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.
Importance 72 / 95 · growth
FSN E-Commerce Ventures Limited · Research view
FSN E-Commerce Ventures Limited
NSE: NYKAABSE: 543384ISIN INE388Y01029Face value ₹1standalone
₹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
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
- ₹357 cr
- FY2026 net profit
- ₹88 cr
- Net worth
- ₹1,803 cr
- Total debt
- ₹182 cr
- EPS (basic)
- ₹0.31
- 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?
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
- +17.4%over 4 years
- Revenue growth
- −15.1%vs last year
- Net profit growth
- −9.8%vs last year
- Change in net profit since FY22
- −15%
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
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 1,875 | — | 13 | — | 0.7% |
| Q3 FY25 | 2,267 | +26.7% | 26 | +51.3% | 1.2% |
| Q4 FY25 | 2,062 | +23.6% | 19 | +110.0% | 0.9% |
| Q1 FY26 | 2,155 | +23.4% | 24 | +79.4% | 1.1% |
| Q2 FY26 | 2,346 | +25.1% | 33 | +154.3% | 1.4% |
| Q3 FY26 | 2,873 | +26.7% | 68 | +156.5% | 2.4% |
| Q4 FY26 | 2,648 | +28.4% | 79 | +313.4% | 3.0% |
| Q1 FY27 | 2,782 | +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?
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
- 40.3%
- 5-year range
- 27.8–70.5%
- ROE FY2026
- 5.1%
- ROCE FY2026
- 6.8%
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 (shareholders' funds)
Strength
Debt-to-equity fell from 0.72× to 0.50× year on year.
Rule LEVERAGE_DECREASED_YOY
Operating cash flowNet profit
- Total debt
- ₹182 cr
- Operating cash flow ÷ net profit
- 0.72×FY2026
- Free cash flow
- ₹25 cr
- Current ratio
- 2.14×
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%
EBITDA margin
NYKAA · 1st of 4 · set median -1.6%
Return on equity
NYKAA · 1st of 4 · set median -14.0%
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?
Context
Over 4 years profit compounded at 49.1% a year while the stock returned 28.3% a year.
Rule STOCK_LAGGED_EARNINGS
- 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%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 4 years (from ₹21 to ₹204) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 65
- WatchUnusual tax rateEffective 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.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 188 | 218 | 258 | 420 | 357 |
| Total income | 303 | 346 | 443 | 577 | 546 |
| EBITDA | 132 | 95 | 105 | 117 | 144 |
| Profit before tax | 122 | 81 | 90 | 97 | 113 |
| Net profit | 104 | 61 | 117 | 97 | 88 |
| EPS (₹) | 2.2 | 0.2 | 0.4 | 0.3 | 0.3 |
| Net worth | 1,550 | 1,649 | 1,627 | 1,660 | 1,803 |
| Total debt | 31 | 35 | 75 | 76 | 182 |
| Operating cash flow | 72 | −4 | −31 | 143 | 63 |
| Free cash flow | 67 | −16 | −16 | 124 | 25 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 16.0 | 18.4 | 62.8 | -15.1 |
| Profit growth YoY | — | -40.8 | 91.0 | -16.9 | -9.8 |
| Profitability | |||||
| EBITDA margin % | 70.5 | 43.7 | 40.6 | 27.8 | 40.3 |
| Net margin % | 34.1 | 17.7 | 26.5 | 16.9 | 16.1 |
| Return on equity % | 6.7 | 3.8 | 7.1 | 5.9 | 5.1 |
| Return on capital % | 8.1 | 5.4 | 5.7 | 6.1 | 6.8 |
| Leverage & cash | |||||
| Debt to equity | 0.02 | 0.02 | 0.05 | 0.05 | 0.10 |
| Cash flow ÷ profit | 0.70 | -0.06 | -0.27 | 1.46 | 0.72 |
| Current ratio | 9.49 | 11.29 | 4.09 | 1.97 | 2.14 |