FSN E-Commerce Ventures Ltd (NYKAA) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↓

-0.81%

Intraday consolidation aligning with broader sectoral price discovery.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 13.7%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 15.3%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹344.31

200-Day DMA ● Overlay

₹319.34

14-Day RSI ● Overlay

49.2 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹93,075 Cr

Large cap

Stock P/E (TTM) Valuation

350.0x

Price / EPS

Book Value (₹) Assets

₹5.0

P/B: 64.7x

ROE (%) Quality

15.3%

Net Profit / Equity

ROCE (%) Efficiency

17.2%

EBIT / Capital

Dividend Yield Yield

0.00%

Face Value: ₹10

Debt / Equity Solvency

0.86x

Manageable

EPS (TTM) Per Share

₹0.93

Trailing 12M

OPM (%) Spread

8.0%

EBITDA Margin

Free Cash Flow Cash

₹493.00 Cr

CFO - Capex

About FSN E-Commerce Ventures Ltd

FSN E-Commerce Ventures (Nykaa) (NYKAA) is a leading Indian enterprise operating in the Consumer Internet & Fintech sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 5.8% × Turnover: 0.85x × Leverage: 1.86x = ROE: 15.3%

✓ Company Strengths (Pros)

• Delivers solid shareholder returns with an ROE of 15.3%.
• TickerPulse fundamental algorithm rates overall quality at 80/100.

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 64.7x its book value.
• Commanding an elevated valuation multiple with P/E at 350.0x.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹10,649 Cr

Latest PAT

₹259.00 Cr

EPS (TTM)

₹0.93

OPM %

8.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	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 / Revenue	₹1,422 Cr	₹1,507 Cr	₹1,789 Cr	₹1,668 Cr	₹1,746 Cr	₹1,875 Cr	₹2,267 Cr	₹2,062 Cr	₹2,155 Cr	₹2,346 Cr	₹2,873 Cr	₹2,648 Cr	₹2,782 Cr
Operating Profit (EBITDA)	₹73.00 Cr	₹81.00 Cr	₹99.00 Cr	₹93.00 Cr	₹96.00 Cr	₹104.00 Cr	₹141.00 Cr	₹133.00 Cr	₹141.00 Cr	₹159.00 Cr	₹230.00 Cr	₹223.00 Cr	₹236.00 Cr
OPM %	5.0%	5.0%	6.0%	6.0%	6.0%	6.0%	6.0%	6.0%	7.0%	7.0%	8.0%	8.0%	8.0%
Interest Expense	₹19.00 Cr	₹21.00 Cr	₹22.00 Cr	₹21.00 Cr	₹21.00 Cr	₹24.00 Cr	₹32.00 Cr	₹30.00 Cr	₹30.00 Cr	₹31.00 Cr	₹29.00 Cr	₹26.00 Cr	₹27.00 Cr
Depreciation	₹52.00 Cr	₹55.00 Cr	₹58.00 Cr	₹60.00 Cr	₹60.00 Cr	₹64.00 Cr	₹70.00 Cr	₹73.00 Cr	₹76.00 Cr	₹79.00 Cr	₹81.00 Cr	₹84.00 Cr	₹89.00 Cr
Profit before Tax (PBT)	₹10.00 Cr	₹13.00 Cr	₹26.00 Cr	₹20.00 Cr	₹22.00 Cr	₹21.00 Cr	₹45.00 Cr	₹40.00 Cr	₹44.00 Cr	₹55.00 Cr	₹110.00 Cr	₹122.00 Cr	₹129.00 Cr
Net Profit (PAT)	₹5.00 Cr	₹8.00 Cr	₹17.00 Cr	₹9.00 Cr	₹14.00 Cr	₹13.00 Cr	₹26.00 Cr	₹19.00 Cr	₹24.00 Cr	₹33.00 Cr	₹68.00 Cr	₹79.00 Cr	₹80.00 Cr
EPS in ₹	₹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

