FSN E-Commerce Ventures Ltd. (IN:NYKAA)
:NYKAA
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FSN E-Commerce Ventures Ltd.
(NYKAA)
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Rating:62Neutral
Price Target:
₹261.00
▼(-1.42% Downside)
Action:ReiteratedDate:02/07/26
The score is driven primarily by solid and improving fundamentals (growth and margins improving, balance sheet stable), tempered by very expensive valuation (P/E ~560.8) and technically overbought momentum signals despite an overall uptrend.
Positive Factors
Revenue Growth & Margin Improvement
Consistent multi-year revenue CAGR and improving gross and net margins indicate the business is scaling while increasing operational efficiency. Over a 2–6 month horizon this supports sustained reinvestment in assortment, marketing and stores, strengthening market position and long-term cash generation.
Negative Factors
Low Net Profit Margin
Despite margin progress, a relatively low net profit margin limits retained earnings and the firm's ability to absorb cost shocks or drive high-return investments. Over several months this constrains profitability resilience versus peers and lengthens the timeline for meaningful shareholder value accretion.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Margin Improvement
Consistent multi-year revenue CAGR and improving gross and net margins indicate the business is scaling while increasing operational efficiency. Over a 2–6 month horizon this supports sustained reinvestment in assortment, marketing and stores, strengthening market position and long-term cash generation.
Read all positive factors
FSN E-Commerce Ventures Ltd. (NYKAA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹709.51B
Dividend YieldN/A
Average Volume (3M)465.15K
Price to Earnings (P/E)299.7
Beta (1Y)1.04
Revenue Growth24.76%
EPS Growth143.12%
CountryIN
Employees1,669
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.22
Shares Outstanding2,863,227,300
10 Day Avg. Volume1,046,989
30 Day Avg. Volume465,148
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)40.11
Price to Sales (P/S)6.57
P/FCF Ratio188.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹270.00Price Target Upside1.98% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)1.57
Revenue Forecast (FY)₹126.38B
FSN E-Commerce Ventures Ltd. Business Overview & Revenue Model
Company Description
FSN E-Commerce Ventures Limited, through its subsidiaries, provides a range of beauty, personal care, and fashion products for women, men, kids, tech, and home in India. The company manufactures, distributes, and sells beauty, wellness, fitness, p...
How the Company Makes Money
Nykaa primarily makes money by selling products to consumers across its online and offline channels and earning commerce-related income from brand partners. Key revenue streams include: (1) Product sales (B2C retail): Nykaa generates revenue from ...
FSN E-Commerce Ventures Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 88.30B | 79.50B | 79.50B | 63.86B | 51.44B | 37.74B |
| Gross Profit | 36.68B | 25.45B | 34.77B | 27.39B | 22.78B | 16.44B |
| EBITDA | 5.49B | 5.01B | 2.97B | 2.00B | 1.38B | 957.15M |
| Net Income | 1.04B | 660.80M | 660.80M | 322.60M | 192.62M | 410.75M |
Balance Sheet | ||||||
| Total Assets | 43.32B | 39.80B | 34.01B | 29.50B | 26.46B | 13.02B |
| Cash, Cash Equivalents and Short-Term Investments | 5.33B | 2.92B | 2.60B | 2.99B | 6.57B | 2.45B |
| Total Debt | 14.07B | 13.21B | 9.69B | 7.98B | 5.93B | 3.33B |
| Total Liabilities | 28.93B | 26.37B | 21.20B | 15.58B | 13.01B | 8.11B |
| Stockholders Equity | 13.88B | 13.01B | 12.62B | 13.78B | 13.40B | 4.90B |
Cash Flow | ||||||
| Free Cash Flow | 521.70M | 2.77B | -1.10B | -3.48B | -4.48B | 1.08B |
| Operating Cash Flow | 1.29B | 4.04B | 2.51M | -1.40B | -3.54B | 1.50B |
| Investing Cash Flow | -603.40M | -4.70B | -101.11M | 1.40B | -6.03B | -1.30B |
| Financing Cash Flow | -813.20M | 1.15B | 442.61M | 48.69M | 9.27B | -377.23M |
FSN E-Commerce Ventures Ltd. Technical Analysis
Positive
264.75
Price Trends
253.06
Negative
255.85
Negative
242.20
Positive
Market Momentum
-3.02
Negative
50.08
Neutral
87.96
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 above the 20-day moving average (MA) of 243.83, above the 50-day MA of 253.06, and above the 200-day MA of 242.20, indicating a neutral trend. The MACD of -3.02 indicates Negative momentum. The RSI at 50.08 is Neutral, neither overbought nor oversold. The STOCH value of 87.96 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹43.56B | 16.59 | ― | 2.75% | 6.96% | 6.33% | |
62 Neutral | ₹709.51B | 299.71 | ― | ― | 24.76% | 143.12% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | ₹94.47B | 26.22 | ― | 1.37% | 5.77% | -4.37% | |
58 Neutral | ₹50.84B | -431.17 | ― | ― | 10.18% | -104.25% | |
48 Neutral | ₹70.12B | -15.34 | ― | ― | -32.83% | 31.19% |
* Consumer Cyclical Sector Average
IN:NYKAA
FSN E-Commerce Ventures Ltd.
247.80
71.00
40.16%
IN:ABFRL
Aditya Birla Fashion and Retail Limited
57.67
-32.05
-35.72%
IN:MANYAVAR
Vedant Fashions Limited
388.80
-387.76
-49.93%
IN:RAYMONDLSL
Raymond Lifestyle Limited
786.90
-216.30
-21.56%
IN:SAPPHIRE
Sapphire Foods India Ltd.
158.20
-133.45
-45.76%
IN:SHARDAMOTR
Sharda Motor Industries Ltd.
758.85
26.39
3.60%
FSN E-Commerce Ventures Ltd. Corporate Events
Nykaa Parent FSN E-Commerce Closes Trading Window Ahead of FY26 Results
Mar 24, 2026
FSN E-Commerce Ventures Ltd., which runs the Nykaa beauty and lifestyle e-commerce platform, operates in India’s online retail sector with a focus on cosmetics, personal care and related products. The company leverages its digital presence a...
Nykaa Parent FSN E-Commerce Plans Investor Meetings in Singapore and Hong Kong
Feb 26, 2026
FSN E-Commerce Ventures Ltd., the parent of online beauty and lifestyle retailer Nykaa, operates a multi-channel platform offering cosmetics, personal care and fashion products to Indian consumers, complemented by a growing physical store presence...
Nykaa Posts Analyst Call Recordings on Website After Q3 FY26 Results
Feb 5, 2026
FSN E-Commerce Ventures Ltd (Nykaa) has notified the stock exchanges that the audio and video recordings of its analyst and institutional investor conference call held on 5 February 2026, discussing the unaudited standalone and consolidated financ...
Nykaa Parent FSN E-Commerce Wins Shareholder Nod to Reappoint Falguni Nayar as CEO for Five Years
Jan 29, 2026
FSN E-Commerce Ventures Ltd., the operator of beauty and lifestyle e-commerce platform Nykaa, continues to consolidate its leadership structure in India’s online retail space, where it offers a wide range of cosmetics, personal care and fash...
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.