FSN E-Commerce Ventures (NYKAA)

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FSN E-Commerce Ventures (NYKAA) · mywealthgrid

About

FSN E-Commerce operates Nykaa: beauty and fashion e-commerce marketplace in India, market cap ₹94,666 Cr. Two segments show divergent economics — larger segment ₹2.3-2.9k Cr quarterly at 6-8% OPM, smaller segment ₹75-102 Cr quarterly operating at -37.6% OPM (Jun 2026).

Founded: 2012
Face value: ₹1

Market cap

₹92,936 Cr

P/E

362.8×

P/B

64.7×

Dividend yield

ROE

14.6%

ROCE

25.3%

Debt / equity

0.52

OPM

7.5%

EPS (TTM)

₹0.9

Book value

₹5.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme valuation: PE 369.6 leaves no margin for earnings disappointment or margin contraction.
Smaller segment persistently loss-making: -37.6% OPM (Jun 2026), -22.81% (Sep 2025), -10.21% (Dec 2025) offset larger segment gains.
Thin overall OPM 7.51% limits reinvestment, amplifies price-competition vulnerability.
Larger segment quarterly revenue volatile (₹2,873 Cr Dec 2025 → ₹2,648 Cr Mar 2026 → ₹2,782 Cr Jun 2026); verify if seasonality or demand softness.

Generated analysis · source review pending

Growth drivers

Larger segment steady 6-8% OPM across ₹2.3-2.9k Cr quarterly provides foundation; verify margin-expansion potential via vendor monetization or operational efficiency.
Smaller segment -37.6% OPM (Jun 2026) represents ₹28 Cr quarterly loss drag; verify if category-level challenges or Nykaa-specific issue.
ROE 14.56% shows capital generates reasonable returns; verify capital-allocation strategy toward scaling profitable segment.

Generated analysis · source review pending

1,206 historical price candles were omitted because the exchange source has not been verified.

₹325.0-0.7%1Y

Quick read

rule-based

Pros

+Profit CAGR of 26.5% over the last 5 years
+Revenue CAGR of 32.6% over the last 5 years

Cons

−Low return on equity of 7.4% (3-yr avg)
−Thin operating margin of 7.5%
−Expensive at 362.8× trailing earnings
−Trading at 64.7× book value

Research score

Structured signal from quality, growth, valuation and momentum.

47/100

Business quality: 42
Growth: 100
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
EternalETERNALETERNAL	₹3,03,227 Cr	₹3,03,227 Cr	₹67,408 Cr	₹1,687 Cr	2.2%	₹433 Cr	0.7%	3%	1.2%	2
Avenue SupermartsDMARTDMART	₹2,47,845 Cr	₹2,50,270 Cr	₹71,256 Cr	₹5,387 Cr	7.5%	₹3,058 Cr	4.3%	17.7%	12.9%	29
Lenskart Solutions LimitedLENSKARTLENSKART	₹1,20,170 Cr	₹1,20,390 Cr	₹9,634 Cr	₹2,005 Cr	19.9%	₹655 Cr	5.7%	8.6%	6.7%	19
The Indian Hotels Company LimitedINDHOTELINDHOTEL	₹1,02,200 Cr	₹1,02,251 Cr	₹9,987 Cr	₹3,291 Cr	33%	₹2,146 Cr	23.2%	17%	17.2%	-191
Meesho LimitedMEESHOMEESHO	₹99,812 Cr	₹99,812 Cr	₹12,626 Cr	₹-1,485 Cr	-11.8%	₹-1,358 Cr	-10.8%	-23.8%	-31%	-40
FSN E-Commerce VenturesNYKAANYKAA	₹92,936 Cr	₹93,683 Cr	₹10,649 Cr	₹848 Cr	7.5%	₹256 Cr	2%	25.3%	14.6%	71
TrentTRENTTRENT	₹91,719 Cr	₹92,219 Cr	₹20,945 Cr	₹3,954 Cr	18.3%	₹1,809 Cr	8.6%	30.5%	27.6%	36
Info Edge (India) LimitedNAUKRINAUKRI	₹77,808 Cr	₹77,808 Cr	₹3,375 Cr	₹1,249 Cr	35.7%	₹1,600 Cr	53.7%	4.9%	4%	-19
Swiggy LimitedSWIGGYSWIGGY	₹65,695 Cr	₹65,795 Cr	₹24,904 Cr	₹-2,927 Cr	-14%	₹-3,749 Cr	-18%	-24.6%	-19.7%	-16
Vishal Mega Mart LimitedVMMVMM	₹46,609 Cr	₹46,609 Cr	₹13,493 Cr	₹1,969 Cr	14.6%	₹892 Cr	6.5%	15.7%	12.1%	17
Indian Railway Catering & TourismIRCTCIRCTC	₹36,328 Cr	₹36,328 Cr	₹5,425 Cr	₹1,655 Cr	32%	₹1,393 Cr	26.7%	43.7%	35%	-967
Physicswallah LimitedPWLPWL	₹34,365 Cr	₹34,376 Cr	₹4,106 Cr	₹389 Cr	9.5%	₹20 Cr	-0.6%	2.8%	-0.5%	-317

