FSN E-Commerce Ventures Ltd
NYKAA NSE
FSN E-Commerce Ventures Ltd
Retail F&ONSE: NYKAA BSE: 543384 Ecommerce
Key Fundamentals
MidcapEcommerceRetailMarket Cap
₹93,962 Cr
Volatility
Moderate
P/E Ratio
372.08
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
₹202.64
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 65.3 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 5d agoAI opinion · based on fundamentals
Risk high
FSN E-Commerce Ventures (Nykaa) has a market cap of ₹95,036 Cr with TTM sales growth of 27% and TTM profit growth of 234%, but trades at a PE of 368.9x and 66.87x book value while generating a 3-year average ROE of approximately 8%.
Bull Case 7
- TTM revenue growth of 27% indicates sustained top-line momentum in a large addressable beauty and personal care market
- TTM profit growth of 234% signals a sharp inflection in profitability and operating leverage kicking in
- 3-year compounded profit CAGR of 122% demonstrates rapid earnings scaling from a low base
- 5-year compounded sales CAGR of 33% reflects consistent demand expansion across BPC and fashion verticals
- Last year ROE improved to 15%, nearly double the 3-year average of 8%, suggesting improving capital efficiency
- 1-year stock CAGR of 58% reflects market recognition of improved fundamentals and category leadership
- Zero debt-related stress with a dividend yield of 0% indicating the company is reinvesting all profits back into growth
Bear Case 8
- PE ratio of 368.9x is extremely elevated relative to both retail sector averages and broader market multiples
- Price-to-book of 66.87x implies the stock is trading at a massive premium to tangible asset value
- 3-year average ROE of only 8% is modest for a company commanding such premium valuations
- 5-year ROE average of 6% shows historically weak return generation on shareholder equity
- Zero dividend yield despite repeated profitability means shareholders rely entirely on capital appreciation
- 5-year compounded profit CAGR of 28% is far more modest than recent TTM growth of 234%, suggesting recent earnings may be base-effect driven
- 3-year stock CAGR of 31% compared to 1-year CAGR of 58% indicates much of the return is back-loaded and recent, raising sustainability questions
- At ₹95,036 Cr market cap with a PE of 368.9x, any earnings disappointment could trigger sharp de-rating
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 4h ago Positives 3
- PAT surges 226% YoY in Q1 Aug 5
Consolidated net profit jumped to ₹79.76 crore from ₹24.47 crore YoY, with total income rising to ₹2,791.31 crore driven by strong top-line growth.
- 51% stake in skincare brand Aminu Aug 4
Board approved acquiring 51% stake in skincare brand Aminu for up to ₹32 crore, expanding Nykaa's owned beauty portfolio.
- Ex-Swiggy Instamart COO joins Nykaa Jul 28
Ankit Jain, former COO of Swiggy's Instamart quick commerce vertical, has joined Nykaa, strengthening the leadership bench.
Neutral 4
- Q4FY26 earnings call recording released Aug 4
Audio and video recordings of the analyst conference call held on August 4, 2026 discussing Q4FY26 results were made available.
- 14th AGM scheduled for Aug 25 Aug 1
Shareholders to vote on appointing Walker Chandiok & Co. LLP as statutory auditors and re-electing directors Sanjay Nayar and Milan Khakhar.
- Walker Chandiok appointed as auditor Jul 23
Walker Chandiok & Co LLP appointed statutory auditors for five years, succeeding S.R. Batliboi & Associates LLP.
- Q1FY27 earnings call on Aug 4 Jul 27
FSN E-Commerce scheduled an analyst and institutional investor conference call for August 4, 2026 to discuss June quarter results.
TL;DR: Nykaa delivered a strong Q1 with 226% YoY profit growth and healthy revenue momentum in the beauty segment. The Aminu acquisition signals continued investment in owned brands. No material headwinds emerged this period, and the hiring of senior leadership from Swiggy suggests operational scaling ambitions. The trend is clearly improving with profitability inflecting upward.
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 ₹93962.07 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 372.08. 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 ₹202.64 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]