FSN E-Commerce Ventures (Nykaa)

NYKAA · NSE

— · —

₹327.35

Closing price — 29 Sept 2026

Market cap ₹91,786 Cr · EPS ₹0.71

Valuation

Blended fair value using DCF and peer comparison methods.

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Aggressively investing in capacity expansion. Free cash flow is negative due to heavy growth capex — not business weakness. Peer comparison is more appropriate than DCF.

The intrinsic value shown is an algorithmic estimate based on publicly available financial data — including DCF analysis, peer comparison, and historical financials. It is not a research report, investment advice, or a recommendation to buy, sell, or hold any security. Stock valuations involve uncertainty and may differ significantly from market prices. Please consult a SEBI-registered investment adviser before making any investment decision.

Peer comparison

How this company stacks up against sector peers on valuation and quality metrics.

E-commerce & consumer internet · 8 peers · sector medians shown

Better than medianWorse than median

Company	Mkt Cap	P/E	P/B	EV/EBITDA	ROE	Net Margin	Rev CAGR 3y
FSN E-Commerce Ventures (Nykaa) NYKAA · you	₹91,786 Cr	460.2×	63.8×	124.9×	13.9%	2.0%	24.9%
Sector median	—	75.2×	5.7×	52.1×	2.5%	0.5%	30.1%
Eternal ETERNAL	₹2.6 L Cr	633.3×	7.3×	213.0×	1.2%	0.7%	97.3%
Lenskart Solutions LENSKART	₹87,527 Cr	173.6×	10.0×	50.5×	5.6%	5.6%	32.5%
Meesho MEESHO	₹75,333 Cr	—	17.6×	—	-30.9%	-10.8%	30.1%
Info Edge India NAUKRI	₹63,681 Cr	36.8×	1.7×	53.7×	3.8%	44.1%	11.9%
Swiggy SWIGGY	₹55,938 Cr	—	3.6×	—	-22.7%	-18.0%	40.8%
Cartrade Tech CARTRADE	₹13,562 Cr	113.6×	6.4×	—	5.6%	0.3%	—
Indiamart Intermesh INDIAMART	₹12,140 Cr	25.5×	5.0×	22.7×	19.8%	30.3%	16.8%
Brainbees Solutions FIRSTCRY	₹11,254 Cr	—	2.2×	60.7×	-2.9%	-1.6%	14.9%

Peer comparison verdict

FSN trades at a premium to peers (P/E 460.2× vs median 75.2×), but its higher ROE of 13.9% (sector 2.5%) justifies much of that premium — quality rarely comes cheap.

Business quality

Valuation

P/E ratio

460.2×

P/B ratio

—

EV/EBITDA

—

Price/Sales

—

Returns

ROE

13.9%

ROCE

22.4%

ROA

—

Growth

Revenue CAGR (3yr)

24.9%

EPS CAGR (3yr)

118.0%

Efficiency

Asset turnover

—

FCF yield

0.5%

Dividend yield

—

Liquidity & Solvency

Debt / Equity

0.01×

Debt / EBITDA

—

Interest coverage

3.5×

Current ratio

1.16×

Quick ratio

—

Financial health

Piotroski F-Score, Altman Z-Score, and key solvency ratios.

Is the business financially healthy?

Two structured frameworks that go beyond a single number to assess financial strength.

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Calculated from annual report data sourced via BSE/NSE filings. For precise figures refer to BSE/NSE filings.

Full financial data

Charts and annual statements for income, balance sheet and cash flow.

Income trend

Revenue, profit and margin trends over time.

Revenue

Net profit

Operating margin

Net margin

Revenue

₹10,022 Cr

Net profit

₹199 Cr

Operating margin

—

Net margin

2.0%

Revenue and net profit in ₹ Crores (left axis). Margins % on right axis.

Cash flow

Where cash comes from and where it goes.

Operating CFInvesting CFFinancing CFFree cash flow

Operating CF — Cash earned from running the business. The core engine of financial health.

Investing CF — Cash spent on assets and equipment. Negative is normal — it means the company is investing in growth.

Financing CF — Cash from borrowing or repaying loans and dividends. Negative means debt is being repaid.

Free cash flow — Operating CF minus capex. Cash left after keeping the business running. Positive and growing is ideal.

Operating CF

₹644.3 Cr

Investing CF

₹0 Cr

Financing CF

₹0 Cr

Free cash flow

₹490.43 Cr

Balance sheet

Assets show what the company owns. Liabilities show what it owes. Equity is what's left for shareholders.

How the company is funded — equity is owners' money, debt is long-term borrowing, current liabilities are short-term obligations.

Equity

Debt

Current liabilities

Total assets

—

Total debt

₹18 Cr

Equity

₹1,438 Cr

Debt / Equity

0.01×

Numbers are illustrative — order-of-magnitude correct. For precise figures, refer to the company's annual report on BSE/NSE.

Shareholding pattern

Who owns this company and how that has changed.

What shareholding tells you: When promoters (founders/controlling shareholders) increase their stake, it usually signals confidence in the business. Rising FII (foreign funds) interest means international money is moving in. High promoter pledge is a risk — pledged shares can be force-sold if the stock price falls sharply.

Latest quarter

Promoter

52.1%

-0.0 pp QoQ

FII

13.7%

+1.3 pp QoQ

DII

24.1%

-1.3 pp QoQ

Retail

10.1%

Trend over time (%)

Quarterly data

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	Change (YoY)
Promoter	52.3%	52.2%	52.2%	52.2%	52.2%	52.2%	52.2%	52.1%	52.1%	52.1%	52.1%	52.1%	-0.1 ppYoY
FII (Foreign)	9.8%	10.7%	10.3%	10.5%	10.1%	9.1%	8.8%	11.6%	12.5%	12.2%	12.4%	13.7%	+2.1 ppYoY
DII (Domestic)	14.3%	15.3%	17.2%	18.3%	21.8%	23.6%	25.2%	23.6%	25.0%	25.4%	25.4%	24.1%	+0.4 ppYoY
Retail	23.6%	21.9%	20.3%	19.0%	15.9%	15.2%	13.8%	12.6%	10.4%	10.4%	10.2%	10.1%	-2.5 ppYoY

Signals from the trend

➡️

PromoterStable — no notable buying or selling

📈

FIINet buyers (+3.9pp) — foreign institutional interest is growing

📈

DIINet buyers (+9.8pp) — domestic funds are accumulating

Overall positive — FII buying and DII buying suggest growing conviction in the business.

pp = percentage points. FII = Foreign Institutional Investors. DII = Domestic Institutional Investors (MFs, insurance). Data sourced from NSE/BSE filings. Verify on BSE/NSE before any investment decision.