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Nykaa

FSN E-Commerce Ventures Ltd

NYKAA NSE
₹355.50 No trade today
P/E
399.44
View as Markdown
MCP
Close 4 Nov 2026 ₹355.50 +109.36 +44.4% 1Y
Start ₹246.14

Key Fundamentals

MidcapRetailConsumer Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
17.20%
Debt to Equity
0.86
EPS (TTM)
₹0.89
Book Value
₹5.02
Market Cap
—
P/E (TTM)
399.44
P/B
70.82
ROE
15.30%
Dividend Yield
0.00%
EBITDA
₹785 Cr
52W High
₹356.50
52W Low
₹232.00
Volume
0

Peer Comparison

Consumer Discretionary › Retail › Ecommerce › E-Retail/ E-Commerce

Nykaa peer comparison
Eternal
₹344.50662.50₹3,34,095 Cr10.620.00%0.38%2.48%₹77,956 Cr₹493 Cr
Meesho
₹224.55—₹1,03,188 Cr24.730.00%−46.20%−40.00%₹13,835 Cr−₹1,201 Cr
Nykaa (this company)
₹355.50399.44₹1,01,640 Cr70.820.00%15.30%17.20%₹10,649 Cr₹260 Cr
Swiggy
₹178.89—₹49,465 Cr2.910.00%−29.10%−24.10%₹24,904 Cr−₹3,748 Cr
Urban Company
₹155.01—₹24,479 Cr12.030.00%−12.00%−7.82%₹1,717 Cr−₹333 Cr
CarTrade Tech
₹2,492.9051.54₹12,070 Cr4.610.00%9.65%11.80%₹807 Cr₹254 Cr
Shiprocket
₹131.89—₹9,563 Cr3.980.00%−5.14%−2.68%₹1,631 Cr−₹48 Cr
Median 7 companies₹224.55399.44₹49,465 Cr10.620.00%−5.14%−2.68%₹10,649 Cr−₹48 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

46 Average

Data confidence 100/100

Category scores

Quality
52
Average
Returns, margins, earnings quality 22% weight
Valuation
10
Poor
Cheap vs sector & own history 24% weight
Growth
80
Strong
Sales & profit trajectory 9% weight
Financial Health
38
Weak
Solvency, leverage, coverage 9% weight
Momentum
84
Strong
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has delivered good profit growth of 27.7% CAGR over last 5 years

Weaknesses

3
  • Stock is trading at 66.3 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 7.75% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4312
OscillatorsBearish432
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
61.67
Neutral
MACD (12,26,9)
4.85
Bullish
SMA (50)
336.90
Bullish
SMA (200)
293.21
Bullish

As of

Analyst Rating

Based on 25 analysts
BUY52%

13 of 25 analysts rate Buy, 6 Hold, 6 Sell.

As of

BUY
13
52%
HOLD
6
24%
SELL
6
24%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+32.64%
3Y+24.90%
1Y+26.06%
TTM+27.40%

Net profit

Net profit growth by window
5Y+26.90%
3Y+113.37%
1Y+183.33%
TTM+217.07%

Operating cash flow

Operating cash flow growth by window
5Y+37.09%
3YTurned positive
1Y+37.90%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+1.04 pp
3Y+2.51 pp
1Y+1.54 pp
TTM+1.75 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2018₹574 Cr
Mar 2019₹1,111 Cr
Mar 2020₹1,768 Cr
Mar 2021₹2,441 Cr
Mar 2022₹3,774 Cr
Mar 2023₹5,144 Cr
Mar 2024₹6,386 Cr
Mar 2025₹7,950 Cr
Mar 2026₹10,022 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2018−₹28.00 Cr
Mar 2019−₹25.00 Cr
Mar 2020−₹16.00 Cr
Mar 2021₹62.00 Cr
Mar 2022₹41.00 Cr
Mar 2023₹21.00 Cr
Mar 2024₹40.00 Cr
Mar 2025₹72.00 Cr
Mar 2026₹204 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹257 Cr +4.6% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

FSN E-Commerce Ventures (Nykaa) trades at ₹353.65 as of 2026-11-02, commanding a market cap of ₹1,00,866 crore with a trailing P/E of 397.36x and P/B of 70.45x. The company has shown strong profit growth with a 234% TTM compounded profit increase and 27% TTM sales growth, but valuations remain elevated relative to current earnings and book value.

