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FSN E-Commerce Ventures Ltd (NYKAA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543384 NSE: NYKAA e-Commerce | Mid Cap | FSN E-Commerce Share Price

₹267.40 -2.10 (-0.78%)

As on 04-Jun'26 16:59

FSN E-Commerce Ventures Ltd (NYKAA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543384 NSE: NYKAA e-Commerce | Mid Cap | FSN E-Commerce Share Price

₹267.40 -2.10 (-0.78%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹76,570 Cr.
Current Price
₹267.4
52-Week Low / High
₹191 / 286
TTM EPS
₹0.7
TTM Sales
₹10,022 Cr.
Book Value per Share
₹5
P/E Ratio
383.93
Industry PE
15.8
Price to Book (P/B)
53.25
Higher than its 5-year historical median
Price to Sales (P/S)
7.64
In line with its 5-year historical median
EV/EBITDA
98.08
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
5.90%
In line with industry median
Return on Capital Employed (ROCE)
11.21%
Outperforms industry median
Return on Assets (ROA)
2.15%
Operating Profit Margin
6%
Net Profit Margin
0.93%
Gross Profit Margin
5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
24.5%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
36.88%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
68.61%
Asset Quality
Promoter Holding
52.09%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,152 Cr.
Equity
₹286.4 Cr.
Face Value
₹1
All Time Low / High
₹114.30 / 429.00

FSN E-Commerce Ventures stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is FSN E-Commerce Ventures Ltd a good quality company?
FSN E-Commerce Ventures Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does FSN E-Commerce Ventures Ltd performance compare with that of its Peers?
Q.1 Revenue growth of FSN E-Commerce Ventures Ltd vs industry peers?
FSN E-Commerce Ventures Ltd revenue CAGR is 35.08%, compared to the industry median CAGR of 35.08%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of FSN E-Commerce Ventures Ltd?
Promoters hold 52.09% of the FSN E-Commerce Ventures Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of FSN E-Commerce Ventures Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 29.02% based on the current price.
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10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
FSN E-Commerce Ventures Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ0%0%0%-1%6%15.5%8.1%6.5%8.1%11.2%-
Value Creation
Index ⓘ		NANANA-1.1-0.50.4-0.3-0.4-0.3-0-

Growth Parameters ⓘ
Sales ⓘ0001,1591,7682,4413,7745,1446,3867,95010,022
Sales YoY Gr.-NANANA52.5%38.1%54.6%36.3%24.1%24.5%-
Adj EPS ⓘ000-0.1-0.10.20.10.10.10.20.7
YoY Gr.-NANANANANA-36.4%-57.1%66.7%120%-
BVPS (₹) ⓘ0000.91.21.84.74.84.34.45
Adj Net
Profit ⓘ		000-26.2-23.160.839.917.129.863.9200
Cash Flow from Ops. ⓘ000-33.614.8133-354-1400.3467-
Debt/CF from Ops. ⓘ000-718.11.4-0.9-3.32721.62.1-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNA35.1%28.2%24.5%
Adj EPS ⓘNANA16.3%120%
BVPSⓘNA30%-1.8%2.3%
Share Price - - 24.7% 34.9%

Key Financial Parameters ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		000-11.1-8.3154.41.32.3514.8
Op. Profit
Mgn % ⓘ		0002.24.96.54.355.467.5
Net Profit
Mgn % ⓘ		000-2.3-1.32.51.10.40.70.92
Debt to
Equity ⓘ		00010.90.40.30.30.60.80
Working Cap
Days ⓘ		000011410612112811411056
Cash Conv.
Cycle ⓘ		00004334435355478