Annual P&L (₹ Cr)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹574.00 Cr	₹1,111 Cr	₹1,768 Cr	₹2,441 Cr	₹3,774 Cr	₹5,144 Cr	₹6,386 Cr	₹7,950 Cr	₹10,022 Cr	₹10,649 Cr
Expenses	₹601.00 Cr	₹1,091 Cr	₹1,685 Cr	₹2,283 Cr	₹3,610 Cr	₹4,887 Cr	₹6,039 Cr	₹7,475 Cr	₹9,269 Cr	₹9,802 Cr
Operating Profit	-₹27.00 Cr	₹21.00 Cr	₹83.00 Cr	₹158.00 Cr	₹164.00 Cr	₹257.00 Cr	₹347.00 Cr	₹475.00 Cr	₹753.00 Cr	₹848.00 Cr
OPM %	-4.6%	1.9%	4.7%	6%	4.3%	5%	5%	6%	8%	8%
Interest	₹7.00 Cr	₹27.00 Cr	₹46.00 Cr	₹32.00 Cr	₹47.00 Cr	₹76.00 Cr	₹84.00 Cr	₹108.00 Cr	₹118.00 Cr	₹114.00 Cr
Depreciation	₹7.00 Cr	₹31.00 Cr	₹60.00 Cr	₹72.00 Cr	₹96.00 Cr	₹173.00 Cr	₹224.00 Cr	₹266.00 Cr	₹320.00 Cr	₹334.00 Cr
Profit before Tax	-₹37.00 Cr	-₹32.00 Cr	-₹12.00 Cr	₹66.00 Cr	₹47.00 Cr	₹38.00 Cr	₹69.00 Cr	₹127.00 Cr	₹330.00 Cr	₹416.00 Cr
Net Profit	-₹28.00 Cr	-₹25.00 Cr	-₹16.00 Cr	₹62.00 Cr	₹41.00 Cr	₹21.00 Cr	₹40.00 Cr	₹72.00 Cr	₹204.00 Cr	₹259.00 Cr
EPS in Rs	-3.47	-2.87	-1.90	6.82	0.14	0.07	0.11	0.23	0.70	0.89

Balance Sheet (₹ Cr)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹14.00 Cr	₹14.00 Cr	₹15.00 Cr	₹15.00 Cr	₹47.00 Cr	₹285.00 Cr	₹286.00 Cr	₹286.00 Cr	₹286.00 Cr
Reserves & Surplus	₹108.00 Cr	₹216.00 Cr	₹307.00 Cr	₹475.00 Cr	₹1,292 Cr	₹1,093 Cr	₹977.00 Cr	₹1,015 Cr	₹1,152 Cr
Borrowings (Debt)	₹83.00 Cr	₹310.00 Cr	₹413.00 Cr	₹333.00 Cr	₹593.00 Cr	₹798.00 Cr	₹969.00 Cr	₹1,321 Cr	₹1,238 Cr
Total Liabilities	₹353.00 Cr	₹776.00 Cr	₹1,124 Cr	₹1,302 Cr	₹2,646 Cr	₹2,950 Cr	₹3,401 Cr	₹3,980 Cr	₹4,611 Cr
Fixed Assets	₹34.00 Cr	₹140.00 Cr	₹227.00 Cr	₹231.00 Cr	₹483.00 Cr	₹699.00 Cr	₹668.00 Cr	₹835.00 Cr	₹1,008 Cr
Total Assets	₹353.00 Cr	₹776.00 Cr	₹1,124 Cr	₹1,302 Cr	₹2,646 Cr	₹2,950 Cr	₹3,401 Cr	₹3,980 Cr	₹4,611 Cr

Cash Flows (₹ Cr)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	-₹79.00 Cr	-₹100.00 Cr	₹6.00 Cr	₹133.00 Cr	-₹354.00 Cr	-₹140.00 Cr	₹0 Cr	₹467.00 Cr	₹644.00 Cr
Cash from Investing (CFI)	₹31.00 Cr	-₹162.00 Cr	₹15.00 Cr	-₹130.00 Cr	-₹603.00 Cr	₹140.00 Cr	-₹10.00 Cr	-₹205.00 Cr	-₹159.00 Cr
Cash from Financing (CFF)	₹82.00 Cr	₹236.00 Cr	₹69.00 Cr	-₹38.00 Cr	₹927.00 Cr	₹5.00 Cr	₹44.00 Cr	-₹212.00 Cr	-₹433.00 Cr
Free Cash Flow (FCF)	-₹106.00 Cr	-₹135.00 Cr	-₹40.00 Cr	₹91.00 Cr	-₹448.00 Cr	-₹348.00 Cr	-₹110.00 Cr	₹339.00 Cr	₹493.00 Cr

