FSN E-Commerce Ventures Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Beauty: 91.2% • Fashion: 8.3% • Others: 0.5%
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Company has delivered good profit growth of 27.0% CAGR over last 5 years
- Latest quarter profit grew 226.0% YoY, showing strong momentum
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 32.6% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.46x)
CONS
- Company has a low return on equity of 8.2% over last 3 years
- Stock is trading at 48.1x its book value
- Though reporting repeated profits, the company pays out little dividend (0.0%)
- Expensive relative to growth - PEG of 3.8
- Rich enterprise valuation - EV/EBITDA of 86.2x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ETERNAL | 323.00 | 719.88 | 311706.33 | 0.00 | 92.00 | 268.00 | 20211.00 | 182.00 | 3.29 | 2.94 |
| MEESHO | 216.60 | 70.11 | 100203.94 | 0.00 | -1328.35 | -359.07 | 37128.11 | 1382.83 | -41.16 | -6.05 |
| NYKAA | 343.20 | 383.80 | 98302.60 | 0.00 | 79.76 | 225.95 | 2782.00 | 29.10 | 20.15 | 8.48 |
| SWIGGY | 277.90 | 0.00 | 76709.11 | 0.00 | -791.00 | 33.92 | 6812.00 | 37.31 | -27.59 | -9.56 |
| INDIAMART | 1698.15 | 20.70 | 10213.21 | 3.53 | 172.20 | 12.18 | 414.40 | 11.37 | 28.39 | 31.83 |
| SHIPROCKET | 134.05 | 0.00 | 9753.18 | 0.00 | -137.14 | — | 5920.87 | — | -3.02 | -1.84 |
| FIRSTCRY | 168.60 | 69.07 | 8802.45 | 0.00 | -43.95 | 33.91 | 2106.23 | 13.08 | -0.20 | 2.83 |
| IBULLSLTD | 25.89 | 14.41 | 6038.08 | 0.00 | 1410.20 | 53516.67 | 3594.50 | — | 0.00 | 42.82 |
| MSTCLTD | 738.05 | 22.18 | 5195.87 | 2.13 | 58.22 | 37.50 | 94.24 | 21.71 | 30.28 | 61.36 |
| ISFT | 79.38 | 9.44 | 129.48 | 0.00 | 4.54 | 10.85 | 139.63 | 8.25 | 6.12 | 3.50 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 1,348 | 1,426 | 1,690 | 1,575 | 1,650 | 1,771 | 2,126 | 1,928 | 2,014 | 2,187 | 2,644 | 2,425 | 2,662 | |
| Operating Profit | 73 | 81 | 99 | 93 | 96 | 104 | 141 | 133 | 141 | 159 | 230 | 223 | 120 |
| OPM % | 5.17% | 5.35% | 5.52% | 5.59% | 5.50% | 5.53% | 6.21% | 6.47% | 6.53% | 6.78% | 8.00% | 8.42% | 4.31% |
| 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 |
| Profit before Tax | 10 | 13 | 26 | 20 | 22 | 21 | 45 | 40 | 44 | 55 | 110 | 122 | 129 |
| Tax % | 33.57% | 29.94% | 31.18% | 50.20% | 35.51% | 36.78% | 39.47% | 51.83% | 44.02% | 40.45% | 38.20% | 35.20% | 38.25% |
| Net Profit | 0 | 0 | 0 | 0 | 14 | 13 | 26 | 19 | 24 | 33 | 68 | 79 | 80 |
| 0.02 | 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
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 1,159 | 1,768 | 2,441 | 3,774 | 5,144 | 6,386 | 7,950 | 10,022 | 10,649 | |
| 1,134 | 1,682 | 2,283 | 3,612 | 4,887 | 6,039 | 7,476 | 9,269 | 9,918 | |
| Operating Profit | 25 | 86 | 158 | 162 | 257 | 347 | 474 | 753 | 731 |
| OPM % | 2.15% | 4.85% | 6.48% | 4.29% | 5.00% | 5.43% | 5.96% | 7.51% | 6.87% |
| 5 | 11 | 12 | 29 | 30 | 30 | 28 | 15 | 15 | |
| Interest | 27 | 46 | 32 | 47 | 76 | 84 | 108 | 118 | 114 |
| Depreciation | 35 | 65 | 72 | 96 | 173 | 224 | 266 | 320 | 334 |
| Profit before Tax | -31 | -15 | 66 | 47 | 38 | 69 | 127 | 330 | 416 |
| Tax % | 15.53% | -58.25% | 6.77% | 12.72% | 35.35% | 36.67% | 42.17% | 38.24% | 37.64% |
| Net Profit | -26 | -23 | 62 | 41 | 25 | 44 | 74 | 204 | 259 |
