Please find enclosed the Transcript of Analyst / Investor Meet held on May 21, 2026.

AI summary - Q4FY26 net revenue grew 28% y-y to INR 2,648 Cr; EBITDA margin 8.4%, PAT margin 3%, PAT grew 313% y-y - FY26 net revenue INR 10,000 Cr (+26% y-y), EBITDA margin 7.5%, PAT margin 2%, PAT grew 183% y-y - Beauty vertical FY26 GMV INR 15,000 Cr (+27%), EBITDA margin 9.6%; Q4 EBITDA margin 10.3% - Fashion FY26 GMV INR 5,000 Cr (+30%), NSV INR 1,447 Cr (+30%), Q4 EBITDA positive at 0.3% - House of Nykaa GMV INR 3,176 Cr (+50%), Dot & Key brand grew 13x in 3 years - Customer base: 45m monthly active visitors, 19.7m transacted annually; strong new customer acquisition - AI-driven marketing efficiencies improved customer acquisition and personalization - FY26 ROCE improved to 21.2%, working capital days reduced to 28 - Nykaa Now rapid delivery network covers 7 metros with 75-80 stores, plans to increase marketing in FY27 - Management cautious on inflation and currency impact but optimistic on AI benefits and growth sustainability