FSN E-Commerce Ventures Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1.00L Cr
- P/E
- 375.95
- ROE
- 15.29%
- PEG
- 3.09
- Price to sales
- 9.39
- Debt to equity
- 0.86
- 52W high / low
- ₹353 / ₹235
- Sales growth (5Y)
- 32.64%
- EBITDA margin
- 7.96%
- Net profit margin
- 2.14%
- Promoter holding
- 52.07%
- Sales (last year)
- ₹10,649 Cr
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]
Guidance scorecard · Q1 FY27 call
What FSN E-Commerce Ventures Ltd's management guided
and where it ranks in Retailing
RevenueQ4 FY26 call
20–40%- Nykaa anticipates continued strong growth in owned brands, especially Dot & Key, with potential for 50%-65% year-on-year growth over a 3-5 year horizon, though not indefinitely at the same pace.
- The company plans to grow its portfolio with 3-4 brands each contributing significantly to turnover and expansion into skin care, makeup, GTMT (general trade, modern trade) rollout, and international markets.
- Nykaa expects retail store expansion to continue at 50-70 new stores annually over the next 2-3 years, targeting ~500 stores in 3-4 years, focusing on increasing store density in Tier 2 and 3 towns.
- Nykaa Now rapid delivery service covers the top 7 metros with 75-80 rapid stores, fulfilling deliveries within 30 minutes to 2 hours, addressing customer convenience.
- Growth drivers include new customer acquisition, AI-driven marketing efficiencies, expanded brand assortment (including men's, kids, home), and deeper penetration into existing customer bases.
2 more points from FSN E-Commerce Ventures Ltd's call on revenue
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MarginsQ4 FY26 call
FlatSee what FSN E-Commerce Ventures Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Nykaa continues to invest in beauty retail store expansion, fulfilment capabilities, and technology.
- Capex utilization has become more efficient, currently standing at about 1% of revenue and steadily improving.
- Plans for retail brick-and-mortar expansion in FY '27 target similar store additions as FY '26, around 50-70 new stores per year.
- The goal is to increase store density in Tier 2 and Tier 3 towns, aiming for about 2 to 5 stores per city in these locations.
- Nykaa remains on track to reach approximately 500 stores over the next 3 to 4 years, adding about 170-180 more stores in 2 to 3 years.
2 more points from FSN E-Commerce Ventures Ltd's call on capex
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FundraisingQ4 FY26 call
See what FSN E-Commerce Ventures Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- Nykaa Now rapid delivery network: ~75-80 rapid stores in top 7 metros, covering 80%-90% of relevant pin codes with 30 mins to 2 hours delivery promise.
- Significant percentage of orders in top metros serviced via Nykaa Now; active marketing planned in FY '27 to increase traction.
- Retail store expansion to continue at similar pace as FY '26, targeting ~50-70 new stores per year, focusing on Tier 2 and Tier 3 city density.
- Strong growth momentum in various business verticals, including Beauty and Fashion, indicating robust order inflow.
