FSN E-Commerce Ventures Ltd
NYKAA NSE
FSN E-Commerce Ventures Ltd
Consumer Discretionary F&ONSE: NYKAA BSE: 543384 Retailing
FSN E-commerce Ventures Ltd. (FSNEV) popularly known as "Nykaa" is a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers. The company has a diverse portfolio of beauty, personal care, and fashion products, including owned brand products manufactured by it.[1]
AI Verdict: HOLD Confidence: 5%
Nykaa shows strong revenue growth at 26% TTM and impressive profit CAGR of 217% TTM, but trades at an extreme valuation of 428.6x PE and 60.6x book value with low ROE of 7.75% over 3 years. The risk-reward is unfavorable at current levels despite solid business momentum.
Key Fundamentals
MidcapEcommerceRetailMarket Cap
₹86,593 Cr
Volatility
High Risk
P/E Ratio
436.74
EBITDA
₹735 Cr
Return on Equity
1.78%
Debt to Equity
0.89
Book Value
₹5.02
EPS
₹0.14
52W High
₹309.75
52W Low
₹196.27
Technical Indicators
Key Insights
Strengths
1- Company has delivered good profit growth of 27.7% CAGR over last 5 years
Weaknesses
3- Stock is trading at 61.0 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 7.75% over last 3 years.
Growth Rate
Revenue Growth
25.64% ↗
Net Income Growth
161.52% ↗
Cash Flow Change
186552.00% ↗
ROE
61.00% ↗
ROCE
29.36% ↗
EBITDA Margin (Avg.)
16.40% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoHOLD
Risk high
Nykaa shows strong revenue growth at 26% TTM and impressive profit CAGR of 217% TTM, but trades at an extreme valuation of 428.6x PE and 60.6x book value with low ROE of 7.75% over 3 years. The risk-reward is unfavorable at current levels despite solid business momentum.
Bull Case 7
- Compounded sales growth of 25% CAGR over 3 years and 33% over 5 years demonstrates consistent top-line expansion in a large addressable market
- TTM profit growth of 217% signals a strong inflection point in profitability as the business achieves operating leverage
- Stock price CAGR of 50% over 1 year and 27% over 3 years reflects sustained investor confidence and momentum
- ROE improved sharply from 8% (3-year average) to 15% last year, indicating improving capital efficiency
- Market cap of Rs 87,395 crore positions Nykaa as a dominant pure-play beauty and fashion e-commerce platform in India with category leadership
- 47.83% of analysts (11 out of 23) rate the stock a Buy, representing the largest consensus bloc
- Compounded profit growth of 27.7% CAGR over 5 years confirms long-term earnings trajectory is intact despite earlier losses
Bear Case 8
- PE ratio of 428.6x is extraordinarily elevated, implying decades of perfect execution are already priced in
- Price-to-book of 60.6x is extreme even by growth stock standards, leaving minimal margin of safety
- 3-year average ROE of only 7.75% is below cost of equity, meaning the company is not generating adequate returns on shareholder capital
- Zero dividend yield with no payout despite reporting profits indicates shareholders receive no income return
- 21.74% of analysts (5 out of 23) rate the stock a Sell, representing meaningful bearish dissent
- 5-year ROE average of just 6% suggests profitability improvement is very recent and unproven over full business cycles
- At Rs 87,395 crore market cap, the stock needs to sustain 25%+ growth for many years just to justify current multiples on a DCF basis
- 30.43% of analysts (7 out of 23) recommend Hold, suggesting limited conviction in near-term upside even among non-bears
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Positives 2
- Targets $100 bn lifestyle TAM Jun 18
Nykaa outlined a $100 bn lifestyle consumer TAM by FY31, reporting FY26 GMV of ₹20,000 Cr and EBITDA margin of 7.5%, signaling profitable growth trajectory.
- Strategic partnership with OpenAI Jun 16
Nykaa announced a collaboration with OpenAI (ChatGPT maker), positioning the platform to leverage AI capabilities for its beauty and lifestyle e-commerce operations.
Neutral 3
- Trading window closed for Q1FY26 Jun 23
FSN E-Commerce shut its trading window from June 24, 2026 until 48 hours post Q1FY26 results to comply with insider trading regulations.
- Investor meets in London Jun 10
Nykaa will participate in J.P. Morgan Asia Pacific All Star Forum and IIFL's Invest India Conference in London from June 22-24, 2026.
- Shareholder vote for director reappointments May 28
Postal ballot initiated for re-appointment of four directors including Adwaita Nayar and Anchit Nayar, with e-voting open May 29 to June 27, 2026.