Bull Case 8
  • TTM compounded profit growth stands at 234%, indicating a sharp acceleration in earnings trajectory
  • Compounded sales growth over 5 years is 33% CAGR, reflecting sustained top-line expansion in a large addressable beauty and fashion market
  • 3-year compounded profit growth of 122% demonstrates that earnings acceleration is not a one-quarter anomaly
  • TTM compounded sales growth of 27% shows continued double-digit revenue momentum even on a larger base
  • ROE improved to 15% in the last year, up from a 3-year average of 8% and a 5-year average of 6%, signalling improving capital efficiency
  • ROCE of 24.14% indicates the business generates healthy returns on total capital employed
  • Stock CAGR of 31% over 1 year and 33% over 3 years, with the price at ₹353.65 near its 52-week high of ₹356.50, reflects sustained market confidence
  • Debt-to-equity ratio of 0.86 is manageable for a scaling e-commerce business, keeping financial risk contained
Bear Case 6
  • Trailing P/E of 397.36x is extremely elevated, implying the stock prices in many years of flawless execution at current earnings of ₹0.89 EPS
  • Price-to-book ratio of 70.45x means investors pay a very steep premium over the company's net asset value
  • Despite reporting repeated profits, the company pays zero dividend (0% yield), returning no cash to shareholders
  • 3-year average ROE of only 8% and 5-year average ROE of 6% suggest that the recent improvement to 15% is yet to prove its durability
  • 5-year compounded profit CAGR of 28%, while healthy, is far lower than the 122% 3-year and 234% TTM figures, suggesting earlier years had weak or negligible profitability
  • At a market cap of ₹1,00,866 crore and TTM EPS of ₹0.89, any deceleration in the current profit growth trajectory could trigger a sharp de-rating given the premium valuation

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Limited news flow for Nykaa this period. A single large block trade of ₹24.33 crore was flagged but lacks confirmed context on buyer or seller intent. With no material positive or negative catalysts surfacing, the near-term direction will likely hinge on upcoming quarterly results and broader retail-sector sentiment.

Quarterly Results

₹ Cr
NYKAA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,422
1,507
1,789
1,668
1,746
1,875
2,267
2,062
2,155
2,346
2,873
2,648
2,782
Expenses
1,348
1,426
1,690
1,575
1,650
1,771
2,126
1,928
2,014
2,187
2,644
2,425
2,546
Operating Profit
73
81
99
93
96
104
141
133
141
159
230
223
236
OPM %
5%
5%
6%
6%
6%
6%
6%
6%
7%
7%
8%
8%
8%
Other Income
7
9
8
7
7
5
6
9
9
7
−10
9
9
Interest
19
21
22
21
21
24
32
30
30
31
29
26
27
Depreciation
52
55
58
60
60
64
70
73
76
79
81
84
89
PBT
10
13
26
20
22
21
45
40
44
55
110
122
129
Tax %
34%
30%
31%
50%
36%
37%
39%
52%
44%
40%
38%
35%
38%
Net Profit
5
8
17
9
14
13
26
19
24
33
68
79
80
EPS (₹)
0.01
0.02
0.06
0.02
0.03
0.04
0.09
0.07
0.08
0.12
0.22
0.27
0.28

