 0.46 1.94 0.55 0.49 ooerations, net Total Other Comprehensive lncome/(Loss) 2.25 0.12 (2.02 2.37 12.02 (4.31) Total Comprehensive Income (IX+ X) 35.23 24.59 10.95 59.82 24.59 67.76 Profit for the period attributabl e to : Equity shareholders of parent 34.43 23.32 10.04 57.75 19.68 66.08 Non-controlling interests (1.45) 1.15 2.93 <0.301 6.93 5.99 32.98 24.47 12.97 57.45 26.61 72.07 Other Comprehensive lncome /(Loss) for the period attributable to: Equity shareholders of parent 1.61 0.06 (2.00) 1.67 (1.97) (4.41) Non-controlling interests 0.64 0.06 ro.02 0.70 f0.05 0.10 2.25 0.12 (2.02 2.37 (2.02 (4.31) Total Comprehensive lncome/(Loss) for the period attributable to: Equity shareholders of parent 36.04 23.38 8.03 59.42 17.70 61.67 Non-controlling interests <0.81 \ 1.21 2.92 0.40 6.89 6.09 35.23 24.59 10.95 59.82 24.59 67.76 Paid-up equity share capital 286.13 286.03 285.79 286.13 285.79 285.93 Face value f 1.00 1.00 1.00 1.00 1.00 1.00 Other Equity 1,015.35 Earnings per equity share (not annualised for the quarter and half year ended September 30, 2025, September 30, 2024 and quarter ended June 30, 2025) Basic 0.12 0.08 0.04 0.20 0.07 0.23 Diluted 0.12 0.08 0.04 0.20 O.o? 0.23
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Consolidated Statement of Assets and Liabilities :- ({ in Crore) Sr. As at As at No. Particulars September 30, 2025 March 31, 2025 (Unaudited) (Audited) A ASSETS 1 Non-current assets Property, plant and equipment 271 .26 271.72 Capital work-in-progress 4.69 3.17 Goodwill 97.51 97.50 Other intangible assets 124.43 135 .74 Right of use assets 386.54 329.86 Intangible assets under development 40 .22 33.57 Financial assets - Investments 0.16 0.16 - Other financial assets 59.39 98.68 Deferred tax assets (net) 255.05 257 .95 Non-current tax assets (net) 84.44 63.95 Other non-current assets 5.18 10.15 Total non-current assets 1 328.87 1 302.45 2 Current assets Inventories 1,572 .92 1,417 .54 Financial assets - Trade receivables 258.80 246 .61 - Cash and cash equivalents 112.57 124.94 - Bank balance other than cash and cash equivalents 101 .10 92.21 - Other financial assets 319.28 269.30 Other current assetts 638.86 526.48 Total current assets 3 003.53 2 677.08 Total assets 4 332.40 3 979.53 B EQUITY AND LIABILITIES 1 Equity Equity share capital 286.13 285.93 Other equity 1,101.72 1,015.35 Eauitv attributable to equity holders of the parent 1 387.85 1 301.28 Non-controllino interest 51.58 41.38 Total eauitv 1 439.43 1 342.66 2 Non-current liabilities Financial liabilities - Borrowings 32.74 110.21 - Lease liabilities 256.20 211.55 - Other financial liabilities - 135 .88 Provisions 18.70 18.64 Total non-current liabilities 307.64 476.28 3 Current liabilities Financial liabilities - Borrowings 957 .11 851 .15 - Lease liabilities 160 .97 147 .68 - Trade payables Total outstanding dues of micro enterprises and small enterprises 76.24 45.26 Total outstanding dues of creditors other than micro enterprises and small enterprises 614.48 589.57 - Other financial liabilities 675 .52 438.61 Provisions 12.38 10.19 Contract liabilities 56.18 37.61 Other current liabilities 32.45 40 .52 Total current liabilities 2 585.33 2 160.59 Total liabilities 2 892.97 2 636.87 Total equity and liabilities 4,332.40 3,979.53
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Consolidated Statement of Cash Flows :- (a!' in crore) For the half year ended For the half year ended Particulars September 30, 2025 September 30, 2024 /Unaudited\ /Unaudited\ Operating activities Profit before tax as per Statement of Profit and Loss 99.09 43.34 Adjustments to reconcile profit before tax to net cash flows Depreciation of property, plant and equipment and right-of-use assets 134.33 108.30 Amortisation of intangible assets 20.90 15.38 Interest expense and other finance costs 61.63 45.54 Foreign exchange (gain) / loss (1.45) 0.13 Share based expense 9.32 11.72 Provision for gratuity expense 3.53 2.59 Provision for compensated absence 1.20 3.12 Allowance for expected credit loss 6.88 9.71 Interest income (14.00) (8.99) Gain on sale of plant, property