Efficiency Ratios	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	45	19	20	11	9	12	14	11	11
Inventory Days	114	135	160	122	150	128	119	116	109
Cash Conversion Cycle (Days)	35	54	68	56	97	106	94	75	71
ROCE %	0%	-1%	5%	13%	7%	6%	7%	10%	17%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹14.20 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹356.80

DCF Fair Value

₹14.20

Graham Number

₹10.25

Margin of Safety

-96.5%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹14.20

Premium / Overvalued (Margin: -96.5%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹14	₹14	₹14	₹13
10%	₹14	₹14	₹14	₹14
12%	₹14	₹14	₹14	₹14
14%	₹15	₹14	₹14	₹14

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹14	Fairly Valued
Benjamin Graham Number	₹11	Market Priced
Historical Sector P/E	₹20	Premium
EV / EBITDA Multiplier	₹375	In-Line
Free Cash Flow Yield Model	₹350	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 6/9 (Stable Financials)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

6 / 9 Pass

Altman Z-Score

2.78 (Grey Zone (Moderate Solvency))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Elevated leverage at 0.86x

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 8.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

52.07%

FIIs (Foreign)

13.73%

DIIs (Domestic)

24.08%

Government

0.15%

Public / Retail

10.12%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	52.26%	52.24%	52.22%	52.20%	52.18%	52.16%	52.16%	52.14%	52.12%	52.10%	52.09%	52.07%
+ FIIs (Foreign Portfolio)	9.84%	10.65%	10.32%	10.48%	10.13%	9.05%	8.83%	11.63%	12.54%	12.15%	12.40%	13.73%
+ DIIs (Mutual Funds / Insurance)	14.31%	15.25%	17.16%	18.29%	21.83%	23.56%	25.20%	23.64%	24.99%	25.36%	25.35%	24.08%
+ Public (Retail & HNIs)	23.60%	21.87%	20.31%	19.02%	15.86%	15.23%	13.81%	12.58%	10.36%	10.41%	10.15%	10.12%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Internet & E-Commerce.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

NYKAA Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

NYKAA Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

NYKAA Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹456.70

Accelerated market share capture in Internet & E-Commerce, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹399.62

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 350x P/E.

🐻 Bear Case (15%) -12.0%

₹313.98

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Internet & E-Commerce)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:51 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ FSN E-Commerce Ventures Ltd (NYKAA)	Target Stock	₹356.80	-0.81%	350.0x	15.3%	17.2%	0.86	₹93,075 Cr
Zomato Ltd (ZOMATO)	Food Delivery & Blinkit Quick Commerce	₹313.90	-1.91%	701.0x	0.4%	2.5%	0.15	₹3.03 Lakh Cr
One97 Communications Ltd (PAYTM)	UPI Payments, Soundboxes & QR	₹1,793.80	+0.32%	131.0x	4.6%	5.0%	0.01	₹1.06 Lakh Cr
Reliance Industries Ltd (RELIANCE)	Oil to Chemicals, Retail & Telecom	₹1,335.40	+0.83%	21.2x	8.9%	10.3%	0.45	₹15.80 Lakh Cr
HDFC Bank Ltd (HDFCBANK)	Private Sector Bank	₹806.60	+1.06%	14.1x	13.6%	7.0%	0.00	₹11.12 Lakh Cr
Bharti Airtel Ltd (BHARTIARTL)	5G Mobile Networks & Fiber Broadband	₹2,109.00	+1.78%	34.8x	20.3%	17.6%	1.31	₹10.87 Lakh Cr
ICICI Bank Ltd (ICICIBANK)	Private Sector Bank	₹1,571.60	-1.10%	16.8x	15.9%	7.2%	0.00	₹9.41 Lakh Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:51:16 IST	✓ Live Sync
Financial Statements (10Y)	FSN E-Commerce Ventures Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

FSN E-Commerce Ventures Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About FSN E-Commerce Ventures Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Internet & E-Commerce)

Metric Explainer

Stock DNA Methodology

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