FSN E-Commerce Ventures Ltd

FSN E-Commerce Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

FSN E-Commerce Ventures Ltd

₹ 265 -0.77%
27 Feb - close price
nykaa.com BSE: 543384 NSE: NYKAA
About

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]

Key Points

Business Overview[1]
Company operates India’s largest specialty beauty retail network with 265 beauty stores across 90 cities, underscoring its expanding offline footprint and omnichannel strength. Nykaa offers a wide assortment with ~4,200 beauty brands and ~5,000 fashion brands, reinforcing its leadership as a comprehensive lifestyle platform. Its quick-commerce arm, Nykaa Now, enhances differentiation through 30-120 minute delivery enabled by 53 rapid stores across 7 cities, including hyperlocal delivery from luxe stores. Overall, company delivers an annualized GMV of $2.2 billion across platforms, highlighting strong scale, diversified growth drivers, and improving long-term monetization potential.

Business Verticals:[2][3]
A) Beauty (75.5% GMV): The beauty customer base has scaled to ~34 million, supported by strong brand equity and rising online adoption. The House of Nykaa portfolio of 7 owned brands is a key margin driver, delivering ₹1,700+ crore GMV at a ~48% five-year CAGR across makeup, skincare, fragrance, and clean beauty. Growth is driven by premiumisation and a highly engaged customer base, where premium users spend ~9x more than average, with the top 10% spending ~$395 annually.

Website BSE NSE
  • Market Cap ₹ 76,008 Cr.
  • Current Price ₹ 265
  • High / Low ₹ 286 / 155
  • Stock P/E 1,206
  • Book Value ₹ 5.98
  • Dividend Yield 0.00 %
  • ROCE 6.25 %
  • ROE 6.10 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Debtor days have improved from 90.5 to 41.5 days.

Cons

  • Stock is trading at 44.4 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 5.99% over last 3 years.
  • Earnings include an other income of Rs.163 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 Nifty Midcap 100

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
54 93 64 66 80 102 103 109 119 89 82 77 96
59 89 93 90 98 107 114 123 123 100 99 95 105
Operating Profit -5 4 -29 -23 -18 -5 -11 -13 -4 -12 -17 -18 -10
OPM % -10% 5% -46% -35% -23% -4% -11% -12% -3% -13% -21% -23% -10%
35 32 39 39 45 61 39 40 41 37 40 41 45
Interest 2 2 2 2 2 2 2 2 2 2 2 2 3
Depreciation 2 2 2 2 2 2 2 3 3 3 3 4 4
Profit before tax 26 32 6 12 23 53 24 22 31 20 17 17 29
Tax % 24% 24% 13% 11% 18% -63% -76% 26% 22% 28% 26% 26% 26%
20 25 5 11 19 86 42 16 24 15 13 12 22
EPS in Rs 0.07 0.09 0.02 0.04 0.07 0.30 0.15 0.06 0.09 0.05 0.05 0.04 0.08
Raw PDF

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
27 102 204 146 188 275 313 420 343
42 113 201 149 171 313 388 460 399
Operating Profit -16 -11 4 -3 17 -38 -75 -40 -56
OPM % -58% -11% 2% -2% 9% -14% -24% -10% -16%
6 17 30 60 116 129 185 157 163
Interest 0 3 5 4 6 8 7 8 10
Depreciation 1 4 7 8 5 7 9 12 14
Profit before tax -11 -0 22 45 122 76 94 97 83
Tax % -26% -286% 31% 19% 15% 25% -29% -0%
-8 1 15 36 104 57 121 97 61
EPS in Rs -0.97 0.09 1.73 4.01 0.36 0.20 0.42 0.34 0.22
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 16%
3 Years: 31%
TTM: -21%
Compounded Profit Growth
10 Years: %
5 Years: 45%
3 Years: -2%
TTM: -63%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 23%
1 Year: 67%
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 47 285 286 286 286
Reserves 130 279 404 546 1,503 1,170 1,249 1,374 1,426
8 30 40 46 51 55 87 86 129
13 30 39 40 89 325 245 144 109
Total Liabilities 165 354 498 647 1,690 1,836 1,868 1,890 1,951
6 14 18 13 16 29 30 39 65
CWIP 0 0 1 0 0 1 9 19 0
Investments 22 169 52 70 379 461 641 935 940
137 171 427 564 1,294 1,345 1,187 897 945
Total Assets 165 354 498 647 1,690 1,836 1,868 1,890 1,951

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%

Shareholding Pattern

Numbers in percentages

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
52.28% 52.28% 52.26% 52.24% 52.22% 52.20% 52.18% 52.16% 52.16% 52.14% 52.12% 52.10%
12.26% 10.04% 9.84% 10.65% 10.32% 10.48% 10.13% 9.05% 8.83% 11.63% 12.54% 12.15%
7.86% 11.58% 14.31% 15.25% 17.16% 18.29% 21.83% 23.56% 25.20% 23.64% 24.99% 25.36%
27.62% 26.10% 23.60% 21.87% 20.31% 19.02% 15.86% 15.23% 13.81% 12.58% 10.36% 10.41%
No. of Shareholders 5,77,9535,85,6985,65,1915,08,9365,20,7884,79,3944,73,2134,84,2564,72,4624,36,3594,15,7234,16,760

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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