and equipment (0.09) Gain on cancellation of lease (0.53) (1 .71) Operating profit before working capital changes 320.81 229.13 Working capital adjustments (Increase) in trade receivables (17.53) (22.81) (Increase) in inventories (155.38) (219.04) (Increase) / Decrease in current financial asset (16.63) 8.73 (Increase) in non-current financial assets (11.64) (10.77) (Increase) in other current assets (113.92) (61.10) Decrease I (Increase) in other non-current assets 4.03 (0.06) Increase in trade payables 57.53 159.41 Increase in provisions 2.19 2.67 Increase in current financial liabilities 112.17 27.14 Increase/ (Decrease) in other current liabilities 10.50 (7.71) (Decrease) in long-term provisions (4.33) (4.82) Cash flows generated from operating activities 187.80 100.77 Payment of taxes (net of refunds) (58.51) (19.74) Net cash flows generated from operating activities 129.29 81.03 Investing activities Purchase of property, plant and equipment and other intangible assets (net of capital advances) (77.12) (47.01) Proceeds from sale of property, plant and equipment 1.95 Proceeds from long-term fixed deposits 30.64 14.01 Investment in long-term fixed deposits (11 .91) (35.55) (Investment) / Proceeds in / from bank deposits (net) (8.99) 16.06 Interest received 5.09 6.00 Net casn tlows (used m) mvesung acuvmes 160.34) 146.49) Financing activities Proceeds from issue of equity shares/ shares pending allotment including security premium 18.32 10.42 Acquisition of non-controlling interest (265.30) Issue of shares to non-controlling interest by subsidiary 15.71 13.10 Proceeds from non-convertible debentures - 125.00 Repayments of non-current borrowings (68.45) - Proceeds from current borrowings (net) 96.45 196.56 Interest paid on borrowings (41.47) (28.90) Principal payment of lease liabilities (81.84) (62.75) Interest paid on lease liabilities (20.041 (14.781 Net cash flows (used in) financing activities 181.32) (26.65) Net /Decrease)/ Increase in cash and cash equivalents for the period 112.371 7.89 Cash and cash equivalents at the beginning of the period 124.94 75.78 Cash and cash equivalents at the end of the period 112.57 83.67
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Unaudited Con soli dated Segment wise Revenu e, Results and Capital Employed for th e quarter and half year ended September 30, 2025: (f in crorel Quarter ended Half Year ended Year ended Sr. Particu lars Septembe r 30, Jun e 30, 2025 September 30, Septemb er 30, September 30, March 31, 2025 No. 2025 2024 2025 2024 Unaudite d Unaudited Unaudit ed Unaudited Unaudited Audit ed I Segment Revenue A) Beauty 2,131.88 1,975.37 1,702.89 4,107.25 3,296.40 7,251.17 B) Fashion 201.00 170.83 166.09 371.83 314.69 674.69 C\ Others 13.10 8.74 5.76 21.84 9.76 23.96 Total Seament Revenue 2.345.98 2154.94 1 874.74 4 500.92 3 620.85 7 949.82 II Segment Results before exce ptional items A) Beauty 105.39 96.28 76.69 201 .67 149.68 353.54 8) Fashion (21 .35) (27.01) (32.40) (48.36) (62.69) (124.54) C\ Others /9.46\ 18.67\ /6.63\ /18.13\ /13.85\ 129.09\ Total Senment Resu lts before exceotiona l items 74.58 60.60 37.66 135.18 73.14 199.91 Less: Finance costs (Unallocable) 21 .00 20.49 16.44 41.49 30.55 73.87 Add: Other Income /Unallocable\ 2.84 3.60 0.04 6.44 0.75 1.41 Profit before exceptional items and tax 56.42 43.71 21 ,26 100,13 43.34 127.45 Ill Segment Result s after exceptional items A) Beauty 95.01 96.28 76.69 191.29 149.68 353.54 8) Fashion (12.01) (27.01) (32.40) (39.02) (62.69) (124.54) Cl Others /9.46\ /8.67) /6.63\ /18.13\ /13.85\ /29.09\ Total Seament Results after exceotional items 73.54 60.60 37.66 134.14 73.14 199.91 Less: Finance costs (Unallocable) 21.00 20.49 16.44 41.49 30.55 73.87 Add: Other Income /Unallocable\ 2.84 3.60 0.04 6.44 0.75 1.41 Profit befor e tax 55.38 43.71 21.26 99.09 43.34 127.45 IV Capital Employed (Segment Assets-Segment Liabilitie s) A) Beauty Segment Assets 3,386.51 3,441.51 2,845.50 3,386.51 2,845.50 3,146.52 Segment Liabilities 1,622.92 1,694.43 1,220.10 1,622.92 1,220.10 1,439.04 B) Fashion Segment Assets 289.05 302.84 415.89 