Nykaa
Nykaa
Retail F&OKey Fundamentals
MidcapEcommerceRetailTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has delivered good profit growth of 27.7% CAGR over last 5 years
Weaknesses
3- Stock is trading at 64.7 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
AI Analysis — Bull vs Bear
FSN E-Commerce Ventures (Nykaa) has a market cap of about ₹95,165 Cr. Sales have grown at a 25% CAGR over 3 years and 27% TTM, and profit growth has sped up to 122% (3-year CAGR) and 234% (TTM). The stock trades at 365.9x earnings and 66.34x book value. Return on equity is 15% for the last year and 8% on a 3-year basis, and the company pays no dividend.
- Revenue growth has been steady at scale: 33% CAGR over 5 years, 25% over 3 years and 27% TTM. Demand for the platform does not appear to be slowing.
- Profit growth has sped up sharply to 234% TTM and a 122% 3-year CAGR, compared with 28% over 5 years. This suggests operating leverage is starting to show as the business grows.
- ROE has improved to 15% in the last year, from a 3-year average of 8% and a 5-year average of 6%. Capital efficiency is trending up.
- Profit has grown at a 27.7% CAGR over 5 years, so the company has a multi-year record of profitable growth rather than a single strong year.
- The stock has returned a 45% CAGR over 1 year and 31% over 3 years. The market has been rewarding the improving earnings trend.
- TTM profit growth of 234% is far above TTM sales growth of 27%. This implies margins are expanding. If that continues, earnings could grow into the current 365.9x P/E faster than sales growth alone would suggest.
- Its ₹95,165 Cr market cap makes it one of the largest listed consumer internet and retail platforms in India. That gives it scale advantages with brands, logistics and customer acquisition.
- A P/E of 365.9x implies TTM earnings of only about ₹260 Cr against a ₹95,165 Cr market cap. The valuation already assumes many years of very high earnings growth.
- A P/B of 66.34x implies book value of roughly ₹1,435 Cr. That is a very large premium to net assets and leaves little cushion if growth disappoints.
- The 3-year average ROE is low at about 7.75%, and the 5-year average is 6%. Historical returns on capital have been below typical cost-of-equity levels.
- TTM profit growth of 234% and the 122% 3-year CAGR come off a small earnings base. Growth rates like these usually slow sharply as the base grows and become harder to sustain.
- The dividend yield is 0% even though the company reports profits, so shareholders get no cash return. All returns depend on future price appreciation.
- After a 45% 1-year stock CAGR, the stock's gains have outrun its 27% TTM sales growth, and the valuation multiple has expanded. The share price may be sensitive to any quarterly miss.
- Last year's ROE of 15% is a single-year figure well above the 3-year (8%) and 5-year (6%) averages. It has not yet been shown to hold across periods.
- Key data points such as debt-to-equity, ROCE and EPS are not available in the dataset. This limits a full assessment of balance sheet and capital efficiency risks.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- L'Oréal BOLD fund partnership Sep 24
Nykaa and L'Oréal's BOLD fund will jointly take minority stakes in Indian beauty brands and offer mentorship and global expertise, while founders keep control. The tie-up gives Nykaa early access to emerging brands backed by a global beauty major.
- Earth Rhythm stake raised 24.2% Sep 5
Nykaa completed the purchase of an additional 24.2% equity stake in its subsidiary Earth Rhythm Private Limited on September 5, 2026. The board had approved the deal in May. The move deepens Nykaa's ownership of its in-house D2C beauty portfolio.
- 51% Aminu Wellness acquisition Sep 24
FSN E-Commerce Ventures finalized a 51% stake in Aminu Wellness on September 24, 2026, making it a subsidiary. The deal value and its effect on financials were not disclosed, so the near-term impact is unclear.
TL;DR: Nykaa is steadily building out its beauty and wellness ecosystem. It raised its Earth Rhythm stake by 24.2%, took majority control of Aminu Wellness, and formed a brand-incubation partnership with L'Oréal's BOLD fund. The news contains no direct headwinds, but deal values were not disclosed, and spreading capital across several small acquisitions brings integration and profitability risk. The strategic trend is improving, and the next quarterly results should show whether these owned-brand bets are adding to margins and growth.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY17–FY27.
Documents
Frequently Asked Questions about Nykaa
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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]
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