Shares of FSN E-Commerce Ventures, the parent company behind Nykaa, made a solid leap on January 6, climbing 5.3% to hit ₹176.60, marking a two-week high. The upbeat move comes after the company dropped its Q3 FY25 update, and it’s clear that investors are loving what they see. Here’s the breakdown: FSN reported solid numbers for Q3, with net revenue growth expected to outpace GMV growth. This is a good sign of how well the company is translating gross merchandise value into real money. The beauty business is where the action is, showing strong momentum across e-commerce, retail stores, owned brands, and its expanding eB2B distribution arm. The beauty vertical alone should see a GMV jump in the low thirties, while net revenue growth comes in stronger than the mid-twenties. The eB2B side—Superstore by Nykaa—continues to expand fast, servicing 260,000 retailers in over 1,100 cities. That’s a 1% growth in its GMV share from the same time last year, and it’s only gaining steam. Over in fashion, things aren’t as hot right now, but the company expects net revenue growth of about 20%. Despite the cooling demand for online fashion, Nykaa remains bullish long-term. Looking ahead, Nykaa’s beauty business will keep its lead, with the company eyeing over 30% market share and significant growth by FY29. Fashion, though smaller, is expected to see its slice of the pie grow to 21% by then. FSN also has its eyes set on GCC markets after launching “Nysaa” last March. The region’s high consumption rates and rapid growth give Nykaa a prime opportunity to leverage its Indian success and scale up profitability. In short, FSN’s numbers paint a promising picture for the future. As long as they keep riding the beauty wave and strategically expand, this stock could be worth watching closely.