FSN E-Commerce Ventures Ltd
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]
- Market Cap ₹ 70,358 Cr.
- Current Price ₹ 246
- High / Low ₹ 268 / 155
- Stock P/E 1,095
- Book Value ₹ 0.00
- Dividend Yield 0.00 %
- ROCE 6.25 %
- ROE 6.10 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
- Debtor days have improved from 90.5 to 41.5 days.
Cons
- Company has a low return on equity of 5.99% over last 3 years.
- Earnings include an other income of Rs.159 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Consumer Services Retailing E-Retail/ E-Commerce
Part of BSE 500 BSE 200 BSE Dollex 200 Nifty 500 BSE MidCap
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 27 | 102 | 204 | 146 | 188 | 275 | 313 | 420 | 367 | |
| 42 | 113 | 201 | 149 | 171 | 313 | 388 | 460 | 417 | |
| Operating Profit | -16 | -11 | 4 | -3 | 17 | -38 | -75 | -40 | -51 |
| OPM % | -58% | -11% | 2% | -2% | 9% | -14% | -24% | -10% | -14% |
| 6 | 17 | 30 | 60 | 116 | 129 | 185 | 157 | 159 | |
| Interest | 0 | 3 | 5 | 4 | 6 | 8 | 7 | 8 | 9 |
| Depreciation | 1 | 4 | 7 | 8 | 5 | 7 | 9 | 12 | 13 |
| Profit before tax | -11 | -0 | 22 | 45 | 122 | 76 | 94 | 97 | 86 |
| Tax % | -26% | -286% | 31% | 19% | 15% | 25% | -29% | -0% | |
| -8 | 1 | 15 | 36 | 104 | 57 | 121 | 97 | 64 | |
| EPS in Rs | -0.97 | 0.09 | 1.73 | 4.01 | 0.36 | 0.20 | 0.42 | 0.34 | 0.23 |
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 16% |
| 3 Years: | 31% |
| TTM: | -7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 45% |
| 3 Years: | -2% |
| TTM: | -61% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 9% |
| 1 Year: | 33% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 7% |
| 3 Years: | 6% |
| Last Year: | 6% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 15 | 15 | 47 | 285 | 286 | 286 | -0.00 |
| Reserves | 130 | 279 | 404 | 546 | 1,503 | 1,170 | 1,249 | 1,374 | -0 |
| 8 | 30 | 40 | 46 | 51 | 55 | 87 | 86 | -0 | |
| 13 | 30 | 39 | 40 | 89 | 325 | 245 | 144 | -0 | |
| Total Liabilities | 165 | 354 | 498 | 647 | 1,690 | 1,836 | 1,868 | 1,890 | -0 |
| 6 | 14 | 18 | 13 | 16 | 29 | 30 | 39 | -0 | |
| CWIP | -0 | -0 | 1 | -0 | -0 | 1 | 9 | 19 | -0 |
| Investments | 22 | 169 | 52 | 70 | 379 | 461 | 641 | 935 | -0 |
| 137 | 171 | 427 | 564 | 1,294 | 1,345 | 1,187 | 897 | -0 | |
| Total Assets | 165 | 354 | 498 | 647 | 1,690 | 1,836 | 1,868 | 1,890 | -0 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| -62 | -56 | -90 | -84 | 72 | -0 | -31 | 143 | |
| 55 | -91 | 69 | -67 | -944 | -41 | -26 | -146 | |
| 40 | 134 | 102 | 87 | 873 | 21 | 47 | 8 | |
| Net Cash Flow | 32 | -13 | 81 | -64 | 0 | -21 | -10 | 4 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 22 | 25 | 46 | 160 | 40 | 95 | 135 | 41 |
| Inventory Days | 167 | 265 | 203 | 188 | 450 | 251 | 287 | 164 |
| Days Payable | 137 | 168 | 75 | 64 | 103 | 50 | 84 | 80 |
| Cash Conversion Cycle | 52 | 123 | 173 | 283 | 387 | 295 | 338 | 125 |
| Working Capital Days | -9 | -17 | 29 | 136 | 1,227 | 950 | 444 | 151 |
| ROCE % | 1% | 7% | 9% | 12% | 5% | 6% | 6% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
1d - Video recording of Nov 7, 2025 analyst call on unaudited Q2 and H1 results ended Sep 30, 2025 available online.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
1d - Audio recording of Nov 7, 2025 analyst call on Q2/H1 FY2026 results available online.
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Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2025
1d - Unaudited Q2/H1 results (Sep 30, 2025): Consolidated Q2 revenue ₹2,345.98cr; Q2 PAT ₹32.98cr; inventory loss provision ₹10.38cr.
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Reappointment Of Ms. Falguni Nayar As The Executive Chairperson, Managing Director And Chief Executive Officer Of The Company W.E.F. February 12, 2026 For A Term Of Five Years, Subject To Shareholders Approval.
1d - Falguni Nayar re-appointed Executive Chairperson, MD & CEO for Feb 12, 2026–Feb 11, 2031, subject to members' approval.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
1d - Q2 FY2026: Consolidated revenue Rs.2,346 Cr (+25% YoY), GMV Rs.4,744 Cr, PAT Rs.33 Cr (+154%).
Annual reports
Concalls
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Leading Digital Company [1]
Nykaa is the largest specialty beauty and personal care platform in India in terms of value of products sold in FY21 and one of the fastest growing fashion platforms in India based on growth in GMV. It has the highest average order value (AOV) among leading online beauty and personal care platforms in India.