2 more points from FSN E-Commerce Ventures Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Retailing
on management's own guidance
- Strong growth2
- Strong growth1
- Entero Healthcare Solutions LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Retailing companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,264 Cr | 38.2 | |
| 2 | 40%+ | Flat | ₹6,053 Cr | 53.9 | |
| 3 | Entero Healthcare Solutions Ltd | 20–40% | Up 0–2% | ₹6,899 Cr | 53.5 |
| 4 | 20–40% | Up 0–2% | ₹790 Cr | 19.0 | |
| 5 | 20–40% | Flat | ₹3.14L Cr | 725.0 | |
| 6 | 20–40% | Flat | ₹1.12L Cr | 170.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Retailing rankingFSN E-Commerce Ventures Ltd announcements
All announcements →- Acquisition / mergerNotableFSN E-Commerce acquires 51% stake in Aminu Wellness Private Limited
Financials of FSN E-Commerce Ventures Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of FSN E-Commerce Ventures Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,302 | 1,422 | 1,507 | 1,789 | 1,668 | 1,746 | 1,875 | 2,267 | 2,062 | 2,155 | 2,346 | 2,873 | 2,648 |
| Expenses + | 1,231 | 1,348 | 1,426 | 1,690 | 1,575 | 1,650 | 1,771 | 2,126 | 1,928 | 2,014 | 2,187 | 2,644 | 2,425 |
| Operating Profit | 71 | 73 | 81 | 99 | 93 | 96 | 104 | 141 | 133 | 141 | 159 | 230 | 223 |
| OPM % | 5% | 5% | 5% | 6% | 6% | 6% | 6% | 6% | 6% | 7% | 7% | 8% | 8% |
| Other Income + | 10 | 7 | 9 | 8 | 7 | 7 | 5 | 6 | 9 | 9 | 7 | -10 | 9 |
| Interest | 19 | 19 | 21 | 22 | 21 | 21 | 24 | 32 | 30 | 30 | 31 | 29 | 26 |
| Depreciation | 53 | 52 | 55 | 58 | 60 | 60 | 64 | 70 | 73 | 76 | 79 | 81 | 84 |
| Profit before tax | 9 | 10 | 13 | 26 | 20 | 22 | 21 | 45 | 40 | 44 | 55 | 110 | 122 |
| Tax % | 51% | 34% | 30% | 31% | 50% | 36% | 37% | 39% | 52% | 44% | 40% | 38% | 35% |
| Net Profit + | 2 | 5 | 8 | 17 | 9 | 14 | 13 | 26 | 19 | 24 | 33 | 68 | 79 |
| EPS in Rs | 0.01 | 0.01 | 0.02 | 0.06 | 0.02 | 0.03 | 0.04 | 0.09 | 0.07 | 0.08 | 0.12 | 0.22 | 0.27 |
Financials of FSN E-Commerce Ventures Ltd
Profit & Loss
Annual income statement trend
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales + | 574 | 1,111 | 1,768 | 2,441 | 3,774 | 5,144 | 6,386 | 7,950 | 10,022 |
| Expenses + | 601 | 1,091 | 1,685 | 2,283 | 3,610 | 4,887 | 6,039 | 7,475 | 9,270 |
| Operating Profit | -27 | 21 | 83 | 158 | 164 | 257 | 347 | 475 | 752 |
| OPM % | -5% | 2% | 5% | 6% | 4% | 5% | 5% | 6% | 8% |
| Other Income + | 4 | 5 | 10 | 12 | 27 | 30 | 30 | 27 | 15 |
| Interest | 7 | 27 | 46 | 32 | 47 | 76 | 84 | 108 | 117 |
| Depreciation | 7 | 31 | 60 | 72 | 96 | 173 | 224 | 266 | 320 |
| Profit before tax | -37 | -32 | -12 | 66 | 47 | 38 | 69 | 127 | 330 |
| Tax % | -25% | -23% | 31% | 7% | 13% | 35% | 37% | 42% | 38% |
| Net Profit + | -28 | -25 | -16 | 62 | 41 | 21 | 40 | 72 | 204 |
| EPS in Rs | -3.47 | -2.87 | -1.90 | 6.82 | 0.14 | 0.07 | 0.11 | 0.23 | 0.70 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of FSN E-Commerce Ventures Ltd
Balance Sheet
Capital structure and asset base
| 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 |
Financials of FSN E-Commerce Ventures Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -79 | -100 | 6 | 133 | -354 | -140 | 0 | 467 | 644 |
| Cash from Investing Activity + | 31 | -162 | 15 | -130 | -603 | 140 | -10 | -205 | -159 |
| Cash from Financing Activity + | 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% | 104% |
Financials of FSN E-Commerce Ventures Ltd
Ratios
Working capital efficiency and return ratios
| 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% |
Guidance history
How FSN E-Commerce Ventures Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 20–40% | Flat | — | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
81 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +36.1% | 81% |
| Last 6 months | +31.9% | 83% |
| Last 3 months | +4.8% | 76% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For FSN E-Commerce Ventures Ltd: 0.4 × 81 + 0.4 × 83 + 0.2 × 76 = 81.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What FSN E-Commerce Ventures Ltd's management said in earlier quarters
- Q4 FY25 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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