MarketFriction

FSN E-Commerce Ventures Ltd

NSE NYKAA · BSE 543384 · E-Retail/ E-Commerce
₹324.95 +1.55%
NSE close2026-10-01
52 week range227.90 - 349.55
Market cap₹93,763 Cr.
P/E352
IPO 2021 · +73% since Nifty 200Nifty 500Nifty Midcap 50Nifty Midcap 100Midcap 150 No price band Delivery 61.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,5071,7891,6681,7461,8752,2672,0622,1552,3462,8732,6482,782
Expenses1,4261,6901,5751,6501,7712,1261,9282,0142,1872,6442,4252,546
Operating Profit81999396104141133141159230223236
OPM %5%6%6%6%6%6%6%7%7%8%8%8%
Other Income987756997-1099
Interest212221212432303031292627
Depreciation555860606470737679818489
Profit before tax132620222145404455110122129
Tax %30%31%50%36%37%39%52%44%40%38%35%38%
Net Profit8179141326192433687980
EPS in Rs0.020.060.020.030.040.090.070.080.120.220.270.28
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5741,1111,7682,4413,7745,1446,3867,95010,02210,649
Expenses6011,0911,6852,2833,6104,8876,0397,4759,2699,802
Operating Profit-272183158164257347475753848
OPM %-4.6%1.9%4.7%6%4.3%5%5%6%8%8%
Other Income451012273030271515
Interest7274632477684108118114
Depreciation731607296173224266320334
Profit before tax-37-32-1266473869127330416
Tax %-25%-23%31%7%13%35%37%42%38%
Net Profit-28-25-166241214072204259
EPS in Rs-3.47-2.87-1.906.820.140.070.110.230.700.89
Dividend Payout %0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%33%25%27%
Compounded Profit Growth%28%122%234%
Stock Price CAGR%%29%41%
Return on Equity%6%8%15%
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1414151547285286286286
Reserves1082163074751,2921,0939771,0151,152
Borrowings833104133335937989691,3211,238
Other Liabilities1482353904797147731,1691,3581,936
Total Liabilities3537761,1241,3022,6462,9503,4013,9804,611
Fixed Assets341402272314836996688351,008
CWIP0022243130379
Investments10138410383400
Other Assets3084978921,0672,1382,1822,6683,1083,594
Total Assets3537761,1241,3022,6462,9503,4013,9804,611
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-79-1006133-354-1400467644
Cash from Investing Activity31-16215-130-603140-10-205-159
Cash from Financing Activity8223669-38927544-212-433
Net Cash Flow33-2690-34-304344952
Free Cash Flow-106-135-4091-448-348-110339493
CFO/OP298%-478%13%92%-172%-18%38%111%103%
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days45192011912141111
Inventory Days114135160122150128119116109
Days Payable123100113776234395249
Cash Conversion Cycle3554685697106947571
Working Capital Days0-16-53674010144
ROCE %-1%5%13%7%6%7%10%17%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters52.26%52.24%52.22%52.20%52.18%52.16%52.16%52.14%52.12%52.10%52.09%52.07%
FIIs9.84%10.65%10.32%10.48%10.13%9.05%8.83%11.63%12.54%12.15%12.40%13.73%
DIIs14.31%15.25%17.16%18.29%21.83%23.56%25.20%23.64%24.99%25.36%25.35%24.08%
Public23.60%21.87%20.31%19.02%15.86%15.23%13.81%12.58%10.36%10.41%10.15%10.12%
No. of Shareholders5,65,1915,08,9365,20,7884,79,3944,73,2134,84,2564,72,4624,36,3594,15,7234,16,7603,95,6773,83,806