289.05 415.89 319.44 Segment Liabilities 204.37 211.80 142.65 204.37 142.65 185.45 C) Others Segment Assets 97.83 73.59 41 .48 97.83 41.48 54.80 Segment Liabilities 64.52 53.73 15.96 64.52 15.96 37.1 4 D) Unallocated Segment Assets 559.01 61 4.50 420.92 559.01 420.92 458.77 Seoment Liabilities 1,001.16 1,082.15 1.011 .51 1,001 .16 1.011.51 975.24 Total Caoital Emnloved 1439.43 1 390.33 1 333.57 1 439.43 1 333.57 1 342.66 Notes: 1. The above Unaudited Consolidated Financial Results of the Group for the quarter and half year ended September 30, 2025 have been prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards ('Ind AS') as prescribed under section 133 of the Companies Act 2013, as amended, read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended. These Unaudited Consolidated Financial Results, as reviewed by the Audit Committee of the Board, were approved and taken on record by the Board of Directors at their meeting held on November 7, 2025. 2. During the quarter and half year ended September 30, 2025, exceptional items includes: 3. a) Income of Rs. 9.34 crore (net of expenses for the quarter) representing receipt of arbitration award dated August 5, 2025. This was for a legal dispute initiated by the Company for breach of employment contract obligations of confidentiality and non-solicitation of one of the subsidiaries of the Group. b) Provision of Rs. 10.38 crore (including applicable GST) on account of misappropriation of inventory at one of the subsidiary's warehouses. The subsidiary has taken necessary steps to recoup the loss including registering the claim with the insurance company. Financial results of FSN E-Commerce Ventures Limited Sr. Particular s No. Total Income 2 Profit before tax 3 Profit after tax For and on behalf of Board of Dire ctors of FSN E-Commerce Ventures Limited I 0191tally signed by Fa guni FalguniSanJayNayar Sanjay Nayar ~;.~6.;~2; 0~)3~! Falguni Nayar Executive Chairperson, CEO & Managing Dire Place: New Delhi Date: Nov ember 7, 2025 Standalone : Quarter ended September 30, June 30, 2025 2025 Unaudi ted Unaudited 117.53 121 .93 16.52 17.44 12.25 12.92 Half Year ended Year ended September 30, September 30, September 30, March 31 , 2025 2024 2025 2024 Unaudit ed Unaudited Unaudited Audited 149.22 239.46 291.23 577.28 21 .79 33.96 45.72 97.29 16.16 25.17 58.39 97.36
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S.R. BATl.1801 & ASSOCIATES LLP Chartered Accountants 12th Floor, The Ruby 29 Senapati Bapat Marg Dadar ( West) Mumbai - 400 028, India Tel : +91 22 6819 8000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors FSN E-Commerce Ventures Limited I. We have reviewed the accompanying statement of unaudited standalone financial results of FSN E-commerce Ventures Limited (the "Company") for the quarter ended September 30, 2025 and year to date from April 01, 2025 to September 30, 2025 ("the Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended (the "Listing Regulations"). 2. The Company 's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013, as amended , (the "Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For S.R. Batliboi & Associates LLP Chartered Accountants ICAI Firm Registration Number: 101049W/E300004 Pe, Gov;nd Ahr Partner Membership Number: 048966 UDIN: 25048966BMNXJE 1051 Place of Signature: Mumbai Date: November 07, 2025 S.R. Batliboi & Associates LLP, a Limited Liability Partne rship with LLP Identity No. AAB-4295 Regd. Office : 22, Camac Street, Block 'B', 3rd r :oor, Kolkata·700 016
