FSN E-Commerce Ventures Limited

BSE: NYKAA543384ISIN INE388Y01029

Consumer Discretionary
E-Retail/ E-Commerce
BSE 200

Share price

₹355.10+1.10 (+0.31%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹356.50
52W low: ₹218.75
Off 52W high: -0.39%
1M return: +4.17%
3M return: +6.32%
6M return: +30.36%
1Y return: +41.62%
20D avg volume: 4,98,481
50 DMA: ₹336.35
200 DMA: ₹293.17

Key ratios Consolidated

Market cap: ₹1,01,725 Cr
Current price: ₹355.10
52W high / low: ₹356.50 / ₹218.75
Face value: ₹1.00
P/E: 310.63
P/B: 61.46
EPS (TTM): ₹1.14
Book value / share: ₹5.78
ROE: —
ROCE: 24.10%
Operating margin: —
Net margin: —
Debt / equity: 0.50
Net debt: ₹570.01 Cr
Interest cover: 3.82
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: 43.6 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	3,006	2,782	2,648	2,873	2,346	2,155	2,062	2,267	1,875	1,746	1,668	1,789
	9.52	9.31	9.15	6.26	8.03	9.33	8.95	5.53	5.45	7.33	7.06	7.58
	3,016	2,791	2,657	2,880	2,354	2,164	2,071	2,273	1,880	1,753	1,675	1,796
	2,867	2,662	2,536	2,754	2,298	2,121	2,031	2,228	1,859	1,731	1,655	1,770
	5.86	4.14	8.73	2.21	0.34	3.33	1.28	2.78	1.45	2.59	7.49	23.52
	1,925	1,758	1,573	1,505	1,197	1,444	1,140	1,285	1,086	1,172	1,018	1,232
	220.05	224.85	203.84	202.90	182.77	182.02	174.12	174.60	161.49	155.86	142.07	147.93
	30.52	26.74	26.33	29.16	31.47	30.16	29.85	31.93	24.23	21.31	21.13	21.84
	93.05	89.46	84.22	80.88	79.09	76.14	72.90	69.82	63.62	60.06	59.65	58.03
	899.10	814.68	776.53	864.82	711.82	638.81	601.55	—	—	51.31	474.89	514.04
	148.51	129.16	121.52	125.98	56.42	43.71	39.55	44.56	21.26	22.08	19.56	26.49
	0.00	0.00	0.00	-16.36	-1.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	148.51	129.16	121.52	109.62	55.38	43.71	39.55	44.56	21.26	22.08	19.56	26.49
	47.32	49.40	42.77	41.88	22.40	19.24	20.50	17.59	7.82	7.84	9.82	8.26
	101.19	79.76	78.75	67.74	32.98	24.47	19.05	26.41	12.97	13.64	9.07	17.45
	0.35	0.28	0.27	0.22	0.12	0.08	0.07	0.09	0.04	0.03	0.02	0.06
Key metrics
	272.08	245.36	232.07	219.66	165.94	150.01	142.30	146.31	109.11	103.45	100.34	106.36
	9.10%	8.80%	8.80%	7.60%	7.10%	7.00%	6.90%	6.50%	5.80%	5.90%	6.00%	5.90%
	3.40%	2.90%	3.00%	2.40%	1.40%	1.10%	0.90%	1.20%	0.70%	0.80%	0.50%	1.00%
	8.50%	—	8.00%	—	5.00%	—	3.80%	—	—	—	—	—
	28.10%	29.10%	28.40%	26.70%	25.10%	23.40%	23.60%	26.70%	—	—	—	—
