TrueCAGR

FSN E-Commerce Ventures Limited

NSE: NYKAABSE: 543384ISIN INE388Y01029Face value ₹1consolidated
₹323
+1.00% · 2026-10-01 · 52-wk ₹235–₹350
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
StrengthTalking point

Profit outpacing revenue

Profit grew 183.0% while revenue grew 26.1%, so the company kept more of each rupee of revenue as profit.

Net profit growth+183.0%Revenue growth+26.1%

Importance 72 / 95 · growth

WatchTalking point

Volatile earnings

Profit has swung sharply over 4 years (from ₹21 to ₹204) — one year is a weak guide to the earnings power.

Importance 65 / 95 · growth

StrengthTalking point

Compounding revenue

Revenue compounded at 27.7% a year over 4 years (₹3,774 → ₹10,022).

Importance 63 / 95 · growth

StrengthTalking point

Returns at a multi-year high

ROE of 14.3% is the highest in 4 years (prior range 1.5% to 5.5%).

Importance 63 / 95 · profitability

Section 03 · The company

Who is this company?

Classified by the exchange under Consumer Discretionary › Consumer Services › Retailing › E-Retail/ E-Commerce.

Market cap
₹92,542 cr
FY2026 revenue
₹10,022 cr
FY2026 net profit
₹204 cr
Net worth
₹1,502 cr
Total debt
₹747 cr
EPS (basic)
₹0.70
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 4 e-retail/ e-commerce.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated
₹'000 cr05101520000REVENUENET PROFIT4k41FY225k21FY236k40FY248k72FY2510k204FY26
RevenueNet profit
Strength

Profit grew 183.0% while revenue grew 26.1%, so the company kept more of each rupee of revenue as profit.

Rule PROFIT_FASTER_THAN_REVENUE

Revenue growth per year
+27.7%over 4 years
Revenue growth
+26.1%vs last year
Net profit growth
+183.0%vs last year
Change in net profit since FY22
+394%

Profit has swung sharply over 4 years (from ₹21 to ₹204) — one year is a weak guide to the earnings power.

Revenue compounded at 27.7% a year over 4 years (₹3,774 → ₹10,022).

Over 4 years profit compounded at 49.1% a year while revenue compounded at 27.7% a year — though FY2026 saw a one-off step-change of 183% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Net profit grew 183.0% year on year (FY2025 → FY2026).

Revenue grew 26.1% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹80 cr, up 226.0% from ₹24 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 revenue was ₹2,782 cr, up 29.1% from ₹2,155 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Strength

Q1 FY27 EBIT was ₹156 cr, up 111.0% from ₹74 cr a year earlier.

Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr01223000REVENUENET PROFIT2k13Q2 '252k26Q3 '252k19Q4 '252k24Q1 '262k33Q2 '263k68Q3 '263k79Q4 '263k80Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY251,875—13—0.7%
Q3 FY252,267+26.7%26+51.3%1.2%
Q4 FY252,062+23.6%19+110.0%0.9%
Q1 FY262,155+23.4%24+79.4%1.1%
Q2 FY262,346+25.1%33+154.3%1.4%
Q3 FY262,873+26.7%68+156.5%2.4%
Q4 FY262,648+28.4%79+313.4%3.0%
Q1 FY272,782+29.1%80+226.0%2.9%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue
₹10,649 crTTM
EBITDA
₹880 crTTM
EBIT
₹547 crTTM
PBT
₹416 crTTM
Net profit
₹259 crTTM

C. Corporate actions

10 Nov 2022Bonus issueBonus issue 5:1 — 1:6
Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated
0%5%10%7.8%2.0%FY22FY23FY24FY25FY26
EBITDA marginNet margin
Strength

ROE of 14.3% is the highest in 4 years (prior range 1.5% to 5.5%).

Rule ROE_AT_MULTI_YEAR_HIGH

EBITDA margin now
7.8%
5-year range
5.0–7.8%
ROE FY2026
14.3%
ROCE FY2026
20.4%

EBITDA margin of 7.8% is the widest in 4 years (prior range 5.0% to 6.3%).