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Sr. no. I II Ill IV V V1 Vll VIII IX X FSN E-commerce Ventures Limited CIN: L52600MH2012PLC230136 Regd. Office: 104, Vasan Udyog Bhavan. Sun Mill compound, Tulsi Pipe Road , Lower Pa rel, Mumbai - 400013 Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2025 (f in crore, except per share data) Quarter ended Half year ended Year ended Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2025 2025 2024 2025 2024 2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited INCOME Revenue from operations 76.97 81.83 109.41 158.80 212.24 419.95 Other income 40.56 40.10 39.81 80.66 78.99 157.33 TOTAL INCOME 117.53 121.93 149.22 239.46 291.23 577.28 EXPENSES Cost of material consumed 1.52 1.56 1.45 3.08 4.04 9.30 Purchase of traded goods 29.77 27.83 44.97 57.60 76.31 165.66 Changes in inventories of finished goods and stock-in-trade 2.98 11 .06 10.32 14.04 18.71 16.76 Employee benefits expense 17.62 16.10 15.54 33.72 34.28 66.12 Finance costs 2.50 2.35 1.56 4.85 3.42 7.91 Depreciation and amortisation expense 3.98 3.20 3.00 7.18 5.32 11 .58 Other expenses 42.64 42.39 50.59 85.03 103.43 202.66 TOTAL EXPENSES 101.01 104.49 127.43 205.50 245.51 479.99 PROFIT BEFORE TAX (I - II) 16.52 17.44 21.79 33.96 45.72 97.29 Tax expense: Current tax 1.55 1.64 1.92 3.19 4.16 16.80 Deferred tax expense / (credit) (refer note 2) 2.72 2.88 3.71 5.60 (16.83) (16.87) Total tax expense/ (credit) 4.27 4.52 5.63 8.79 (12.67) (0.07) NET PROFIT AFTER TAX (Ill-IV) 12.25 12.92 16.16 25.17 58.39 97.36 Other Comprehensive Income ("'OCI"') Items that will not be reclassified to profit or loss Remeasurements of defined benefit plan (0.06) - (0.69) (0.06) (0.69) (1.27) Income tax effect on above 0.01 0.19 0.01 0.19 0.32 Total Other Comprehensive Income I (Loss) (0.05) {0.50) (0.05) (0.50) (0.95) Total Comprehensive Income (V+VJ) 12.20 12.92 15.66 25.12 57.89 96.41 Paid-up equity share capital 286.13 286.03 285.79 286.13 285.79 285.93 Face value f 1.00 1.00 1.00 1.00 1.00 1.00 Other equity 1,373.68 Earnings per equity share (not annualised for quarter and half year ended September 30, 2025, September 30, 2024, and quarter ended June 30, 2025) Basic 0.04 0.05 0.06 0.09 0.20 0.34 Diluted 0.04 0.05 0.06 0.09 0.20 0.34
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Statement of Assets and Liabilities (~ in crore) Sr. As at As at Particulars September 30, 2025 March 31, 2025 no. Unaudited Audited A Assets 1 Non-current assets Property, plant and equipment 28.75 27.76 Capital work-in-progress 0.30 - Other intangible assets 3.76 4.38 Right of use assets 7.42 6.45 Intangible assets under development 25.06 19.37 Financial assets - Investments 940.13 935.07 - Loans 555 .15 395.00 - Other financial assets 2.07 1.89 Deferred tax assets (net) 51.64 57.23 Non-current tax assets (net) 25.98 30.34 Other non-current assets 0.32 0.63 Total non-current assets 1,640.58 1,478.12 2 Current assets Inventories 70.36 86.12 Financial assets - Trade receivables 86.27 47.71 - Cash and cash equivalents 22.66 5.50 - Bank balance other than cash and cash equivalents 41 .98 23.12 - Loans 6.60 150.20 - Other financial assets 57.29 75.49 Other current assets 25.05 23.57 Total current assets 310.21 411.71 Total assets 1,950.79 1,889.83 B Equity and liabilities 1 Equity Equity share capital 286 .13 285.93 Other equity 1,426 .26 1,373.68 Total equitv 1,712.39 1,659.61 2 Non-current liabilities Financial liabilities - Borrowings 35.00 - - Lease liabilities 3.21 3.66 - Other financial liabilities - 13.26 Provisions 4.50 3.87 Total non-current liabilities 42.71 20.79 3 Current liabilities Financial liabilities - Borrowings 85.02 75.74 - Lease liabilities 6.25 6.87 - Trade payables Total outstanding dues of micro enterprises and small enterprises 0.77 1.25 Total outstanding dues of creditors other than micro enterprises and small enterprises 19.73 41 .00 - Other financial liabilities 68.23 71.89 Provisions 2.81 2.10 Contract liabilities 5.16 0.68 Other current liabilities 7.72 9.90 Total current liabilities 195.69 209.43 Total liabilities 238.40 230.22 Total equity and liabilities 1,950.79 1,889.83