Fundamentals

Market Cap₹ 93,763 Cr.
Current Price₹ 327
Stock P/E352
Book Value₹ 5.02
ROCE17.2 %
ROE15.3 %
Dividend Yield0.00 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)27%
Compounded Profit Growth (TTM)234%
Consolidated figures.
Valuation
Market capRs 92,911 Cr
Enterprise valueRs 94,015 Cr
P/E (TTM)362.75x
Price to book71.40x
Price to sales8.72x
EV / EBITDA108.94x
EV / EBIT177.59x
EV / sales8.83x
Price to cash flow199.11x
Earnings yield0.28%
P/E, 3-year average1349.45x
P/B, 3-year average33.90x
P/E, 5-year average1093.33x
P/B, 5-year average27.92x
Profitability
Operating margin (excl. other income)5.97%
Operating margin (incl. other income)6.32%
EBITDA margin8.10%
Pre-tax margin3.90%
Net profit margin2.41%
Net margin, latest quarter2.88%
ROE5.16%
ROCE9.71%
ROA1.79%
ROE, 3-year average3.01%
ROCE, 3-year average7.39%
ROA, 3-year average1.17%
ROE, 5-year average5.74%
ROCE, 5-year average8.34%
ROA, 5-year average2.13%
ROIC (approx.)12.73%
Tax rate42.17%
Other income / net worth2.09%
Growth
Sales growth (latest year)24.50%
Profit growth (latest year)104.77%
Sales CAGR, 3 years28.19%
Sales CAGR, 5 years35.08%
Profit CAGR, 3 years17.17%
Sales growth QoQ5.05%
Profit growth QoQ2.08%
Sales growth YoY (latest quarter)29.10%
Profit growth YoY (latest quarter)243.10%
Per share
EPS (TTM)Rs 0.90
EPS (latest year)Rs 0.23
EPS (latest quarter)Rs 0.28
EPS, 3-year averageRs 0.14
EPS, 5-year averageRs 8.43
Book value per shareRs 4.55
Sales per shareRs 37.25
Cash flow per shareRs 1.63
Free cash flow per shareRs 1.72
Efficiency
Asset turnover2.00x
Fixed asset turnover9.52x
Inventory turnover3.33x
Inventory days110 days
Debtor days11 days
Debtors turnover32.24x
Creditor days49 days
Cash conversion cycle71 days
Working capital days4 days
Leverage
Total debtRs 1,321 Cr
Cash and bankRs 217 Cr
Net debtRs 1,103 Cr
Debt to equity1.01x
Net debt / EBITDA1.28x
Interest coverage4.66x
Current ratio (filing 2026-03-31)1.16x
Quick ratio (filing 2026-03-31)0.56x
Trade payables (filing 2026-03-31)Rs 732 Cr
Owners' fund to total sources32.70%
Debt to assets33.18%
Cash flow
Cash from Operating Activity (latest year)Rs 467 Cr
Cash from Investing Activity (latest year)Rs -205 Cr
Cash from Financing Activity (latest year)Rs -212 Cr
Net Cash Flow (latest year)Rs 49 Cr
Free cash flow (latest year)Rs 493 Cr
FCFE (approx.: FCF + change in debt)Rs 844 Cr
Cash from ops / profit, 5 years1.63x
Sales to cash flow17.04x