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,441	3,774	5,144	6,386	7,950	10,022
COGS	1,493	2,130	2,866	3,646	4,473	5,507
Gross profit	948	1,644	2,278	2,739	3,477	4,516
	792	1,481	2,026	2,397	3,005	3,764
	157	163	252	342	472	752
OPM %	6.4%	4.3%	4.9%	5.4%	5.9%	7.5%
Depreciation	72	96	173	224	266	320
Interest	31	47	75	83	107	117
	12	27	30	30	27	15
Profit before tax	66	47	35	65	126	330
Tax	4	6	14	25	54	126
Tax %	6.8%	12.7%	39.3%	38.9%	42.7%	38.2%
	62	41	21	40	72	204
PAT margin %	2.5%	1.1%	0.4%	0.6%	0.9%	2%
EPS (₹)	1.4	0.9	0.1	0.1	0.2	0.7
EPS adjusted (₹)	0.7	0.1	0.1	0.1	0.2	0.7
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	15	47	285	286	286	286
Reserves	475	1,292	1,093	977	1,015	1,152
Minority interest	1	6	14	19	41	64
	187	333	460	680	961	747
	624	967	1,097	1,439	1,676	2,362
Total equity & liabilities	1,302	2,646	2,950	3,401	3,980	4,611
	231	483	699	668	835	546
CWIP	2	10	2	6	3	9
Investments	1	0	38	34	0	0
	1,068	2,153	2,211	2,692	3,141	4,055
Total assets	1,302	2,646	2,950	3,401	3,980	4,611

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Beauty	9,139.49	504.13	3,624.36	2,062.61	1,561.75	32.28
Fashion	832.16	-67.54

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.9%	43.6%	44.3%	42.9%	43.7%	45.1%
EBITDA margin %	6.4%	4.3%	5%	5.4%	6%	7.5%
EBIT margin %	3.5%	1.8%	1.6%	1.9%	2.6%	4.3%
PAT margin %	2.5%	1.1%	0.4%	0.6%	0.9%	2%
Working capital
Receivable days	11	9	12	14	11	11
Inventory days	122	150	128	119	116	109
Payable days	77	62	34	39	52	49
NWC days	56	97	106	94	75	71
Leverage
Current ratio	1.39	2	1.59	1.22	1.24	1.16
Debt to EBITDA	1.2	2.04	1.8	1.97	2.03	0.99
Debt to equity	0.38	0.25	0.33	0.54	0.74	0.52
Interest coverage	3.2	2	1.5	1.8	2.2	4
Asset turnover	1.87	1.43	1.74	1.88	2	2.17
Return ratios
Return on assets %	4.7%	1.6%	0.7%	1.2%	1.8%	4.4%
Return on capital employed %	15.9%	8.2%	6.6%	9.3%	14.1%	25.3%
Return on equity %	12.6%	3.1%	1.5%	3.1%	5.5%	14.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.26%	52.24%	52.22%	52.2%	52.18%	52.16%	52.16%	52.14%	52.12%	52.1%	52.09%	52.08%
	9.84%	10.65%	10.32%	10.48%	10.13%	9.04%	8.83%	11.64%	12.54%	12.14%	12.4%	13.73%
	14.31%	15.25%	17.16%	18.29%	21.84%	23.56%	25.2%	23.65%	24.98%	25.35%	25.35%	24.08%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	23.59%	21.86%	20.3%	19.03%	15.85%	15.24%	13.81%	12.57%	10.36%	10.41%	10.16%	10.11%
No. of shareholders	—	—	—	—	—	—	—	—	4,15,723	4,16,760	3,95,677	3,83,806

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹320.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹322.4	-8.2	-2.5%	₹322.4	11,636	+248	1,510	3125
23 Nov 2026	₹323.4	-7.9	-2.4%	₹323.4	84	+16	31	3125
29 Dec 2026	₹332.3	0	0%	₹325.1	0	0	0	3125

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

126

across 18 fund houses

Held by these funds

8.8%

of the company's equity

All mutual funds

18.91%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

126 schemes · 18 fund houses

		Shares
Contra Fund	SBI Mutual Fund	2.22 Cr	775.61	1.63%	0.776%	-0
Multi Cap FundNEW	Nippon India Mutual Fund	2 Cr	699.55	1.24%	0.7%	—
Large and Midcap Fund	SBI Mutual Fund	1.8 Cr	629.19	1.49%	0.629%	-0
ELSS Tax Saver Fund	SBI Mutual Fund	1.8 Cr	629.19	1.98%	0.629%	-0
Midcap Fund	SBI Mutual Fund	1.8 Cr	629.19	2.57%	0.629%	-0
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	1.8 Cr	629.11	1.87%	0.629%	-0
Midcap Fund	Axis Mutual Fund	1.76 Cr	616.92	1.74%	0.617%	+5.73 L
Growth Mid Cap FundNEW	Nippon India Mutual Fund	1.68 Cr	587.24	1.12%	0.587%	—

