FSN E-Commerce Ventures Ltd.

•

nykaa.comBSE: 543384NSE: NYKAA

Market Cap₹ 98,303 Cr.

Current Price

High / Low₹ 350 / 228

Stock P/E383.8

Book Value₹ 5

Price to Book48.05

Dividend Yield0.00 %

ROCE20.2 %

ROE15.3 %

Face Value₹ 1

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Beauty: 91.2% • Fashion: 8.3% • Others: 0.5%

AI Sector View

AI GENERATED

Consumer Services

Buy

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.

Confidence

73%

View full sector analysis →

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

Consumer ServicesRetailinge-Commerce

Part ofNIFTYM150MOMNTM50 NIFTY ALPHA 50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100

S.No.	Name
1.	ETERNAL	323.00	719.88	311706.33	0.00	92.00	268.00	20211.00	182.00	3.29	2.94
2.	MEESHO	216.60	70.11	100203.94	0.00	-1328.35	-359.07	37128.11	1382.83	-41.16	-6.05
3.	NYKAA	343.20	383.80	98302.60	0.00	79.76	225.95	2782.00	29.10	20.15	8.48
4.	SWIGGY	277.90	0.00	76709.11	0.00	-791.00	33.92	6812.00	37.31	-27.59	-9.56
5.	INDIAMART	1698.15	20.70	10213.21	3.53	172.20	12.18	414.40	11.37	28.39	31.83
6.	SHIPROCKET	134.05	0.00	9753.18	0.00	-137.14	—	5920.87	—	-3.02	-1.84
7.	FIRSTCRY	168.60	69.07	8802.45	0.00	-43.95	33.91	2106.23	13.08	-0.20	2.83
8.	IBULLSLTD	25.89	14.41	6038.08	0.00	1410.20	53516.67	3594.50	—	0.00	42.82
9.	MSTCLTD	738.05	22.18	5195.87	2.13	58.22	37.50	94.24	21.71	30.28	61.36
10.	ISFT	79.38	9.44	129.48	0.00	4.54	10.85	139.63	8.25	6.12	3.50

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.20	52.18	52.16	52.16	52.14	52.12	52.10	52.09	52.08
	10.48	10.13	9.05	8.83	11.63	12.54	12.15	12.40	13.73
	18.29	21.83	23.56	25.20	23.64	24.99	25.36	25.35	24.08
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	19.03	15.84	15.23	13.80	12.58	10.36	10.41	10.16	10.12

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Credit Rating- Others

2026-09-11 - FSN E Commerce Ventures Limited has informed the Exchange about the ESG Rating

2026-09-05

ESOP/ESOS/ESPS

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

General Updates

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

Shareholders meeting

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

Shareholders meeting

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

General Updates

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

General Updates

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

Updates

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

ESOP/ESOS/ESPS

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.

News

Recent coverage and analyst commentary for NYKAA

Loading news…

🤖

AI Stock Analyst

FSN E-Commerce Ventures Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account

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

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

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%

-10

Interest

Depreciation

Profit before Tax

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

0.02

0.06

0.02

0.03

0.04

0.09

0.07

0.08

0.12

0.22

0.27

0.28

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

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%

Interest

108

118

114

Depreciation

173

224

266

320

334

Profit before Tax

-31

-15

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

204

259

EPS

-19.08

-16.11

1.33

0.87

0.07

0.11

0.23

0.70

—

Dividend Payout %

0.00%

—

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

285

286

Minority Interest

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

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

483

699

668

835

1,008

Capital Work in Progress

138

245

450

498

876

1,005

1,192

1,418

1,642

242

247

289

Cash & Bank

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

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-34

146

-282

-45

467

644

Cash from Investing

-245

-130

-603

140

-10

-205

-159

Cash from Financing

110

-38

927

-212

-433

-169

-34

-30

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

52.20

52.18

52.16

52.14

52.12

52.10

52.09

52.08

10.48

10.13

9.05

8.83

11.63

12.54

12.15

12.40

13.73

18.29

21.83

23.56

25.20

23.64

24.99

25.36

25.35

24.08

Government

0.00

19.03

15.84

15.23

13.80

12.58

10.36

10.41

10.16

10.12

FSN E-Commerce Ventures Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

FSN E-Commerce Ventures Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI