Nykaa
Nykaa
Retail F&OKey Fundamentals
MidcapEcommerceRetailTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has delivered good profit growth of 27.7% CAGR over last 5 years
Weaknesses
3- Stock is trading at 68.6 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.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoFSN E-Commerce Ventures (Nykaa) commands a market cap of ₹97,298 Cr with TTM revenue growth of 27% and a dramatic TTM profit growth of 234%, yet trades at a PE of 376x and 68.2x book value, reflecting a significant premium to fundamentals. ROE has improved from a 3-year average of 8% to 15% in the last year, though absolute return ratios remain modest for a company at this valuation.
- TTM revenue growth of 27% demonstrates continued strong top-line momentum in India's underpenetrated online beauty and personal care market
- TTM profit growth of 234% signals a sharp inflection in profitability as operating leverage kicks in and the company scales
- Compounded sales CAGR of 25% over 3 years and 33% over 5 years shows sustained and consistent revenue compounding
- ROE has nearly doubled from the 3-year average of 8% to 15% in the last year, indicating improving capital efficiency
- Compounded profit CAGR of 27.7% over 5 years confirms the business is on a structural path toward earnings scale
- Stock CAGR of 44% over 1 year and 33% over 3 years reflects strong market confidence and price momentum
- Zero dividend payout allows the company to reinvest all earnings into growth initiatives, category expansion, and warehouse infrastructure
- PE ratio of 376x is extremely elevated, pricing in years of flawless execution with virtually no margin for disappointment
- Price-to-book of 68.2x is exceptionally high even by new-age tech standards, leaving the stock vulnerable to de-rating
- 3-year average ROE of just 8% and 5-year average of 6% indicate the business has historically generated modest returns on shareholder equity relative to its valuation
- Zero dividend yield means shareholders are entirely dependent on capital appreciation, with no income cushion during downturns
- Despite reporting repeated profits, the company pays no dividends, raising questions about capital allocation priorities for minority shareholders
- The 234% TTM profit growth is off a very low base, which flatters the growth rate and may not be sustainable at scale
- At ₹97,298 Cr market cap, the company must deliver substantial and sustained earnings growth over many years to justify current multiples — any execution miss could trigger sharp correction
- Last year ROE of 15%, while improved, remains below the 20%+ levels typically expected of companies commanding such premium valuations
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Strong FY26 EBITDA surge 59% Aug 25
EBITDA surged 59% YoY to ₹752 crore with margins expanding to 7.5%. ROCE doubled to 21.2% and net debt fell 47%, while revenue crossed ₹10,000 crore growing 26% YoY.
- Earth Rhythm stake acquisition done Sep 5
Nykaa completed acquisition of an additional 24.2% equity stake in subsidiary Earth Rhythm Private Limited, finalizing a transaction first approved by the board in May 2026.
- Fashion segment hits EBITDA breakeven Aug 25
The fashion segment achieved EBITDA breakeven in Q4 FY26, removing a key drag on consolidated profitability. Company targets 4-5x EBITDA growth and 90% same-day delivery by FY30.
- AGM approves FY26 financials Aug 25
Shareholders approved standalone and consolidated audited financial statements for FY26 at Nykaa's 14th AGM on August 25, 2026. Two directors retiring by rotation were also re-appointed.
TL;DR: Nykaa is executing well across key metrics — revenue crossed ₹10,000 crore, EBITDA margins expanded meaningfully to 7.5%, and the fashion segment turned EBITDA-positive. The Earth Rhythm stake increase signals continued commitment to building its D2C brand portfolio. No material headwinds emerged in the recent news cycle. The trend is clearly improving, though delivering on the ambitious 4-5x EBITDA target by FY30 will require sustained execution.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 in Rs | 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
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 108 | 118 | 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 in Rs | -3.47 | -2.87 | -1.9 | 6.82 | 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
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/OP | 298 | -478 | 13 | 92 | -172 | -18 | 38 | 111 | 103 |
Ratios
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY17–FY27.
Documents
Frequently Asked Questions about Nykaa
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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.[1]
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