Profit & Loss

₹ Cr
NYKAA profit and loss, annual, ₹ crore
Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
574
1,111
1,768
2,441
3,774
5,144
6,386
7,950
10,022
10,649
Expenses
601
1,091
1,685
2,283
3,610
4,887
6,039
7,475
9,269
9,802
Operating Profit
−27
21
83
158
164
257
347
475
753
848
OPM %
−4.6%
1.9%
4.7%
6%
4.3%
5%
5%
6%
8%
8%
Other Income
4
5
10
12
27
30
30
27
15
15
Interest
7
27
46
32
47
76
84
107
117
114
Depreciation
7
31
60
72
96
173
224
266
320
334
PBT
−37
−32
−12
66
47
38
69
127
330
416
Tax %
−25%
−23%
31%
7%
13%
35%
37%
42%
38%
—
Net Profit
−28
−25
−16
62
41
21
40
72
204
259
EPS (₹)
−0.12
−0.1
−0.06
0.23
0.14
0.07
0.11
0.23
0.7
0.89
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
NYKAA balance sheet, annual, ₹ crore
Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
14
14
15
15
47
285
286
286
286
Reserves
108
216
307
475
1,292
1,093
977
1,015
1,152
Borrowings
83
310
413
333
593
798
969
1,321
1,238
Other Liabilities
148
235
390
479
714
773
1,169
1,358
1,936
Total Liabilities
353
776
1,124
1,302
2,646
2,950
3,401
3,980
4,611
Fixed Assets
34
140
227
231
483
699
668
835
1,008
CWIP
0
0
2
2
24
31
30
37
9
Investments
10
138
4
1
0
38
34
0
0
Other Assets
308
497
892
1,067
2,138
2,182
2,668
3,108
3,594
Total Assets
353
776
1,124
1,302
2,646
2,950
3,401
3,980
4,611

Cash Flow

₹ Cr
NYKAA cash flow, annual, ₹ crore
Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−79
−100
6
133
−354
−140
0
467
644
Investing
31
−162
15
−130
−603
140
−10
−205
−159
Financing
82
236
69
−38
927
5
44
−212
−433
Net Cash Flow
33
−26
90
−34
−30
4
34
49
52
Free Cash Flow
−106
−135
−40
91
−448
−348
−110
339
493
CFO/EBITDA
298
−478
13
92
−172
−18
38
111
103

Ratios

NYKAA financial ratios, annual
Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
45
19
20
11
9
12
14
11
11
Inventory Days
114
135
160
122
150
128
119
116
109
Days Payable
123
100
113
77
62
34
39
52
49
Cash Conversion Cycle
35
54
68
56
97
106
94
75
71
Working Capital Days
0
−16
−5
3
67
40
10
14
4
ROCE %
—
−1%
5%
13%
7%
6%
7%
10%
17%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Nykaa insights

65 extracted metrics across FY17–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 52.07%
  • DIIs 22.35%
  • FIIs 15.65%
  • Public 5.55%
  • Others 4.38%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Nykaa

What does FSN E-Commerce Ventures Ltd do?
FSN E-commerce Ventures Ltd. (FSNEV) popularly known as "Nykaa" is a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers.
Where is FSN E-Commerce Ventures Ltd (NYKAA) listed?
FSN E-Commerce Ventures Ltd trades as NYKAA on the NSE and under code 543384 on the BSE.
Which sector does FSN E-Commerce Ventures Ltd belong to?
FSN E-Commerce Ventures Ltd is classified under the Retail sector, in the Ecommerce industry.
What is the PE ratio of FSN E-Commerce Ventures Ltd?
FSN E-Commerce Ventures Ltd trades at a PE ratio of 399.44 as of 4 Nov 2026, on earnings per share of ₹0.89, against a book value of ₹5.02 per share.
What is the 52-week high and low of FSN E-Commerce Ventures Ltd?
Over the last 52 weeks FSN E-Commerce Ventures Ltd has traded between ₹232 and ₹356.5 as of 4 Nov 2026.
What is the Return on Equity (ROE) of FSN E-Commerce Ventures Ltd?
FSN E-Commerce Ventures Ltd reported a return on equity of 15.30%. Its debt-to-equity ratio is 0.86.

Company Information

FSN E-commerce Ventures Ltd. (FSNEV) popularly known as "Nykaa" is a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers. The company has a diverse portfolio of beauty, personal care, and fashion products, including owned brand products manufactured by it.

Website nykaa.com
Listed 10 Nov 2021
Face Value ₹1

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