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Statement of Cash Flows (~ in crore) Particulars For the half year ended For the half year ended September 30, 2025 September 30, 2024 Unaudited Unaudited Cash flows from operating activities Profit before tax as per Statement of Profit and Loss 33.96 45.72 Adjustments to reconcile profit before tax to net cash flows Depreciation of property , plant and equipment and right of use assets 6.56 4.32 Amortisation of intangible assets 0.62 1.00 Interest expense and other finance costs 4.85 3.42 Unrealised foreign exchange gain (net) (0.11) (0.04) Share based expense 2.39 2.63 Provision for gratuity expense 0.63 0.63 Provision for compensated expense 0.23 0.62 Allowance for expected credit loss 0.32 6.31 Commission on financial guarantee (5.31) (4.43) Interest income (26.14) (34.89) Operating profit before working capital changes 18.00 25.29 Working capital adjustments (lncrease)/Decrease in trade receivables (31 .91) 26.21 Decrease in inveritories 15.76 18.24 Decrease in current financial asset 8.67 6.36 (lncrease)/Decrease in non-current financial assets (0.26) 0.10 (Increase) in other current assets (1.48) (11.81) (Increase) in other non current assets (0.24) - (Decrease) in trade payables (21.86) (1.70) lncrease/(Decrease) in provisions 0.42 (0.43) (Decrease)/lncrease in financial liabilities (12.92) 17.94 (Decrease) in other current liabilities (2.17) (0.85) Cash flows (used in)/generated from operating activities (27.99) 79.35 Income taxes refund/(paid)(net) 1.17 (12.80) Net cash flows (used in)/aenerated from operating activities (26.82) 66.55 Cash flows from investing activities Purchase of business (refer note 2) - (137.14) Purchase of property, plant and equipment and other intangible assets (net off capital advance) (14.91) (11.27) (lnvestment)/Proceeds from fixed deposits (net) (19.12) 34.85 Proceeds from long term fixed deposits 10.00 11.97 Investment in long term fixed deposits - (21.02) Investment in subsidiaries (5.05) (285.29) Proceeds from sale of investment in subsdiary - 29.28 Long term loans repaid by subsidiaries 712.78 64.43 Long term loans given to subsidiaries (763.50) (40.82) Short-term loans repaid by subsidiaries (net) 34.16 204.19 Commission on financial guarantee 9.78 4.43 Interest received 23.61 35.08 Net cash flows (used in) investing activities (12.25) (111.31) Cash flows from financing activities Proceeds from issue of equity shares/ shares pending allotment including security premium 18.32 10.42 Proceeds from non-current borrowings (gross) 35.00 - Proceeds from current borrowings (net) 9.28 55.97 Interest paid on borrowings (3.49) (2.87) Rental income on sub-lease 2.35 2.38 Principal payment of lease liabilities (4.67) (4.00) Interest paid on lease liabilities (0.56) (0.53) Net cash flows generated from financing activities 56.23 61.37 Net increase in cash and cash equivalents during the period 17.16 16.61 Cash and cash equivalents at the beginning of the period 5.50 1.44 Cash and cash eauivalents at the end of the period 22.66 18.05
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Notes: The above Unaudited Standalone Financial Results of the Company for the quarter and half year ended September 30, 2025 have been prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards ('Ind AS') as prescribed under section 133 of the Companies Act 2013, as amended, read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended. These Unaudited Standalone Financial Results, as reviewed by the Audit Committee of the Board, were approved and taken on record by the Board of Directors at their meeting held on November 07, 2025. 2 During the year ended March 31 ,2025, the Company had acquired "Western Wear & Accessories" business for a consideration of t 137.14 crore from its Wholly Owned Subsidiary (WOS) Nykaa Fashion Limited (Formerly known as Nykaa Fashion Private Limited), consequent to which the deferred tax credit oft 20.80 crore was recorded in the year ended March 31, 2025. There is no impact of aforesaid transaction in the Consolidated Financial Results. 3 In accordance with Ind AS 108 'Operating Segments', segment information has been given in the consolidated financial results of the Company and therefore, no separate disclosure on segment information is given in standalone financial results. For and on behalf of Board of Directors of FSN E-commerce Ventures Limited . Digitally signed by Falguni FalguniSanjayNayar Sa nJ" ay Nayar Date: 2025.11 .07 14:15:22 +05'30' Falguni Nayar Executive Chairperson, CEO & Managing Director Place: New Delhi Date: November 07, 2025