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 ₹ 59,593 Cr.
- Current Price ₹ 208
- High / Low ₹ 230 / 155
- Stock P/E 902
- Book Value ₹ 4.55
- Dividend Yield 0.00 %
- ROCE 9.56 %
- ROE 5.16 %
- Face Value ₹ 1.00
Pros
Cons
- Stock is trading at 45.8 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 2.97% over last 3 years.
* 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 Nifty 500 BSE MidCap Nifty Midcap 100
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
574 | 1,111 | 1,768 | 2,441 | 3,774 | 5,144 | 6,386 | 7,950 | |
601 | 1,091 | 1,685 | 2,283 | 3,610 | 4,887 | 6,039 | 7,476 | |
Operating Profit | -27 | 21 | 83 | 158 | 164 | 257 | 347 | 474 |
OPM % | -5% | 2% | 5% | 6% | 4% | 5% | 5% | 6% |
4 | 5 | 10 | 12 | 27 | 30 | 30 | 27 | |
Interest | 7 | 27 | 46 | 32 | 47 | 76 | 84 | 107 |
Depreciation | 7 | 31 | 60 | 72 | 96 | 173 | 224 | 266 |
Profit before tax | -37 | -32 | -12 | 66 | 47 | 38 | 69 | 127 |
Tax % | -25% | -23% | 31% | 7% | 13% | 35% | 37% | 42% |
-28 | -25 | -16 | 62 | 41 | 21 | 40 | 72 | |
EPS in Rs | -3.47 | -2.87 | -1.90 | 6.82 | 0.14 | 0.07 | 0.11 | 0.23 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 35% |
3 Years: | 28% |
TTM: | 25% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 43% |
3 Years: | 17% |
TTM: | 105% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | -4% |
1 Year: | 18% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 4% |
3 Years: | 3% |
Last Year: | 5% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
Equity Capital | 14 | 14 | 15 | 15 | 47 | 285 | 286 | 286 |
Reserves | 108 | 216 | 307 | 475 | 1,292 | 1,093 | 977 | 1,015 |
83 | 310 | 413 | 333 | 593 | 798 | 969 | 1,321 | |
148 | 235 | 390 | 479 | 714 | 773 | 1,169 | 1,358 | |
Total Liabilities | 353 | 776 | 1,124 | 1,302 | 2,646 | 2,950 | 3,401 | 3,980 |
34 | 140 | 227 | 231 | 483 | 699 | 668 | 868 | |
CWIP | 0 | 0 | 2 | 2 | 24 | 31 | 30 | 3 |
Investments | 10 | 138 | 4 | 1 | 0 | 38 | 34 | 0 |
308 | 497 | 892 | 1,067 | 2,138 | 2,182 | 2,668 | 3,108 | |
Total Assets | 353 | 776 | 1,124 | 1,302 | 2,646 | 2,950 | 3,401 | 3,980 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
-79 | -100 | 6 | 133 | -354 | -140 | 0 | 467 | |
31 | -162 | 15 | -130 | -603 | 140 | -10 | -205 | |
82 | 236 | 69 | -38 | 927 | 5 | 44 | -212 | |
Net Cash Flow | 33 | -26 | 90 | -34 | -30 | 4 | 34 | 49 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
Debtor Days | 45 | 19 | 20 | 11 | 9 | 12 | 14 | 11 |
Inventory Days | 114 | 135 | 160 | 122 | 150 | 128 | 119 | 116 |
Days Payable | 123 | 100 | 113 | 77 | 62 | 34 | 39 | 52 |
Cash Conversion Cycle | 35 | 54 | 68 | 56 | 97 | 106 | 94 | 75 |
Working Capital Days | 53 | 61 | 53 | 37 | 105 | 81 | 56 | 60 |
ROCE % | -1% | 5% | 13% | 7% | 6% | 7% | 10% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Investor Presentation 26 Jun
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
23 Jun - Allotment of 5,23,900 Equity shares pursuant to exercise of vested stock options by the employees under Employee Stock Option Scheme of the Company
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Closure of Trading Window
23 Jun - Trading window closed from June 24, 2025, till 48 hours post Q1 unaudited results release.
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Completion Of The 2Nd Tranche Of Investment Into Earth Rhythm Private Limited
9 Jun - Nykaa completes Rs. 5 Cr second tranche investment, now holds 75.83% in Earth Rhythm for growth support.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 4 Jun
Annual reports
Concalls
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Jun 2025Transcript PPT
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May 2025TranscriptNotesPPT
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Feb 2025Transcript PPT REC
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Feb 2022TranscriptNotesPPT
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Nov 2021TranscriptNotesPPT
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.