	206.80%	226.00%	313.40%	156.50%	154.30%	79.40%	110.00%	51.30%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	11,309	10,022	7,950	6,386	5,144	3,774
	34.24	32.77	27.26	29.94	30.21	26.97
	11,344	10,055	7,977	6,416	5,174	3,801
	10,819	9,707	7,850	6,347	5,136	3,754
	20.94	14.61	8.10	65.11	159.43	84.31
	6,761	5,719	4,683	3,782	2,848	2,408
	851.64	771.53	666.07	564.90	491.72	325.94
	112.75	117.12	107.32	82.83	74.61	46.51
	347.61	320.33	266.40	224.23	173.26	96.41
	3,355	2,992	2,337	1,828	1,530	1,155
	525.17	347.63	127.45	69.03	38.40	47.31
	-16.36	-17.40	0.00	0.00	0.00	0.00
	508.81	330.23	127.45	69.03	38.40	47.31
	181.37	126.29	53.75	25.31	13.57	6.02
	327.44	203.94	72.07	39.75	20.96	41.29
	1.12	0.70	0.23	0.11	0.07	0.88
Key metrics
	969.17	767.68	501.17	376.09	286.27	190.23
	8.57%	7.70%	6.30%	5.90%	5.60%	5.00%
	2.90%	2.00%	0.90%	0.60%	0.40%	1.10%
	—	24.10%	12.90%	—	—	—
	28.08%	26.10%	24.50%	24.10%	36.30%	—
	218.18%	183.00%	81.30%	89.60%	-49.20%	—
	—	490.43	339.41	—	—	—
	—	3.16	6.47	—	—	—
	—	0.50	0.72	—	—	—
	—	570.01	836.42	—	—	—
	—	43.6	47.3	—	—	—
Balance sheet
	—	4,611	3,980	—	—	—
	—	3,189	2,677	—	—	—
	—	177.20	124.94	—	—	—
	—	289.38	246.61	—	—	—
	—	1,642	1,418	—	—	—
	—	625.12	526.48	—	—	—
	—	299.97	601.58	—	—	—
	—	732.50	634.83	—	—	—
	—	2,758	2,161	—	—	—
	—	747.21	961.36	—	—	—
	—	728.88	851.15	—	—	—
	—	18.33	110.21	—	—	—
	—	1,502	1,343	—	—	—
Cash flow
	—	644.30	466.63	—	—	—
	—	-158.94	-205.43	—	—	—
	—	-433.10	-212.04	—	—	—
	—	153.87	127.22	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	103.61	75.42	102.03	95.67	76.97	81.83	88.57	119.14	109.41	102.83	93.59	38.30
	51.02	52.27	61.13	47.53	40.56	40.10	37.34	41.01	39.81	39.18	61.44	45.09
	154.63	127.69	163.16	143.20	117.53	121.93	125.91	160.15	149.22	142.01	155.03	83.39
	131.97	114.91	113.42	111.82	101.01	104.49	105.71	128.67	127.43	118.08	99.73	66.07
	0.53	0.20	0.64	0.21	1.52	1.56	2.47	2.78	1.45	2.59	—	—
	64.43	39.41	41.39	43.63	29.77	27.83	44.82	44.58	44.97	31.34	32.72	14.34
	16.42	18.65	17.64	16.25	17.62	16.10	16.57	15.26	15.54	18.74	14.15	11.03
	2.55	4.79	4.65	2.67	2.50	2.35	1.98	2.50	1.56	1.86	1.67	1.71
	6.17	6.34	5.43	3.71	3.98	3.20	3.38	2.87	3.00	2.32	2.04	1.92
	61.46	49.00	45.86	51.19	42.64	42.39	41.29	5.93	6.53	52.84	47.01	34.24
	22.66	12.78	49.74	31.38	16.52	17.44	20.20	31.48	21.79	23.93	55.29	17.32
