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

₹ 267 1.68%
01 Jun - 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 ₹ 76,399 Cr.
  • Current Price ₹ 267
  • High / Low ₹ 286 / 191
  • Stock P/E 365
  • Book Value ₹ 5.02
  • Dividend Yield 0.00 %
  • ROCE 17.2 %
  • ROE 15.3 %
  • Face Value ₹ 1.00
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Pros

  • Company has delivered good profit growth of 27.7% CAGR over last 5 years

Cons

  • Stock is trading at 53.1 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 7.75% 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

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
1,302 1,422 1,507 1,789 1,668 1,746 1,875 2,267 2,062 2,155 2,346 2,873 2,648
1,231 1,348 1,426 1,690 1,575 1,650 1,771 2,126 1,928 2,014 2,187 2,644 2,425
Operating Profit 71 73 81 99 93 96 104 141 133 141 159 230 223
OPM % 5% 5% 5% 6% 6% 6% 6% 6% 6% 7% 7% 8% 8%
10 7 9 8 7 7 5 6 9 9 7 -10 9
Interest 19 19 21 22 21 21 24 32 30 30 31 29 26
Depreciation 53 52 55 58 60 60 64 70 73 76 79 81 84
Profit before tax 9 10 13 26 20 22 21 45 40 44 55 110 122
Tax % 51% 34% 30% 31% 50% 36% 37% 39% 52% 44% 40% 38% 35%
2 5 8 17 9 14 13 26 19 24 33 68 79
EPS in Rs 0.01 0.01 0.02 0.06 0.02 0.03 0.04 0.09 0.07 0.08 0.12 0.22 0.27
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 Mar 2026
574 1,111 1,768 2,441 3,774 5,144 6,386 7,950 10,022
601 1,091 1,685 2,283 3,610 4,887 6,039 7,475 9,270
Operating Profit -27 21 83 158 164 257 347 475 752
OPM % -5% 2% 5% 6% 4% 5% 5% 6% 8%
4 5 10 12 27 30 30 27 15
Interest 7 27 46 32 47 76 84 108 117
Depreciation 7 31 60 72 96 173 224 266 320
Profit before tax -37 -32 -12 66 47 38 69 127 330
Tax % -25% -23% 31% 7% 13% 35% 37% 42% 38%
-28 -25 -16 62 41 21 40 72 204
EPS in Rs -3.47 -2.87 -1.90 6.82 0.14 0.07 0.11 0.23 0.70
Dividend Payout % -0% -0% -0% -0% -0% -0% -0% -0% -0%
Compounded Sales Growth
10 Years: %
5 Years: 33%
3 Years: 25%
TTM: 26%
Compounded Profit Growth
10 Years: %
5 Years: 28%
3 Years: 122%
TTM: 217%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 25%
1 Year: 31%
Return on Equity
10 Years: %
5 Years: 6%
3 Years: 8%
Last Year: 15%

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 Mar 2026
Equity Capital 14 14 15 15 47 285 286 286 286
Reserves 108 216 307 475 1,292 1,093 977 1,015 1,152
83 310 413 333 593 798 969 1,321 1,238
148 235 390 479 714 773 1,169 1,358 1,936
Total Liabilities 353 776 1,124 1,302 2,646 2,950 3,401 3,980 4,611
34 140 227 231 483 699 668 835 1,008
CWIP 0 0 2 2 24 31 30 37 9
Investments 10 138 4 1 -0 38 34 0 0
308 497 892 1,067 2,138 2,182 2,668 3,108 3,594
Total Assets 353 776 1,124 1,302 2,646 2,950 3,401 3,980 4,611

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 Mar 2026
-79 -100 6 133 -354 -140 0 467 644
31 -162 15 -130 -603 140 -10 -205 -159
82 236 69 -38 927 5 44 -212 -433
Net Cash Flow 33 -26 90 -34 -30 4 34 49 52
Free Cash Flow -106 -135 -40 91 -448 -348 -110 339 493
CFO/OP 298% -478% 13% 92% -172% -18% 38% 111% 104%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 45 19 20 11 9 12 14 11 11
Inventory Days 114 135 160 122 150 128 119 116 109
Days Payable 123 100 113 77 62 34 39 52 49
Cash Conversion Cycle 35 54 68 56 97 106 94 75 71
Working Capital Days 0 -16 -5 3 67 40 10 14 4
ROCE % -1% 5% 13% 7% 6% 7% 10% 17%

Insights

In beta
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Annual Unique Transacting Customers (AUTC) - Beauty
million

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Average Order Value (AOV) - Beauty
Rs
Average Order Value (AOV) - Fashion
Rs
Gross Merchandise Value (GMV) - Total
Rs Cr
Orders - Beauty
million
Number of Physical Stores
count
Superstore Transacting Retailers
thousand
Warehouse Storage Space
sq. ft.

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
52.28% 52.26% 52.24% 52.22% 52.20% 52.18% 52.16% 52.16% 52.14% 52.12% 52.10% 52.09%
10.04% 9.84% 10.65% 10.32% 10.48% 10.13% 9.05% 8.83% 11.63% 12.54% 12.15% 12.40%
11.58% 14.31% 15.25% 17.16% 18.29% 21.83% 23.56% 25.20% 23.64% 24.99% 25.36% 25.35%
26.10% 23.60% 21.87% 20.31% 19.02% 15.86% 15.23% 13.81% 12.58% 10.36% 10.41% 10.15%
No. of Shareholders 5,85,6985,65,1915,08,9365,20,7884,79,3944,73,2134,84,2564,72,4624,36,3594,15,7234,16,7603,95,677

* 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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