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Swing Capital

FSN E-Commerce Ventures Ltd

NSE: NYKAA BSE: 543384FMCG

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]

₹273
52W: ₹191 — ₹286
PE 1238 · Book ₹5.98 · +4465% vs book
Market Cap₹78,088 Cr
Stock P/E1238Price to Earnings
ROCE6.25%Return on Capital
ROE6.1%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Debtor days have improved from 90.5 to 41.5 days.

Weaknesses

  • −Stock is trading at 45.0 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 5.99% over last 3 years.
  • −Earnings include an other income of Rs.163 Cr.

Shareholding Pattern

Promoters52.09%
FIIs12.4%
DIIs25.35%
Public10.15%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters52.2%52.18%▼0.052.16%▼0.052.16%52.14%▼0.052.12%▼0.052.1%▼0.052.09%▼0.0
FIIs10.48%10.13%▼0.39.05%▼1.18.83%▼0.211.63%▲2.812.54%▲0.912.15%▼0.412.4%▲0.3
DIIs18.29%21.83%▲3.523.56%▲1.725.2%▲1.623.64%▼1.624.99%▲1.325.36%▲0.425.35%▼0.0
Public19.02%15.86%▼3.215.23%▼0.613.81%▼1.412.58%▼1.210.36%▼2.210.41%▲0.110.15%▼0.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales668010210310911989827796
Expenses90981071141231231009995105
Operating Profit-23-18-5-11-13-4-12-17-18-10
OPM %-35%-23%-4%-11%-12%-3%-13%-21%-23%-10%
Net Profit11198642162415131222
EPS ₹0.040.070.30.150.060.090.050.050.040.08

AI Insights

Revenue Trend

TTM revenue at ₹343Cr, down 18.3% YoY. OPM at -16%.

Debt Position

Borrowings at ₹129Cr. Debt-to-equity ratio: 0.09x. Healthy balance sheet.

Institutional Flow

DIIs: 25.35% (+13.77pp change). FIIs: 12.4% (+2.36pp change). Promoters hold 52.09%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 6% (Mar 2025). Working capital days: 151.

Valuation

PE 1238x with 6.25% ROCE. Price is 4465% above book value of ₹5.98. Dividend yield: 0%.

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