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales1,1591,7682,4413,7745,1446,3867,950
Operating Expenses ⓘ + 1,1341,6822,2833,6124,8876,0397,475
Manufacturing Costs2239107190271292350
Material Costs7081,0091,4932,1302,8663,6464,473
Employee Cost 117196233326492565666
Other Costs ⓘ 2864384509661,2581,5361,986
Operating Profit ⓘ 2586158162257347475
Operating Profit Margin (%) 2.1%4.8%6.5%4.3%5.0%5.4%6.0%
Other Income ⓘ + 5111229303027
Exceptional Items ⓘ 0000000
Interest ⓘ 274632477684108
Depreciation ⓘ 35657296173224266
Profit Before Tax ⓘ -31-1566473869127
Tax ⓘ -5846142554
Profit After Tax -26-236241254474
PAT Margin (%) -2.3%-1.3%2.5%1.1%0.5%0.7%0.9%
Adjusted EPS (₹)-0.1-0.10.20.10.10.10.2
Dividend Payout Ratio (%)0%0%0%0%0%0%0%

Valuation of FSN E-Commerce - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 2263114811,3241,3611,2341,264
Share Capital ⓘ 14151547285286286
Reserves ⓘ 2122974661,2771,076948978
Debt +226267187333460680879
Long Term Debt002100110
Short Term Debt225267186332459680769
Minority Interest0116141941
Trade Payables189313316362265387635
Others Liabilities ⓘ 93190238506662812902
Total Liabilities ⓘ 7351,0831,2242,5312,7623,1323,722

Fixed Assets

Net Fixed Assets ⓘ +149231231483699668835
Gross Block1963434107421,0931,2421,589
Accumulated Depreciation47112179258395574754
CWIP ⓘ 02224313037
Investments ⓘ 13841038340
Inventories2454504988761,0051,1921,418
Trade Receivables104987795164242247
Cash Equivalents 12176248267149240217
Others Assets ⓘ 86122167786677726969
Total Assets ⓘ 7351,0831,2242,5312,7623,1323,722

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + -3415133-354-1400467
PBT ⓘ -31-1566473869127
Adjustment ⓘ 65108119136246314378
Changes in Working Capital ⓘ -67-75-39-465-329-25121
Tax Paid ⓘ 0-4-13-72-95-131-60
Cash Flow From Investing Activity ⓘ + -2452-130-603140-10-205
Capex -119-51-42-94-208-111-127
Net Investments -12752-91-47435879-88
Others ⓘ 204-35-102210
Cash Flow From Financing Activity ⓘ + 11073-38927544-212
Net Proceeds from Shares ⓘ 171109103873291718
Net Proceeds from Borrowing ⓘ -0-02-1-1-0192
Interest Paid ⓘ -26-44-31-46-68-87-106
Dividend Paid ⓘ 0000000
Others ⓘ -359-11110145114-317
Net Cash Flow ⓘ -16990-34-3043449

Financial Ratio

PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-11.69-8.5615.574.581.853.375.9
ROCE (%)-0.985.9815.538.056.498.0711.21
Asset Turnover Ratio1.581.942.122.011.942.172.32
PAT to CFO Conversion(x)N/AN/A2.15-8.63-5.606.31
Working Capital Days
Receivable Days32.902113.108.309.2011.6011.20
Inventory Days7771.7070.9066.4066.7062.8059.90
Payable Days97.5090.907758.104032.6041.70

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

FSN E-Commerce Ventures Ltd FAQs

The current trading price of FSN E-Commerce on 04-Jun-2026 16:59 is ₹267.4.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of FSN E-Commerce stood at ₹76,570.2 Cr

The latest P/E ratio of FSN E-Commerce as of 03-Jun-2026 is 871.5.

The latest P/B ratio of FSN E-Commerce as of 03-Jun-2026 is 42.47.

The 52-week high of FSN E-Commerce is ₹285.6 and the 52-week low is ₹190.7.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of FSN E-Commerce is ₹357 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that FSN E-Commerce Ventures Ltd is a average quality company.

The key valuation ratios of FSN E-Commerce Ventures Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of FSN E-Commerce Ventures Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About FSN E-Commerce Ventures Ltd

FSN E-Commerce Ventures (Nykaa) is a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers. Since its incorporation in 2012, it has invested both capital and creative energy towards designing a differentiated journey of brand discovery for its consumers. It has a diverse portfolio of beauty, personal care and fashion products, including its owned brand products manufactured by it. As a result, it has established itself not only as a lifestyle retail platform, but also as a consumer brand. It also offers consumers an Omnichannel experience with an endeavor to cater to the consumers’ preferences and convenience.  