	0.00	0.00	0.00	-2.13	0.00	0.00	0.00	—	—	—	—	—
	22.66	12.78	49.74	29.25	16.52	17.44	20.20	31.48	21.79	23.93	55.29	17.32
	5.95	3.21	8.70	7.57	4.27	4.52	5.58	7.02	5.63	18.30	33.38	4.20
	16.71	9.57	41.04	21.68	12.25	12.92	14.62	24.46	16.16	42.23	88.67	13.12
	0.06	0.03	0.14	0.08	0.04	0.05	0.05	0.09	0.06	0.15	0.31	0.05
Key metrics
	31.38	23.91	59.82	35.63	23.00	22.99	25.56	36.85	26.35	28.11	59.00	20.95
	30.30%	31.70%	58.60%	37.20%	29.90%	28.10%	28.90%	30.90%	24.10%	27.30%	63.00%	54.70%
	16.10%	12.70%	40.20%	22.70%	15.90%	15.80%	16.50%	20.50%	14.80%	41.10%	94.70%	34.30%
	1.30%	—	2.80%	—	1.10%	—	1.30%	—	—	—	—	—
	34.60%	-7.80%	15.20%	-19.70%	-29.60%	-20.40%	-5.40%	211.10%	—	—	—	—
	36.40%	-25.90%	180.70%	-11.40%	-24.20%	-69.40%	-83.50%	86.40%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	376.73	356.51	419.95	257.96	217.80	187.70
	211.95	189.33	157.33	184.60	128.69	115.71
	588.68	545.84	577.28	442.56	346.49	303.41
	472.12	430.78	479.99	352.58	265.86	181.71
	1.58	3.93	9.30	—	58.91	72.07
	188.86	142.62	165.66	103.47	21.01	19.40
	68.96	67.62	66.12	60.24	36.52	28.79
	14.66	12.17	7.91	6.89	7.45	5.89
	21.65	16.31	11.58	7.73	7.06	4.68
	207.51	182.12	202.66	170.83	129.14	83.51
	116.56	115.06	97.29	89.98	80.63	121.69
	-2.13	-2.13	0.00	—	—	—
	114.43	112.93	97.29	89.98	80.63	121.69
	25.43	25.07	0.07	27.11	19.32	18.18
	89.00	87.86	97.36	117.09	61.31	103.51
	0.31	0.31	0.34	0.41	0.22	2.22
Key metrics
	150.74	141.41	116.78	104.60	95.14	132.26
	40.01%	39.70%	27.80%	40.50%	43.70%	70.50%
	23.62%	24.60%	23.20%	45.40%	28.10%	55.10%
	—	6.50%	6.30%	—	—	—
	2.79%	-15.10%	62.80%	18.40%	16.00%	—
	38.52%	-9.80%	-16.90%	91.00%	-40.80%	—
	—	24.83	124.35	—	—	—
	—	0.72	1.46	—	—	—
	—	0.10	0.05	—	—	—
	—	177.30	70.24	—	—	—
	—	157.3	79.7	—	—	—
Balance sheet
	—	2,162	1,890	—	—	—
	—	510.03	411.71	—	—	—
	—	4.70	5.50	—	—	—
	—	95.75	47.71	—	—	—
	—	77.61	86.12	—	—	—
	—	20.03	23.57	—	—	—
	—	30.92	34.21	—	—	—
	—	19.70	42.25	—	—	—
	—	238.41	209.43	—	—	—
	—	182.00	75.74	—	—	—
	—	87.00	75.74	—	—	—
	—	95.00	0.00	—	—	—
	—	1,803	1,660	—	—	—
Cash flow
	—	63.29	142.58	—	—	—
	—	-194.35	-146.09	—	—	—
	—	130.26	7.57	—	—	—
	—	38.46	18.23	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +17.85%
Sales CAGR 5Y: —
Profit CAGR 3Y: +12.74%
Profit CAGR 5Y: —
Sales YoY (TTM): +2.79%
Profit YoY (TTM): +38.52%