1–8 of 126

1 / 16

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results4 Aug 2026

1

Bonus 5:110 Nov 2022 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

100 announcementsExport CSV

11 Sept 2026, 7:31 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.9%	43.6%	44.3%	42.9%	43.7%	45.1%
EBITDA margin %	6.4%	4.3%	5%	5.4%	6%	7.5%
EBIT margin %	3.5%	1.8%	1.6%	1.9%	2.6%	4.3%
PAT margin %	2.5%	1.1%	0.4%	0.6%	0.9%	2%
Working capital
Receivable days	11	9	12	14	11	11
Inventory days	122	150	128	119	116	109
Payable days	77	62	34	39	52	49
NWC days	56	97	106	94	75	71
Leverage
Current ratio	1.39	2	1.59	1.22	1.24	1.16
Debt to EBITDA	1.2	2.04	1.8	1.97	2.03	0.99
Debt to equity	0.38	0.25	0.33	0.54	0.74	0.52
Interest coverage	3.2	2	1.5	1.8	2.2	4
Asset turnover	1.87	1.43	1.74	1.88	2	2.17
Return ratios
Return on assets %	4.7%	1.6%	0.7%	1.2%	1.8%	4.4%
Return on capital employed %	15.9%	8.2%	6.6%	9.3%	14.1%	25.3%
Return on equity %	12.6%	3.1%	1.5%	3.1%	5.5%	14.2%

162 deals · 10 Nov 2022 – 3 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
3 Jul 2025	HARINDERPAL SINGH BANGA	Bulk	BSE	Sell	6,00,00,000	₹202.57	₹1,215.42 Cr
30 May 2025	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Sell	2,48,31,803	₹202.81	₹503.61 Cr
30 May 2025	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Buy	1,01,548	₹202.08	₹2.05 Cr
23 Aug 2024	HARINDERPAL SINGH BANGA	Bulk	BSE	Sell	4,08,78,740	₹208.30	₹851.50 Cr
23 Aug 2024	HARINDERPAL SINGH BANGA	Block	BSE	Sell	74,00,000	₹208.30	₹154.14 Cr
23 Aug 2024	HARINDERPAL SINGH BANGA	Block	BSE	Sell	42,59,200	₹208.30	₹88.72 Cr
23 Aug 2024	HARINDERPAL SINGH BANGA	Block	BSE	Sell	37,50,000	₹208.30	₹78.11 Cr
23 Aug 2024	GOLDMAN SACHS (SINGAPORE) PTE.- ODI	Block	BSE	Buy	37,50,000	₹208.30	₹78.11 Cr
23 Aug 2024	HARINDERPAL SINGH BANGA	Block	BSE	Sell	37,00,000	₹208.30	₹77.07 Cr
23 Aug 2024	KOTAK MAHINDRA MUTUAL FUND	Block	BSE	Buy	29,52,128	₹208.30	₹61.49 Cr

1–10 of 162

1 / 17

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

21

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
8	0	0	₹54.0	280	₹0.9	106	+45	48
2	0	0	₹37.7	290	₹1.6	24	+18	21
0	0	0	₹0.0	295	₹2.1	26	+23	23
1	0	0	₹29.9	300	₹2.9	322	-36	228
0	0	0	₹0.0	305	₹3.6	71	+51	58
13	+3	22	₹17.1	310	₹5.2	192	+56	167
0	0	0	₹0.0	315	₹6.5	132	+32	69
64	+33	70	₹10.7	320	₹8.8	361	+28	226

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
11 Sept 2026, 7:31 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
5 Sept 2026, 12:26 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
5 Sept 2026, 12:21 pm	Company Update General	Completion Of Transaction For Further Increase In Shareholding In Earth Rhythm Private Limited ('Earth Rhythm'), A Subsidiary Of The Company	PDF
26 Aug 2026, 8:50 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
25 Aug 2026, 3:33 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
25 Aug 2026, 3:29 pm	AGM/EGM AGM	Presentation Made At The 14Th Annual General Meeting Of The Company Held On August 25, 2026.	PDF
25 Aug 2026, 3:26 pm	AGM/EGM AGM	Chairperson''''s Speech Delivered At The 14Th Annual General Meeting Held On August 25, 2026	PDF
12 Aug 2026, 7:45 pm	Company Update General	Redemption Of Unlisted, Unsecured, Unrated, Redeemable, Non-Convertible Debentures ('Ncds') By Nykaa E-Retail Limited, A Wholly Owned Subsidiary Of The Company.	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	133	-354	-140	0	467	644
	-130	-603	140	-10	-205	-159
	-38	927	5	44	-212	-433
Net cash flow	-34	-30	4	34	49	52
Free cash flow	91	-448	-348	-110	339	490
CFO / Operating profit %	85%	-216.8%	-54.8%	0.1%	98.5%	85.6%

FSN E-Commerce Ventures

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Board meetings1

Bonus issues1

Announcements

Board meetings1

Bonus issues1

Ratio timeline

Quarterly record

Futures3

Bulk & block deals

Board and management

Option chain21

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Beauty · revenue

3

1

1

1

1

3

21