Statement figures
Net sales (TTM)Rs 10,649 Cr
Net sales (latest year)Rs 7,950 Cr
Sales (latest quarter)Rs 2,782 Cr
Operating profit excl. other income (latest year)Rs 475 Cr
Operating profit (latest quarter)Rs 236 Cr
Other income (TTM)Rs 15 Cr
EBITDA (TTM)Rs 863 Cr
PBDT (TTM)Rs 749 Cr
Profit before tax (TTM)Rs 416 Cr
Tax (latest year)Rs 54 Cr
Net profit (TTM)Rs 256 Cr
Net profit (latest year)Rs 66 Cr
Net profit (latest quarter)Rs 80 Cr
Depreciation (TTM)Rs 334 Cr
Depreciation (latest quarter)Rs 89 Cr
Interest (TTM)Rs 114 Cr
Cost of goods sold (latest year)Rs 4,715 Cr
Total expenditure (latest year)Rs 7,475 Cr
Total income (latest year)Rs 7,977 Cr
Share capitalRs 286 Cr
ReservesRs 1,015 Cr
Shareholders' fundsRs 1,301 Cr
Total assetsRs 3,980 Cr
Net blockRs 835 Cr
Capital work in progressRs 37 Cr
InvestmentsRs 0 Cr
ReceivablesRs 247 Cr
InventoryRs 1,418 Cr
Other liabilitiesRs 1,358 Cr
Shares outstanding (crore)285.93
Ownership
Promoter holding52.07% (-0.07 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/B 71.40 is at the 70th percentile (median 52.13).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodNYKAANifty 50Difference
1 week-3.1%-2.8% -0.3 pts
1 month-4.0%-6.8% +2.8 pts
3 months+4.7%-7.6% +12.3 pts
6 months+38.3%+0.4% +37.9 pts
1 year+37.4%-9.9% +47.3 pts
2 years+60.9%-13.6% +74.4 pts
3 years+112.1%+14.2% +97.9 pts
247 mutual fund schemes hold about ₹17,946 Cr. Over three months 75 bought more and 73 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Flexi Cap Fund0.75%849 -11%
SBI Contra Fund1.63%776 +7%
Nippon India Multi Cap Fund1.24%700 -9%
HDFC Focused Fund2.29%647 +4%
SBI ELSS Tax Saver Fund1.98%629 +8%
SBI Midcap Fund2.57%629 +6%
SBI Large & Midcap Fund1.49%629 +4%
ICICI Pru Large & Mid Cap Fund1.87%629 -1%
SBI Midcap Fund2.57%625 +6%
HSBC Midcap Fund3.61%621 -26%
Mirae Asset Large & Midcap Fund1.33%609 -27%
Axis Midcap Fund1.74%599 +44%
Nippon India Growth Mid Cap Fund1.12%587 +1%
Invesco India Contra Fund2.52%520 -12%
SBI Flexicap Fund2.10%488 +5%
Mirae Asset ELSS Tax Saver Fund1.33%352 -34%
Invesco India Midcap Fund2.21%351 -7%
Mirae Asset Midcap Fund1.54%322 -48%
SBI Multicap Fund1.14%280 +4%
SBI Innovative Opportunities Fund5.09%265 +1%
Sundaram Mid Cap Fund1.59%237 +1%
ICICI Pru Multi Asset Allocation Fund0.27%235 -50%
Sundaram Mid Cap Fund1.59%231 +1%
SBI Multi Asset Allocation Fund(A1.06%222 +29%
Sundaram Large and Mid Cap Fund2.99%216 -0%

