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

₹ 278 -1.12%
11 Feb 2:45 p.m.
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 ₹ 79,440 Cr.
  • Current Price ₹ 278
  • High / Low ₹ 285 / 155
  • Stock P/E 525
  • Book Value ₹ 4.85
  • Dividend Yield 0.00 %
  • ROCE 9.59 %
  • ROE 5.16 %
  • Face Value ₹ 1.00
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Pros

  • Company's working capital requirements have reduced from 21.1 days to 13.7 days

Cons

  • Stock is trading at 57.8 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 BSE Dollex 200 Nifty 500 Nifty Midcap 100

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
1,463 1,302 1,422 1,507 1,789 1,668 1,746 1,875 2,267 2,062 2,155 2,346 2,873
1,385 1,231 1,348 1,426 1,690 1,575 1,650 1,771 2,126 1,928 2,014 2,187 2,644
Operating Profit 78 71 73 81 99 93 96 104 141 133 141 159 230
OPM % 5% 5% 5% 5% 6% 6% 6% 6% 6% 6% 7% 7% 8%
6 10 7 9 8 7 7 5 6 9 9 7 -10
Interest 20 19 19 21 22 21 21 24 32 30 30 31 29
Depreciation 51 53 52 55 58 60 60 64 70 73 76 79 81
Profit before tax 13 9 10 13 26 20 22 21 45 40 44 55 110
Tax % 27% 51% 34% 30% 31% 50% 36% 37% 39% 52% 44% 40% 38%
8 2 5 8 17 9 14 13 26 19 24 33 68
EPS in Rs 0.03 0.01 0.01 0.02 0.06 0.02 0.03 0.04 0.09 0.07 0.08 0.12 0.22
Raw PDF

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 TTM
574 1,111 1,768 2,441 3,774 5,144 6,386 7,950 9,436
601 1,091 1,685 2,283 3,610 4,887 6,039 7,475 8,773
Operating Profit -27 21 83 158 164 257 347 475 663
OPM % -5% 2% 5% 6% 4% 5% 5% 6% 7%
4 5 10 12 27 30 30 27 15
Interest 7 27 46 32 47 76 84 108 121
Depreciation 7 31 60 72 96 173 224 266 309
Profit before tax -37 -32 -12 66 47 38 69 127 248
Tax % -25% -23% 31% 7% 13% 35% 37% 42%
-28 -25 -16 62 41 21 40 72 144
EPS in Rs -3.47 -2.87 -1.90 6.82 0.14 0.07 0.11 0.23 0.49
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: 187%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 22%
1 Year: 68%
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 Sep 2025
Equity Capital 14 14 15 15 47 285 286 286 286
Reserves 108 216 307 475 1,292 1,093 977 1,015 1,102
83 310 413 333 593 798 969 1,321 1,407
148 235 390 479 714 773 1,169 1,358 1,538
Total Liabilities 353 776 1,124 1,302 2,646 2,950 3,401 3,980 4,332
34 140 227 231 483 699 668 835 920
CWIP 0 0 2 2 24 31 30 37 5
Investments 10 138 4 1 0 38 34 0 0
308 497 892 1,067 2,138 2,182 2,668 3,108 3,408
Total Assets 353 776 1,124 1,302 2,646 2,950 3,401 3,980 4,332

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 0 -16 -5 3 67 40 10 14
ROCE % -1% 5% 13% 7% 6% 7% 10%

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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Documents

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