| EPS | -19.08 | -16.11 | 1.33 | 0.87 | 0.07 | 0.11 | 0.23 | 0.70 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 33%
- 3 Years:
- 25%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 27%
- 3 Years:
- 118%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 33%
- 1 Year:
- 45%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 6%
- 3 Years:
- 8%
- Last Year:
- 15%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 15 | 15 | 47 | 285 | 286 | 286 | 286 |
| Minority Interest | 0 | 1 | 1 | 6 | 14 | 19 | 41 | 64 |
| 212 | 297 | 466 | 1,277 | 1,076 | 948 | 978 | 1,115 | |
| 310 | 398 | 295 | 659 | 810 | 911 | 1,289 | 1,017 | |
| Trade Payables | 189 | 313 | 316 | 362 | 265 | 387 | 635 | 732 |
| 9 | 60 | 131 | 180 | 311 | 582 | 492 | 1,128 | |
| Total Liabilities | 735 | 1,083 | 1,224 | 2,531 | 2,762 | 3,132 | 3,722 | 4,343 |
| 149 | 231 | 231 | 483 | 699 | 668 | 835 | 1,008 | |
| Capital Work in Progress | 0 | 1 | 2 | 10 | 2 | 6 | 3 | 9 |
| 138 | 4 | 1 | 0 | 38 | 34 | 0 | 0 | |
| 245 | 450 | 498 | 876 | 1,005 | 1,192 | 1,418 | 1,642 | |
| 0 | 0 | 0 | 0 | 0 | 242 | 247 | 289 | |
| Cash & Bank | 12 | 176 | 248 | 267 | 149 | 240 | 217 | 320 |
| 191 | 221 | 244 | 895 | 869 | 750 | 1,002 | 1,074 | |
| Total Assets | 735 | 1,083 | 1,224 | 2,531 | 2,762 | 3,132 | 3,722 | 4,343 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| -34 | 19 | 146 | -282 | -45 | 0 | 467 | 644 | |
| Cash from Investing | -245 | 2 | -130 | -603 | 140 | -10 | -205 | -159 |
| Cash from Financing | 110 | 73 | -38 | 927 | 5 | 44 | -212 | -433 |
| -169 | 90 | -34 | -30 | 4 | 34 | 49 | 52 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - FSN E Commerce Ventures Limited has informed the Exchange about the ESG Rating
2026-09-05 - FSN E Commerce Ventures Limited has informed the Exchange regarding Allotment of 180870 Equity Shares pursuant to exercise of vested stock options by employees under the Employee Stock Option Schemes of the Company.
2026-09-05 - FSN E Commerce Ventures Limited has informed the Exchange about Completion of transaction for further increase in shareholding in Earth Rhythm Private Limited ( Earth Rhythm ), a subsidiary of the Company
2026-08-26 - FSN E Commerce Ventures Limited has submitted the Exchange a copy Srutinizers' Report and Voting Results of 14th Annual General Meeting held on August 25, 2026.
2026-08-25 - FSN E Commerce Ventures Limited has informed the Exchange regarding Proceedings of 14th Annual General Meeting held on August 25, 2026.
2026-08-25 - FSN E Commerce Ventures Limited has informed the Exchange about the Presentation made at 14th Annual General Meeting (AGM) of the Company.
2026-08-25 - FSN E Commerce Ventures Limited has informed the Exchange about the Chairperson s Speech delivered at the 14th Annual General Meeting held on August 25, 2026.
2026-08-12 - FSN E Commerce Ventures Limited has informed the Exchange regarding 'Redemption of Unlisted, Unsecured, Unrated, Redeemable, Non-Convertible Debentures ( NCDs ) by Nykaa E-Retail Limited, a wholly owned subsidiary of the Company.'
2026-08-09 - FSN E Commerce Ventures Limited has informed the Exchange regarding Allotment of 226200 Shares pursuant to the exercise of vested stock options by the employees under Employee Stock Option Schemes of the Company.
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