Red flags

F-score 7 of 8
lookAuditor change Auditor change 2026-07-23: FSN E Commerce Ventures Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2023-09-29Anurag Khemka-sell25,000Rs 0.38 CrMarket Sale
2023-09-29Riah Daswani-sell25,000Rs 0.38 CrMarket Sale
2023-09-28Divya Sreenivas-sell68,000Rs 1.00 CrMarket Sale
2023-09-27Piyush Kumar-sell10,000Rs 0.15 CrMarket Sale
2023-09-26Surender Mehta-sell10,000Rs 0.15 CrMarket Sale
2023-09-26Kapil Kastwar-sell7,508Rs 0.11 CrMarket Sale
2023-09-26Aneesh Mehta-sell8,700Rs 0.13 CrMarket Sale
2023-09-25Anchit Nayar Family TrustPromoter Groupother400,000Rs 5.70 CrOff Market
2023-09-25Adwaita Nayar Family TrustPromoter Groupother400,000Rs 5.70 CrOff Market
2023-09-25Sanjay Nayar Family TrustPromotersother800,000Rs 11.40 CrOff Market
2023-09-22Nihir Parikh-sell130,000Rs 1.87 CrMarket Sale
2023-09-18Riah Daswani-sell25,000Rs 0.38 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹2,782 Cr +29.1% vs Jun 2025. Net profit ₹80 Cr +233.3%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2022-11-10Bonus 5:10.1667
DateTypeWhat it says
2026-09-24General UpdatesCompletion of transaction for acquisition of 51 % shareholding on a fully diluted basis in Aminu Wellness Private Limited ("Aminu").
2026-09-24Press ReleaseA press release dated September 24, 2026, titled "Nykaa & BOLD, L Oréal s Corporate Venture Fund, Join Forces to Empower the Next Generation of Indian...
2026-09-11Credit Rating- OthersThe ESG Rating
2026-09-05ESOPAllotment of 180870 Equity Shares pursuant to exercise of vested stock options by employees under the Employee Stock Option Schemes of the Company.
2026-09-05General UpdatesCompletion of transaction for further increase in shareholding in Earth Rhythm Private Limited ( Earth Rhythm ), a subsidiary of the Company
2026-08-26Shareholder meetingFSN E Commerce Ventures Limited has submitted the Exchange a copy Srutinizers Report and Voting Results of 14th Annual General Meeting held on August ...
2026-08-25Shareholder meetingProceedings of 14th Annual General Meeting held on August 25, 2026.
2026-08-25General UpdatesThe Presentation made at 14th Annual General Meeting (AGM) of the Company.
2026-08-25General UpdatesThe Chairperson s Speech delivered at the 14th Annual General Meeting held on August 25, 2026.
2026-08-12UpdatesRedemption of Unlisted, Unsecured, Unrated, Redeemable, Non-Convertible Debentures ( NCDs ) by Nykaa E-Retail Limited, a wholly owned subsidiary of th...
2026-08-09ESOPAllotment of 226200 Shares pursuant to the exercise of vested stock options by the employees under Employee Stock Option Schemes of the Company.
2026-08-07Concall / analyst meetTranscript
2026-08-06Concall / analyst meetSchedule of meet
2026-08-04Concall / analyst meetLink of Recording
2026-08-04Press ReleaseA press release dated August 04, 2026, titled "Nykaa begins FY2027 on a strong note with Q1 FY2027 Net Revenue growth accelerating to 29% YoY, and rob...
2026-08-04Investor PresentationInvestor Presentation
2026-08-04AcquisitionAcquisition
2026-08-04Board meeting outcomeFSN E Commerce Ventures Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026 and details of acquisition.
2026-08-01UpdatesCommunication sent to the Members with respect to the Integrated Annual Report including Notice of the Annual General Meeting for FY2025-26.
2026-08-01Shareholder meetingNotice of Annual General Meeting to be held on August 25, 2026
2026-07-27Concall / analyst meetSchedule of meet
2026-07-23Change in AuditorsChange in Auditors of the company.
2026-07-23Board meeting outcomeOutcome of Board Meeting held on July 23, 2026.
2026-07-10ESOPAllotment of 63,637 Equity Shares pursuant to the exercise of vested stock options by the employees under Employee Stock Option Schemes of the Company...
2026-07-05UpdatesNykaa Quarterly Revenue Update Q1 FY2027.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.96
Max pain (expiry 2026-10-27)325
Largest call open interest at350
Largest put open interest at320
Implied volatility, at the money28.7%
Underlying at snapshot324.95
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-303,722
2026-09-293,125
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of FSN E-Commerce Ventures Ltd?

FSN E-Commerce Ventures Ltd (NYKAA) has a market capitalisation of Rs 93,763 Cr. at the 2026-10-01 close.

What is the P/E ratio of FSN E-Commerce Ventures Ltd?

FSN E-Commerce Ventures Ltd trades at a P/E of 352 on trailing twelve-month profit, at the 2026-10-01 close.

What were FSN E-Commerce Ventures Ltd's latest quarterly results?

In the Jun 2026 quarter, FSN E-Commerce Ventures Ltd sales was Rs 2,782 Cr (+29.1% vs Jun 2025) and net profit was Rs 80 Cr.

What is the 52-week high and low of FSN E-Commerce Ventures Ltd?

The 52-week high is Rs 349.55 and the 52-week low is Rs 227.90.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03