TL;DR: Nykaa is executing well on growth with FY26 GMV at ₹20,000 Cr and a healthy 7.5% EBITDA margin, while pursuing a large $100 bn TAM opportunity by FY31. The OpenAI partnership signals tech-forward ambitions. No material headwinds are visible in recent news flow, and the trend appears stable-to-improving heading into Q1FY26 results.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,302 | 1,422 | 1,507 | 1,789 | 1,668 | 1,746 | 1,875 | 2,267 | 2,062 | 2,155 | 2,346 | 2,873 | 2,648 |
| Expenses | 1,231 | 1,348 | 1,426 | 1,690 | 1,575 | 1,650 | 1,771 | 2,126 | 1,928 | 2,014 | 2,187 | 2,644 | 2,425 |
| Operating Profit | 71 | 73 | 81 | 99 | 93 | 96 | 104 | 141 | 133 | 141 | 159 | 230 | 223 |
| OPM % | 5% | 5% | 5% | 6% | 6% | 6% | 6% | 6% | 6% | 7% | 7% | 8% | 8% |
| Other Income | 10 | 7 | 9 | 8 | 7 | 7 | 5 | 6 | 9 | 9 | 7 | -10 | 9 |
| Interest | 19 | 19 | 21 | 22 | 21 | 21 | 24 | 32 | 30 | 30 | 31 | 29 | 26 |
| Depreciation | 53 | 52 | 55 | 58 | 60 | 60 | 64 | 70 | 73 | 76 | 79 | 81 | 84 |
| PBT | 9 | 10 | 13 | 26 | 20 | 22 | 21 | 45 | 40 | 44 | 55 | 110 | 122 |
| Tax % | 51% | 34% | 30% | 31% | 50% | 36% | 37% | 39% | 52% | 44% | 40% | 38% | 35% |
| Net Profit | 2 | 5 | 8 | 17 | 9 | 14 | 13 | 26 | 19 | 24 | 33 | 68 | 79 |
| EPS in Rs | 0.01 | 0.01 | 0.02 | 0.06 | 0.02 | 0.03 | 0.04 | 0.09 | 0.07 | 0.08 | 0.12 | 0.22 | 0.27 |
Profit & Loss
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 574 | 1,111 | 1,768 | 2,441 | 3,774 | 5,144 | 6,386 | 7,950 | 10,022 |
| Expenses | 601 | 1,091 | 1,685 | 2,283 | 3,610 | 4,887 | 6,039 | 7,475 | 9,270 |
| Operating Profit | -27 | 21 | 83 | 158 | 164 | 257 | 347 | 475 | 752 |
| OPM % | -5% | 2% | 5% | 6% | 4% | 5% | 5% | 6% | 8% |
| Other Income | 4 | 5 | 10 | 12 | 27 | 30 | 30 | 27 | 15 |
| Interest | 7 | 27 | 46 | 32 | 47 | 76 | 84 | 108 | 117 |
| Depreciation | 7 | 31 | 60 | 72 | 96 | 173 | 224 | 266 | 320 |
| PBT | -37 | -32 | -12 | 66 | 47 | 38 | 69 | 127 | 330 |
| Tax % | -25% | -23% | 31% | 7% | 13% | 35% | 37% | 42% | 38% |
| Net Profit | -28 | -25 | -16 | 62 | 41 | 21 | 40 | 72 | 204 |
| EPS in Rs | -3.47 | -2.87 | -1.9 | 6.82 | 0.14 | 0.07 | 0.11 | 0.23 | 0.7 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 15 | 15 | 47 | 285 | 286 | 286 | 286 |
| Reserves | 108 | 216 | 307 | 475 | 1,292 | 1,093 | 977 | 1,015 | 1,152 |
| Borrowings | 83 | 310 | 413 | 333 | 593 | 798 | 969 | 1,321 | 1,238 |
| Other Liabilities | 148 | 235 | 390 | 479 | 714 | 773 | 1,169 | 1,358 | 1,936 |
| Total Liabilities | 353 | 776 | 1,124 | 1,302 | 2,646 | 2,950 | 3,401 | 3,980 | 4,611 |
| Fixed Assets | 34 | 140 | 227 | 231 | 483 | 699 | 668 | 835 | 1,008 |
| CWIP | 0 | 0 | 2 | 2 | 24 | 31 | 30 | 37 | 9 |
| Investments | 10 | 138 | 4 | 1 | 0 | 38 | 34 | 0 | 0 |
| Other Assets | 308 | 497 | 892 | 1,067 | 2,138 | 2,182 | 2,668 | 3,108 | 3,594 |
| Total Assets | 353 | 776 | 1,124 | 1,302 | 2,646 | 2,950 | 3,401 | 3,980 | 4,611 |
Cash Flow
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating | -79 | -100 | 6 | 133 | -354 | -140 | 0 | 467 | 644 |
| Investing | 31 | -162 | 15 | -130 | -603 | 140 | -10 | -205 | -159 |
| Financing | 82 | 236 | 69 | -38 | 927 | 5 | 44 | -212 | -433 |
| Net Cash Flow | 33 | -26 | 90 | -34 | -30 | 4 | 34 | 49 | 52 |
| Free Cash Flow | -106 | -135 | -40 | 91 | -448 | -348 | -110 | 339 | 493 |
| CFO/OP | 298 | -478 | 13 | 92 | -172 | -18 | 38 | 111 | 104 |
Ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 45 | 19 | 20 | 11 | 9 | 12 | 14 | 11 | 11 |
| Inventory Days | 114 | 135 | 160 | 122 | 150 | 128 | 119 | 116 | 109 |
| Days Payable | 123 | 100 | 113 | 77 | 62 | 34 | 39 | 52 | 49 |
| Cash Conversion Cycle | 35 | 54 | 68 | 56 | 97 | 106 | 94 | 75 | 71 |
