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FSN E-Commerce Ventures Ltd.
(NYKAA)
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Rating:64Neutral
Price Target:
₹353.00
▲(33.33% Upside)
Action:Reiterated
Date:05/23/26
The score reflects improving fundamentals (growth, margins, and a strong FY2026 free-cash-flow rebound) and supportive technical momentum, partially offset by very stretched valuation (335.7x P/E) and remaining quality risks (thin net margins and historical cash-flow volatility).
Positive Factors
Revenue growth & margin expansion
Re-accelerating revenue (+13.5% in FY2026) alongside gross margin expansion to ~34.2% indicates improving unit economics and better pricing/assortment mix. Sustained top-line growth with wider gross margins supports durable operating leverage, enabling reinvestment in channels and product development.
Negative Factors
Thin net margins
Even with improvement to ~2% net margin, profitability remains modest for a specialty retailer. Thin margins leave limited buffer against cost inflation, promotional pressure, or slower demand, making sustained operating performance crucial to absorb shocks and fund strategic initiatives over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & margin expansion
Re-accelerating revenue (+13.5% in FY2026) alongside gross margin expansion to ~34.2% indicates improving unit economics and better pricing/assortment mix. Sustained top-line growth with wider gross margins supports durable operating leverage, enabling reinvestment in channels and product development.
Read all positive factors
FSN E-Commerce Ventures Ltd. (NYKAA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹945.06B
Dividend YieldN/A
Average Volume (3M)465.15K
Price to Earnings (P/E)478.4
Beta (1Y)1.10
Revenue Growth26.07%
EPS Growth199.74%
CountryIN
Employees1,981
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.69
Shares Outstanding2,863,824,200
10 Day Avg. Volume1,046,989
30 Day Avg. Volume465,148
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
₹341.50Price Target Upside28.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.65
Revenue Forecast (FY)₹126.75B
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 primarily makes money by retailing beauty and personal care products (and, through its fashion vertical, apparel and accessories) via an omnichannel model. Key revenue streams include: (1) Product sales through owned online channels: Revenue...
FSN E-Commerce Ventures Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
70
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 100.22B | 79.50B | 79.50B | 63.86B | 51.44B |
| Gross Profit | 34.24B | 25.45B | 34.77B | 27.39B | 22.78B |
| EBITDA | 7.68B | 5.01B | 2.97B | 2.00B | 1.38B |
| Net Income | 1.99B | 660.80M | 660.80M | 322.60M | 192.62M |
Balance Sheet | |||||
| Total Assets | 46.11B | 39.80B | 34.01B | 29.50B | 26.46B |
| Cash, Cash Equivalents and Short-Term Investments | 3.20B | 2.92B | 2.60B | 2.99B | 6.57B |
| Total Debt | 12.38B | 13.21B | 9.69B | 7.98B | 5.93B |
| Total Liabilities | 31.09B | 26.37B | 21.20B | 15.58B | 13.01B |
| Stockholders Equity | 14.38B | 13.01B | 12.62B | 13.78B | 13.40B |
Cash Flow | |||||
| Free Cash Flow | 4.34B | 2.77B | -1.10B | -3.48B | -4.48B |
| Operating Cash Flow | 5.88B | 4.04B | 2.51M | -1.40B | -3.54B |
| Investing Cash Flow | -1.51B | -4.70B | -101.11M | 1.40B | -6.03B |
| Financing Cash Flow | -3.85B | 1.15B | 442.61M | 48.69M | 9.27B |
FSN E-Commerce Ventures Ltd. Technical Analysis
Positive
264.75
Price Trends
282.04
Positive
269.34
Positive
261.79
Positive
Market Momentum
12.99
Negative
77.42
Negative
86.84
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NYKAA, the sentiment is Positive. The current price of 264.75 is below the 20-day moving average (MA) of 303.06, below the 50-day MA of 282.04, and above the 200-day MA of 261.79, indicating a bullish trend. The MACD of 12.99 indicates Negative momentum. The RSI at 77.42 is Negative, neither overbought nor oversold. The STOCH value of 86.84 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:NYKAA.
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 |
|---|---|---|---|---|---|---|---|
65 Neutral | ₹1.55T | 60.01 | ― | 0.12% | 17.16% | 11.18% | |
65 Neutral | ₹557.20B | 65.63 | ― | ― | 20.44% | 28.72% | |
64 Neutral | ₹945.06B | 478.41 | ― | ― | 26.07% | 199.74% | |
57 Neutral | ₹62.33B | 50.76 | ― | 0.31% | 13.99% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹40.39B | -111.02 | ― | ― | 8.98% | -431.06% | |
48 Neutral | ₹73.01B | -9.41 | ― | ― | -37.56% | -57.88% |
* General Sector Average
IN:NYKAA
FSN E-Commerce Ventures Ltd.
330.00
110.00
50.00%
IN:ABFRL
Aditya Birla Fashion and Retail Limited
60.05
-16.62
-21.68%
IN:ARVINDFASN
Arvind Fashions Ltd.
466.40
15.00
3.32%
IN:SHOPERSTOP
Shoppers Stop Limited
366.80
-161.85
-30.62%
IN:TRENT
Trent Limited
2,902.75
-634.63
-17.94%
IN:VMM
Vishal Mega Mart Ltd.
118.95
-18.10
-13.21%
FSN E-Commerce Ventures Ltd. Corporate Events
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,...
Nykaa Tops $1 Billion in FY2026 Revenue as Profit Surges on Strong Beauty and Fashion Growth
May 21, 2026
Nykaa, the consumer-focused e-commerce platform of FSN E-Commerce Ventures, reported strong growth for the quarter and full year ended March 31, 2026, driven by its beauty and fashion verticals and rapid expansion of newer businesses. Management h...
Nykaa Schedules May 21 Earnings Call for Q4 and FY26 Results
May 13, 2026
FSN E-Commerce Ventures Ltd. has scheduled a virtual earnings conference call with analysts and institutional investors on May 21, 2026, at 17:00 IST to discuss its financial results for the quarter and full year ended March 31, 2026. The session ...
CRISIL Reaffirms Crisil A/Stable Rating on Nykaa Parent’s Rs 178 Crore Bank Facilities
May 8, 2026
FSN E-Commerce Ventures Ltd. said CRISIL has reaffirmed its long-term bank facilities rating at Crisil A/Stable for total rated loans of Rs. 178 crore, underscoring confidence in the company’s creditworthiness. CRISIL cited FSN’s stron...
Nykaa Parent FSN E-Commerce Allots Shares on Employee Stock Option Exercise
Apr 16, 2026
FSN E-Commerce Ventures Ltd., the company behind online beauty and lifestyle retailer Nykaa, operates in the Indian e-commerce sector with a focus on beauty, personal care, fashion, and related products, serving a largely urban and digital-first c...
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.