FSN E-Commerce Ventures Ltd
NYKAA NSE
FSN E-Commerce Ventures Ltd
Retail F&ONSE: NYKAA BSE: 543384 Ecommerce
Key Fundamentals
MidcapEcommerceRetailMarket Cap
₹93,074 Cr
Volatility
Moderate
P/E Ratio
360.22
EBITDA
₹785 Cr
Return on Equity
13.58%
Debt to Equity
0.86
Book Value
₹5.02
EPS
₹0.14
52W High
₹348
52W Low
₹215.59
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view FSN E-Commerce Ventures Ltd insights
51 extracted metrics + investor summaries across FY17–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
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 65.1 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
26.05% ↗
Net Income Growth
176.66% ↗
Cash Flow Change
38.08% ↗
ROE
147.36% ↗
ROCE
86.99% ↗
EBITDA Margin (Avg.)
24.36% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk high
FSN E-Commerce Ventures (Nykaa) commands a market cap of ₹95,108 Cr at a PE of 362.6x and PB of 65.7x, reflecting premium valuations. The company has delivered TTM revenue growth of 27% and TTM profit growth of 234%, while ROE has improved from a 3-year average of 8% to 15% in the last year.
Bull Case 7
- TTM revenue growth of 27% demonstrates sustained top-line momentum in India's underpenetrated beauty and personal care e-commerce market
- TTM profit growth of 234% signals a significant inflection point in profitability and operating leverage
- Compounded sales CAGR of 33% over 5 years reflects consistent long-term demand trajectory
- ROE has nearly doubled from 8% (3-year average) to 15% in the last year, indicating improving capital efficiency
- Compounded profit CAGR of 122% over 3 years shows accelerating earnings growth
- Stock CAGR of 54% over 1 year reflects strong market confidence in the growth narrative
- 5-year profit CAGR of 27.7% demonstrates the company's ability to grow earnings over a longer cycle
Bear Case 8
- PE ratio of 362.6x is extremely elevated, leaving minimal margin of safety if growth decelerates
- Price-to-book of 65.7x implies the stock trades at an extraordinary premium to its net asset value
- Zero dividend yield despite reporting repeated profits indicates no capital return to shareholders
- 3-year average ROE of just 8% is low for a company commanding such premium valuations
- 5-year average ROE of only 6% suggests historically weak returns on shareholder equity
- At current PE of 362.6x, even the strong 27% TTM revenue growth implies the stock prices in many years of flawless execution
- Stock CAGR of 35% over 3 years versus 3-year sales CAGR of 25% suggests valuation expansion has outpaced fundamental growth
- No dividend payout policy despite profitability means shareholders rely entirely on capital appreciation for returns
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 18h ago Positives 3
- PAT surges 226% YoY in Q1 Aug 5
Consolidated net profit jumped to ₹79.76 crore in Q1FY27 from ₹24.47 crore YoY. Total income rose to ₹2,791.31 crore driven by strong top-line growth across segments.
- Acquires 51% stake in Aminu Aug 4
Board approved acquiring 51% stake in skincare brand Aminu for up to ₹32 crore, expanding Nykaa's owned-brand portfolio in the beauty segment.
- Ex-Swiggy COO joins Nykaa Jul 28
Ankit Jain, former COO of Swiggy's Instamart quick commerce vertical, has joined Nykaa, adding senior leadership experience to the team.
Neutral 4
- Q4FY26 earnings call released Aug 4
FSN E-Commerce released audio and video recordings of its analyst conference call held on August 4, 2026 discussing Q4FY26 financial results.
- AGM scheduled for Aug 25 Aug 1
14th AGM set for August 25, 2026 with votes on appointing Walker Chandiok & Co. LLP as statutory auditors and re-electing directors Sanjay Nayar and Milan Khakhar.
- Walker Chandiok appointed auditor Jul 23
Walker Chandiok & Co LLP appointed as statutory auditors for five years, succeeding S.R. Batliboi & Associates LLP.