| Working Capital Days | 0 | -16 | -5 | 3 | 67 | 40 | 10 | 14 | 4 |
| ROCE % | — | -1% | 5% | 13% | 7% | 6% | 7% | 10% | 17% |
Documents
1
Announcement under Regulation 30 (LODR)-Credit Rating
8 May - CRISIL reaffirmed Nykaa’s long-term rating at A/Stable on Rs.178 crore bank facilities on May 8, 2026. 8 May - CRISIL reaffirmed Nykaa’s long-term rating at A/Stable on Rs.178 crore bank facilities on May 8, 2026.
2
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
8 May - Allotment of 1,25,500 Equity shares pursuant to the exercise of vested stock options by the employees under the Employees Stock Options schemes of the Company 8 May - Allotment of 1,25,500 Equity shares pursuant to the exercise of vested stock options by the employees under the Employees Stock Options schemes of the Company
3
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
16 Apr - Allotment of 1,55,000 Equity shares pursuant to the exercise of vested stock options by the employees under the Employee Stock Options schemes of the Company 16 Apr - Allotment of 1,55,000 Equity shares pursuant to the exercise of vested stock options by the employees under the Employee Stock Options schemes of the Company
4
Nykaa - Quarterly Revenue Update - Q4 FY2026
6 Apr - Nykaa Q4 FY2026 update: GMV late twenties, NSV early thirties, 26 new stores; 313 total. 6 Apr - Nykaa Q4 FY2026 update: GMV late twenties, NSV early thirties, 26 new stores; 313 total.
5
Reply To Clarification Sought With Reference To News Appearing In Https://Economictimes.Indiatimes.Com/ Dated April 6, 2026 Quoting "Nykaa In Talks To Buy Majority Stake In Deepika Padukone''s Skincare Brand 82°E"
6 Apr - Nykaa confirms ongoing talks on 82°E stake; no deal announced. 6 Apr - Nykaa confirms ongoing talks on 82°E stake; no deal announced.
Frequently Asked Questions about FSN E-Commerce Ventures Ltd
What does FSN E-Commerce Ventures Ltd do?
FSN E-commerce Ventures Ltd. (FSNEV) popularly known as "Nykaa" is a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers. The company has a diverse portfolio of beauty, personal care, and fashion products, including owned brand product...
Where is FSN E-Commerce Ventures Ltd (NYKAA) listed?
FSN E-Commerce Ventures Ltd is listed on the Indian stock exchanges. It is listed on NSE: NYKAA and BSE: 543384. You can view its live share price, financials, and ratios on Tapetide.
Which sector does FSN E-Commerce Ventures Ltd belong to?
FSN E-Commerce Ventures Ltd operates in the Consumer Discretionary sector within the Retailing industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of FSN E-Commerce Ventures Ltd?
FSN E-Commerce Ventures Ltd has a market capitalisation of approximately ₹86593.19 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of FSN E-Commerce Ventures Ltd?
The Price-to-Earnings (PE) ratio of FSN E-Commerce Ventures Ltd is 436.74. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of FSN E-Commerce Ventures Ltd?
Over the past 52 weeks, FSN E-Commerce Ventures Ltd has traded between a low of ₹196.27 and a high of ₹309.75. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of FSN E-Commerce Ventures Ltd?
FSN E-Commerce Ventures Ltd has a Return on Equity (ROE) of 1.78%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research FSN E-Commerce Ventures Ltd on Tapetide?
On Tapetide, you can view FSN E-Commerce Ventures Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
FSN E-commerce Ventures Ltd. (FSNEV) popularly known as "Nykaa" is a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers. The company has a diverse portfolio of beauty, personal care, and fashion products, including owned brand products manufactured by it.[1]