ROE improved from 5.5% to 14.3% year on year.

EBITDA margin improved from 6.3% to 7.8% of revenue.

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated
₹'000 cr01121kFY221kFY231kFY241kFY252kFY26
Net worth (shareholders' funds)
Strength

Debt-to-equity fell from 0.72× to 0.50× year on year.

Rule LEVERAGE_DECREASED_YOY

Operating cash flow vs net profit₹ crore · FY22–FY26
0k0k0k1k-35441FY22-14021FY23040FY2446772FY25644204FY26
Operating cash flowNet profit
Total debt
₹747 cr
Operating cash flow ÷ net profit
3.16×FY2026
Free cash flow
₹493 cr
Current ratio
1.16×
Section 08 · Relative position

How does it compare with peers?

Ranked against 4 e-retail/ e-commerce (FY2026, consolidated).

Revenue growth

NYKAA · 3rd of 3 · set median 51.4%

ETERNAL168.6%SWIGGY51.4%NYKAA26.1%

EBITDA margin

NYKAA · 1st of 4 · set median -1.6%

NYKAA7.8%ETERNAL4.8%MEESHO-8.0%SWIGGY-11.8%

Return on equity

NYKAA · 1st of 4 · set median -14.0%

NYKAA14.3%ETERNAL1.2%SWIGGY-29.1%MEESHO-31.0%
Context

Trades at 356.99× earnings — 30% below the e retail e commerce median of 511.18×.

Rule PE_BELOW_PEERS

P / E
357.0×TTM to Jun 26
P / B
61.6×latest book
P / S
8.7×TTM sales
Earnings yield
0.3%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 453.8× · P/S 9.2× · ROE 14.3%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2021-11 to 2026-10₹ per share · split / bonus adjusted
0k₹323202120222023202420252026
Context

Over 4 years profit compounded at 49.1% a year while the stock returned 28.3% a year.

Rule STOCK_LAGGED_EARNINGS

Business vs stock — 5-year compound annual rate
Net profit49.1%/yrShare price28.3%/yr
1-year return
+34.0%
3-year return
+111.0%
5-year return
—
From 52-wk high
−7.5%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Below₹332
vs 200-day avg
Above₹284
RSI (14)
43.1neutral
MACD histogram
-1.7
From 52-wk high
−7.5%
From 52-wk low
+37.7%
30-day volatility
27.1%ann.
6-month return
+37.5%
RSI (14) · 0–10043.1 — neutral
0305070100OVERSOLDOVERBOUGHT43.1
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Volatile earnings
    Profit has swung sharply over 4 years (from ₹21 to ₹204) — one year is a weak guide to the earnings power.
    EARNINGS_VOLATILE · conviction 65
  • Watch
    Unusual tax rate
    Effective tax rate of 38.2% (FY2026) is well above the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.
    EFFECTIVE_TAX_UNUSUAL · conviction 38
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY22FY23FY24FY25FY26
Revenue3,7745,1446,3867,95010,022
Total income3,8015,1746,4167,97710,055
EBITDA190286376501785
Profit before tax473869127330
Net profit41214072204
EPS (₹)0.90.10.10.20.7
Net worth1,3461,3921,2811,3431,502
Total debt333460680961747
Operating cash flow−354−1400467644
Free cash flow−448−348−110339493
Key ratios — consolidated
RatioFY22FY23FY24FY25FY26
Growth
Revenue growth YoY—36.324.124.526.1
Profit growth YoY—-49.289.681.3183.0
Profitability
EBITDA margin %5.05.65.96.37.8
Net margin %1.10.40.60.92.0
Return on equity %3.11.53.05.514.3
Return on capital %5.66.48.011.020.4
Leverage & cash
Debt to equity0.250.330.530.720.50
Cash flow ÷ profit-8.57-6.690.016.473.16
Current ratio2.001.591.221.241.16
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.