The company’s lifestyle portfolio spans across beauty, personal care and fashion products. Consumers have different journeys for different lifestyle needs, and this has led it to build business vertical-specific mobile applications, websites and physical stores. These independent channels allow it to tailor its content and curation optimally for the convenience of consumers and to cater to the different consumer journeys that exist in these business verticals.

  • Nykaa: Beauty and personal care
  • Nykaa Fashion: Apparel and accessories

Business area of the company

The company 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 its owned brand products manufactured by it.

Key awards, accreditations or recognitions

  • 2017: Nykaa.com was awarded the Health & Beauty Retailer of the Year Award at the Star Retailer Awards.
  • 2018: Nykaa was awarded the Best use of Intelligent Content (Digital Presence). Award at the Content Marketing Summit and Awards
  • 2018: Nykaa Network was awarded the Best Launch of the Year Award at the Content Marketing Summit and Awards.
  • 2018: Nykaa Beauty Book was awarded the Best In-House Magazine Award by ET Now Star of the Industry Awards for Excellence In Branding & Marketing.
  • 2018: Nykaa Network was awarded the Best Launch of the Year Award by ET Now Star of the Industry Awards for Excellence In Branding & Marketing.
  • 2019: Nykaa was awarded the Best use of Content to Commerce Award at the Content Marketing Summit Asia.
  • 2019: Nykaa.com was awarded the Best use of Omni-Channel Content Award at the Content Marketing Summit Asia.
  • 2019: Nykaa.com was awarded the Best Omni-Channel Content Strategy Award by National Awards for Marketing Excellence.
  • 2019: Nykaa was awarded the Best use of Intelligent Content (Digital Presence) Award by the Content Marketing Summit and Awards.
  • 2019: Nykaa was awarded the Most Innovative Content Distribution Strategy Award at the Content Marketing Summit and Awards.
  • 2020: Nykaa was awarded the Retailer of the Year (Beauty, Wellness & Fitness) Award by ET Now Global Awards for Retail Excellence.
  • 2020: Nykaa was awarded the IBG Annual Business Excellence Awards in the “Startup” category by the India Business Group.
  • 2020: Nykaa was awarded the Special Jury Recommendation - The Disruptors Award by CNBC-TV18's India Business Leaders Awards.

Major events and milestones

  • 2012: Incorporation of FSN E-Commerce Ventures Private Limited.
  • 2014: Opened its first physical store at T3 International Airport, New Delhi.
  • 2015: Hosted the Nykaa.com Femina Beauty Awards.
  • 2015: Launched makeup and beauty accessories brand ‘Nykaa Cosmetics’.
  • 2016: Estee Lauder launched on Nykaa’s platform.
  • 2016: Launched naturally derived ingredients focused skincare brand ‘Nykaa Naturals’.
  • 2018: Huda Beauty launched exclusively on Nykaa for the first time in India.
  • 2018: Launched ‘Nykaa Fashion’ as curated and managed marketplace.
  • 2018: Entered into an agreement with Katrina Kaif to launch “Kay Beauty”
  • 2019: Launched beauty range ‘Masaba by Nykaa’ in collaboration with Masaba Gupta.
  • 2019: Collaborated with Vogue India to present ‘The Vogue x Nykaa Fashion: Power List 2019’.
  • 2019: Acquired the clothing brand ‘20 Dresses’.
  • 2020: Launched own intimate wear brand ‘Nykd by Nykaa’.
  • 2020: Charlotte Tilbury launched exclusively on Nykaa.2021: Opened Nykaa Fashion Store in Ambience Mall, New Delhi.
  • 2021: Acquired the jewellery brand ‘Pipa Bella’.
  • 2021: Launched first MBO store for Nykaa Fashion.
  • 2021: Launched ‘The Global Store’.
  • 2021: Acquired skincare brand, ‘Dot & Key’.
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