- Q1FY27 earnings call on Aug 4 Jul 27
Company scheduled analyst and institutional investor earnings call for August 4, 2026 to discuss quarter ended June 30, 2026.
TL;DR: Nykaa delivered a strong Q1FY27 with PAT up 226% YoY to ₹79.76 crore and revenue growth to ₹2,791 crore, signaling improving profitability. The Aminu acquisition and a senior hire from Swiggy reflect strategic expansion in beauty and leadership depth. No material headwinds are visible in recent news flow. The trend is clearly improving with profitability inflecting upward, though sustaining this growth rate will be the key watch area.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,422 | 1,507 | 1,789 | 1,668 | 1,746 | 1,875 | 2,267 | 2,062 | 2,155 | 2,346 | 2,873 | 2,648 | 2,782 |
| Expenses | 1,348 | 1,426 | 1,690 | 1,575 | 1,650 | 1,771 | 2,126 | 1,928 | 2,014 | 2,187 | 2,644 | 2,425 | 2,546 |
| Operating Profit | 73 | 81 | 99 | 93 | 96 | 104 | 141 | 133 | 141 | 159 | 230 | 223 | 236 |
| OPM % | 5% | 5% | 6% | 6% | 6% | 6% | 6% | 6% | 7% | 7% | 8% | 8% | 8% |
| Other Income | 7 | 9 | 8 | 7 | 7 | 5 | 6 | 9 | 9 | 7 | -10 | 9 | 9 |
| Interest | 19 | 21 | 22 | 21 | 21 | 24 | 32 | 30 | 30 | 31 | 29 | 26 | 27 |
| Depreciation | 52 | 55 | 58 | 60 | 60 | 64 | 70 | 73 | 76 | 79 | 81 | 84 | 89 |
| PBT | 10 | 13 | 26 | 20 | 22 | 21 | 45 | 40 | 44 | 55 | 110 | 122 | 129 |
| Tax % | 34% | 30% | 31% | 50% | 36% | 37% | 39% | 52% | 44% | 40% | 38% | 35% | 38% |
| Net Profit | 5 | 8 | 17 | 9 | 14 | 13 | 26 | 19 | 24 | 33 | 68 | 79 | 80 |
| EPS in Rs | 0.01 | 0.02 | 0.06 | 0.02 | 0.03 | 0.04 | 0.09 | 0.07 | 0.08 | 0.12 | 0.22 | 0.27 | 0.28 |
Profit & Loss
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 574 | 1,111 | 1,768 | 2,441 | 3,774 | 5,144 | 6,386 | 7,950 | 10,022 | 10,649 |
| Expenses | 601 | 1,091 | 1,685 | 2,283 | 3,610 | 4,887 | 6,039 | 7,475 | 9,269 | 9,802 |
| Operating Profit | -27 | 21 | 83 | 158 | 164 | 257 | 347 | 475 | 753 | 848 |
| OPM % | -4.6% | 1.9% | 4.7% | 6% | 4.3% | 5% | 5% | 6% | 8% | 8% |
| Other Income | 4 | 5 | 10 | 12 | 27 | 30 | 30 | 27 | 15 | 15 |
| Interest | 7 | 27 | 46 | 32 | 47 | 76 | 84 | 108 | 118 | 114 |
| Depreciation | 7 | 31 | 60 | 72 | 96 | 173 | 224 | 266 | 320 | 334 |
| PBT | -37 | -32 | -12 | 66 | 47 | 38 | 69 | 127 | 330 | 416 |
| Tax % | -25% | -23% | 31% | 7% | 13% | 35% | 37% | 42% | 38% | — |
| Net Profit | -28 | -25 | -16 | 62 | 41 | 21 | 40 | 72 | 204 | 259 |
| EPS in Rs | -3.47 | -2.87 | -1.9 | 6.82 | 0.14 | 0.07 | 0.11 | 0.23 | 0.7 | 0.89 |
| 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 | 103 |
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 Retail sector within the Ecommerce 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 ₹93074.28 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 360.22. 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 ₹215.59 and a high of ₹348. 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 13.58%. 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]