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  2. •

    Consumer Cyclical

  3. •

    Specialty Retail
FSN E-Commerce Ventures Limited

FSN E-Commerce Ventures Limited

NYKAA.BO
FSN E-Commerce Ventures LimitedIN flagBombay Stock Exchange
268.45
INR
-1.05
- -
768.71BMarket Cap
FSN E-Commerce Ventures Limited
NYKAA.BO
(Bombay Stock Exchange)

Recent

price

268.45

P/E

ratio

- -

div

yld

- -

ROIC.AI

2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
4.33
6.89
9.5
13.44
17.97
22.22
27.67
- -
34.66
Revenue per Share
-0.1
-0.06
0.24
0.15
0.07
0.11
0.23
- -
0.69
Basic EPS, GAAP
-0.53
-0.15
0.36
-1.6
-1.22
-0.39
1.18
- -
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
-0.49
-0.56
-0.33
-0.04
0.87
0.98
1.16
- -
0.99
Book Value per Share
0.86
1.2
1.82
4.36
4.24
3.8
3.74
- -
4.34
Tangible Book Value per Share
2,561
2,561
2,561
2,794
2,847
2,854
2,873
- -
2,891
Basic Weighted Avg Shares
11,100
17,655
24,322
37,550
51,175
63,400
79,498
100,224
100,224
Sales/Revenue/Turnover
-0.87
1.34
3.56
1.8
1.64
1.93
2.61
4.31
4.31
Operating Margin (%)
309
595
716
964
1,733
2,242
2,664
3,203
3,203
Depreciation Expense
-245
-166
616
411
193
323
661
1,994
1,994
Net Income, GAAP
- -
- -
6.77
12.72
35.35
36.67
42.17
38.24
38.24
Effective Tax Rate (%)
-2.21
-0.94
2.53
1.09
0.38
0.51
0.83
1.99
1.99
Profit Margin (%)
983
1,496
2,682
9,618
7,081
4,141
5,165
4,307
4,307
Working Capital
765
1,304
1,090
2,052
2,137
1,593
3,218
3,152
3,152
LT Debt
2,310
3,229
4,907
13,455
13,922
12,810
13,427
15,021
15,021
Total Equity
- -
- -
10.25
4.25
2.63
3.52
4.92
9.9
9.9
Return on Invested Capital (%)
- -
- -
34.06
19.04
7.79
6.53
8.24
16.27
16.27
Return on Capital (%)
- -
- -
- -
- -
- -
12.27
21.53
64.26
64.26
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
11,181
- -
9,226
LT Borrowings
327
- -
183
LT Finance Leases
2,562
- -
2,968
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,861
- -
2,863
Market Capitalization
672,858
766,798
680,014

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
30,035
- -
31,889
Cash, Cash Equivalents & STI
5,330
- -
6,323
Accounts Receivable, Net
2,588
- -
2,894
Inventories
15,729
- -
16,422
Total Current Liabilities
25,853
- -
27,582
Payables & Accruals
- -
- -
- -
ST Debt
11,181
- -
9,226
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
37.27%
11.87%
Free Cash Flow
- -
-208.97%
44.49%
Net Income, GAAP
- -
57.55%
201.82%
Sales/Revenue/Turnover
- -
33.21%
26.07%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
14,218
15,070
17,888
16,240
63,400
2025
17,461
18,747
22,672
20,618
79,498
2026
21,549
23,460
28,733
26,482
100,224

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.01
0.02
0.06
- -
0.11
2025
0.03
0.04
0.09
0.07
0.23
2026
0.08
0.12
0.22
0.27
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
FSN E-Commerce Ventures Limited (Nykaa) operates as India's leading digital platform for beauty, personal care, fashion, wellness and lifestyle products, offering a content-led omni-channel retail experience through its flagship Nykaa brand and subsidiaries. The company provides an extensive portfolio encompassing makeup, skincare, haircare, fragrances, fashion apparel and accessories for women, men and children; luxury and masstige beauty brands including international labels like Estee Lauder, MAC and Bobbi Brown alongside proprietary Nykaa Cosmetics and house brands such as Nykaa Naturals and Kay Beauty; wellness supplements, fitness and health products; and services like content curation, beauty consultations and same-day delivery across more than 900 cities in India. Founded in 2012 and headquartered in Mumbai, it serves a pan-India customer base with operations extending to over 30,000 pin codes, complemented by a growing network of physical stores including Nykaa Luxe, Nykaa On Trend and Nykaa Fashion outlets. In recent developments, FSN E-Commerce Ventures approved the acquisition of the remaining 40% stake in Nudge Wellness Private Limited for Rs 14.26 lakh in August 2025, making it a wholly-owned subsidiary focused on health and wellness supplements. The company received NCLT approval in May 2025 for the merger of subsidiary Iluminar Media Ltd with Nykaa Fashion Ltd, effective April 1, 2024, streamlining its fashion segment operations. Additionally, Nykaa recorded its largest physical expansion in FY25 by adding 50 new stores, raised $3.4 million in fresh funding in August 2025 to fuel growth initiatives, and reported a 142% year-on-year net profit increase to Rs 23.32 crore in Q1 FY26 with 23% revenue growth to Rs 2,155 crore.