Guidance ledger · Q4 FY26

FSN E-Commerce Ventures Ltd NYKAA

4 revisions on record · 0 lowered · 3 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised Fashion EBITDA breakeven timeline Q1 FY26 → Q4 FY26

~~On track to break even during FY26 (Investor Day guidance retained, Q1FY26)~~ → +0.3% EBITDA in Q4FY26 (breakeven achieved ahead of trajectory)

“Fashion has become profitable and we reported a 0.3% EBITDA for quarter 4”

↑ raised Consolidated EBITDA margin Q1 FY26 → Q4 FY26

~~6.5% in Q1FY26 (+100 bps YoY)~~ → 8.4% in Q4FY26 (all-time high, +67% YoY)

“the EBITDA was at INR 223 crores, 8.4% to net revenue and 67% growth year-on-year”

↑ raised ROCE trajectory Q1 FY26 → Q4 FY26

~~12.7% in Q1FY26~~ → 21.2% full year FY26

“return on capital employed also now stands at a healthy 21.2%”

→ narrowed House of Nykaa FY27 growth rate Q1 FY26 → Q4 FY26

~~57% YoY at INR2,700cr annualized (Q1FY26)~~ → 50% YoY at INR3,176cr FY26 actual + explicit 65% growth denial

“Nowhere are we claiming that we will deliver 65% year-on-year growth forever for the next 5 years”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.