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FSN E-Commerce Ventures Ltd.
(NYKAA)
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Rating:64Neutral
Price Target:
₹358.00
▲(7.57% Upside)
Action:Reiterated
Date:08/23/26
The score is driven primarily by improving financial performance (re-accelerating growth, margin expansion, and a strong FY2026 free-cash-flow rebound) and supportive technical trend signals (price above key moving averages with positive momentum). These positives are materially offset by very expensive valuation (P/E 375.28) and the business still showing thin net margins and prior cash-flow volatility.
Positive Factors
Revenue and Gross Margin Reacceleration
Revenue growth re-accelerated to 13.5% in FY2026 after a flat FY2025, while gross margin rose from 32.0% to 34.2%. This combination indicates improving demand and merchandising economics, providing a stronger base for sustained operating leverage.
Negative Factors
Thin Net Profitability
Net margin improved to approximately 2.0% from approximately 0.8%, but remains thin for a retailer. Limited earnings cushion leaves profitability vulnerable to discounting, fulfillment costs or weaker demand, so modest operational setbacks could materially affect bottom-line returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Gross Margin Reacceleration
Revenue growth re-accelerated to 13.5% in FY2026 after a flat FY2025, while gross margin rose from 32.0% to 34.2%. This combination indicates improving demand and merchandising economics, providing a stronger base for sustained operating leverage.
Read all positive factors
FSN E-Commerce Ventures Ltd. (NYKAA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹982.39B
Dividend YieldN/A
Average Volume (3M)264.33K
Price to Earnings (P/E)384.2
Beta (1Y)1.10
Revenue Growth27.41%
EPS Growth220.61%
CountryIN
Employees2,028
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.89
Shares Outstanding2,864,114,000
10 Day Avg. Volume191,013
30 Day Avg. Volume264,335
Financial Highlights & Ratios
PEG Ratio1.64
Price to Book (P/B)46.56
Price to Sales (P/S)6.68
P/FCF Ratio154.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹349.33Price Target Upside4.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.7
Revenue Forecast (FY)₹128.21B
FSN E-Commerce Ventures Ltd. Business Overview & Revenue Model
Company Description
FSN E-Commerce Ventures Limited, through its subsidiaries, engages in selling and distribution of beauty, personal care, and fashion products for women, men, children, and home in India and internationally. The company offers makeup; bath and body...
How the Company Makes Money
Nykaa makes money primarily by selling beauty, personal care, and fashion products to consumers through its online platforms and offline stores. Its key revenue streams include: (1) Product sales/retail margins: Nykaa earns a gross margin on produ...
FSN E-Commerce Ventures Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 106.49B | 100.22B | 79.50B | 79.50B | 63.86B | 51.44B |
| Gross Profit | 42.58B | 34.24B | 25.45B | 34.77B | 27.39B | 22.78B |
| EBITDA | 8.63B | 7.68B | 5.01B | 2.97B | 2.00B | 1.38B |
| Net Income | 2.56B | 1.99B | 660.80M | 660.80M | 322.60M | 192.62M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 46.11B | 39.80B | 34.01B | 29.50B | 26.46B |
| Cash, Cash Equivalents and Short-Term Investments | 4.18B | 4.18B | 2.92B | 2.60B | 2.99B | 6.57B |
| Total Debt | 0.00 | 12.38B | 13.21B | 9.69B | 7.98B | 5.93B |
| Total Liabilities | -15.02B | 31.09B | 26.37B | 21.20B | 15.58B | 13.01B |
| Stockholders Equity | 15.02B | 14.38B | 13.01B | 12.62B | 13.78B | 13.40B |
Cash Flow | ||||||
| Free Cash Flow | 521.70M | 4.34B | 2.77B | -1.10B | -3.48B | -4.48B |
| Operating Cash Flow | 1.29B | 5.88B | 4.04B | 2.51M | -1.40B | -3.54B |
| Investing Cash Flow | -603.40M | -1.51B | -4.70B | -101.11M | 1.40B | -6.03B |
| Financing Cash Flow | -813.20M | -3.85B | 1.15B | 442.61M | 48.69M | 9.27B |
FSN E-Commerce Ventures Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹1.50T | 61.26 | ― | 0.22% | 16.92% | 14.21% | |
64 Neutral | ₹982.39B | 384.21 | ― | ― | 27.41% | 220.61% | |
59 Neutral | ₹59.29B | 50.60 | ― | 0.35% | 13.94% | ― | |
58 Neutral | ₹484.64B | 54.14 | ― | ― | 19.83% | 26.74% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹41.82B | -119.86 | ― | 0.16% | 9.62% | -293.21% | |
42 Neutral | ₹62.42B | -7.94 | ― | ― | -27.21% | -53.22% |
* General Sector Average
IN:NYKAA
FSN E-Commerce Ventures Ltd.
342.25
103.15
43.14%
IN:ABFRL
Aditya Birla Fashion and Retail Limited
50.92
-37.43
-42.37%
IN:ARVINDFASN
Arvind Fashions Ltd.
453.20
-98.17
-17.80%
IN:SHOPERSTOP
Shoppers Stop Limited
379.65
-154.10
-28.87%
IN:TRENT
Trent Limited
2,789.70
-624.42
-18.29%
IN:VMM
Vishal Mega Mart Ltd.
103.30
-49.25
-32.28%
FSN E-Commerce Ventures Ltd. Corporate Events
FSN E-Commerce Ventures Allots 226,200 Shares Under Employee Stock Option Plan
Aug 9, 2026
FSN E-Commerce Ventures Ltd. has allotted 226,200 new equity shares following the exercise of vested stock options by its employees under the company’s employee stock option schemes. With this allotment approved by the Nomination and Remuner...
Nykaa Publishes Q1 FY27 Investor Presentation for Market Participants
Aug 4, 2026
FSN E-Commerce Ventures Ltd. has released its investor presentation for the quarter ended June 30, 2026, in line with Indian listing regulations and ahead of an analyst and institutional investor call scheduled for August 4, 2026. The presentation...
Nykaa Publishes AGM and E-Voting Details for Shareholders
Aug 2, 2026
FSN E-Commerce Ventures Ltd. has notified the stock exchanges that it has published shareholder information related to its 14th Annual General Meeting in multiple newspapers. The notices include details and instructions for remote e-voting and ele...
Nykaa posts strong Q1 FY2027 growth led by surging fashion and robust beauty
Jul 5, 2026
Nykaa reported a strong start to FY2027, with consolidated gross merchandise value and net sales value for the first quarter expected to grow in the early thirties year-on-year. Consolidated net revenue is projected to accelerate to near thirties,...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.