Consolidated

Sales CAGR 3Y: +24.90%
Sales CAGR 5Y: —
Profit CAGR 3Y: +113.49%
Profit CAGR 5Y: —
Sales YoY (TTM): +28.08%
Profit YoY (TTM): +218.18%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 52.06%

Quarter	September 2026	June 2026
Promoter %	52.06%	52.06%

Holder	Type	Holding	Previous	Change
Sanjay Nayar Family Trust (Sanjay Nayar and Falguni Nayar)	Promoter	21.02%	21.02%	0.00%
Falguni Nayar Family Trust (Falguni Nayar and Sanjay Nayar)	Promoter	21.02%	21.02%	0.00%
Sbi Contra Fund	Public	4.22%	4.22%	0.00%
Anchit Nayar Family Trust (Anchit Nayar, Sanjay Nayar and Falguni Nayar)	Promoter Group	3.44%	3.44%	0.00%
Adwaita Nayar Family Trust (Adwaita Nayar, Sanjay Nayar and Falguni Nayar)	Promoter Group	3.44%	3.44%	0.00%
Harindarpal Singh Banga	Public	2.86%	2.86%	0.00%
Icici Prudential Life Insurance Company Limited	Public	2.36%	2.71%	-0.35%
Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund	Public	1.87%	2.29%	-0.42%
Hdfc Trustee Company Limited-Hdfc Flexi Cap Fund	Public	1.70%	1.87%	-0.17%
Mirae Asset Large & Midcap Fund	Public	1.58%	2.64%	-1.06%
Adwaita Nayar - Sanjay Nayar Family Trust (Adwaita Nayar, Sanjay Nayar and Falguni Nayar)	Promoter Group	1.55%	1.55%	0.00%
Anchit Nayar - Sanjay Nayar Family Trust (Anchit Nayar, Sanjay Nayar and Falguni Nayar)	Promoter Group	1.55%	1.55%	0.00%
Hdfc Life Insurance Company Limited	Public	1.40%	1.49%	-0.09%
Icici Prudential Large & Mid Cap Fund	Public	1.25%	1.54%	-0.29%
Narotam.S.Sekhsaria	Public	1.20%	1.20%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Eternal Limited	3,32,020	344.05	673.47	2.90%	+143.65% TTM	+162.23% TTM	+9.76%
Meesho Limited	1,04,011	224.70	-112.76	-27.00%	—	—	—
FSN E-Commerce Ventures Limited	1,01,725	355.10	310.63	24.10%	+28.08% TTM	+218.18% TTM	+41.62%
SWIGGY LIMITED	49,548	179.50	-13.85	-19.40%	+42.21% TTM	+14.18% TTM	-56.56%
Urban Company Limited	23,912	155.05	-52.32	-5.80%	—	—	+3.99%
CarTrade Tech Limited	12,117	2,492.30	47.50	11.00%	+16.13% TTM	+25.79% TTM	-14.37%
Shiprocket Limited	9,593	131.85	—	—	—	—	—
Brainbees Solutions Limited	8,693	166.50	-48.00	-0.20%	+11.71% TTM	+29.15% TTM	-52.24%
RATTANINDIA ENTERPRISES LIMITED	3,503	25.34	-12.45	—	-2.90% TTM	+33.50% TTM	-51.03%
Macfos Limited	1,099	1,061.35	—	38.50%	—	—	+48.73%
ACEVECTOR LIMITED	1,061	19.49	—	—	—	—	—
Intrasoft Technologies Limited	196	120.00	14.27	5.40%	+6.22% TTM	+4.97% TTM	+21.83%
DIGIDRIVE DISTRIBUTORS LIMITED	72	18.57	6.82	2.50%	-8.39% TTM	+32.41% TTM	-34.38%
PACE E-COMMERCE VENTURES LIMITED S	31	13.63	8.21	8.40%	—	—	-39.50%
AHASOLAR TECHNOLOGIES LIMITED	18	57.31	—	2.90%	—	—	-42.58%
Add-Shop E-Retail Limited S	16	5.59	13.63	2.10%	+26.08% TTM	-31.40% TTM	-38.71%
Finelistings Technologies Limited S	12	33.62	-4.15	-27.40%	—	—	+27.35%
Fone4 Communications (India) Limited S	10	4.09	-3.03	-22.90%	—	—	-31.83%

Filings & corporate actions

Recent announcements

Audio and Video Recording of the Conference Call for Analyst/Institutional Investor4 Nov 2026 · Company Update / Analyst / Investor Meet
Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2026.4 Nov 2026 · Result / Financial Results
Press Release issued by the Company titled "Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2026" and "Nykaa accelerates premium ....4 Nov 2026 · Company Update / Press Release / Media Release
Investor Presentation for the Earnings call scheduled today i.e. November 04, 2026.4 Nov 2026 · Company Update / Investor Presentation
Acquisition of 82% Stake in Simply Nam Beauty Private Limited.4 Nov 2026 · Company Update / Acquisition
Outcome of Board Meeting held on November 04, 2026 regarding approval of Financial Results for Quarter and half year ended September 30, 2026 and Acquisition of Simply Nam Beauty Private Limited.4 Nov 2026 · Board Meeting / Outcome of Board Meeting
Please find enclosed herewith schedule of Analyst/ Institutional Investor Meet.27 Oct 2026 · Company Update / Analyst / Investor Meet
Schedule of Conference Call for Analysts/Institutional Investors.26 Oct 2026 · Company Update / Analyst / Investor Meet
FSN E-Commerce Ventures Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 04/11/2026 ,inter alia, to consider and approve the Unaudited Standalone ....26 Oct 2026 · Board Meeting / Board Meeting
Disclosure in terms of Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements), 2015 - ESG Rating15 Oct 2026 · Company Update / Credit Rating
Please find enclosed herewith the Certificate under 74(5) of SEBI ( Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026.14 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Allotment of 3,91,990 Equity shares pursuant to the exercise of vested stock options by employees under the Employee Stock Option schemes of the Company9 Oct 2026 · Company Update / Allotment of ESOP / ESPS
Please find enclosed herewith a communication on Nykaa (FSN E-Commerce Ventures Limited along with its subsidiaries) which is self explanatory.4 Oct 2026 · Company Update / General
Completion of transaction for acquisition of 51% shareholding on a fully diluted basis in Aminu Wellness Private Limited ("Aminu").24 Sep 2026 · Company Update / Acquisition
Press Release issued by the Company titled ''Nykaa & BOLD, L''Oreal''s Corporate Venture Fund, Join forces to Empower the Next Generation of Indian Beauty Entrepreneurs''24 Sep 2026 · Company Update / Press Release / Media Release
Intimation of Closure of Trading Window23 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Disclosure in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - ESG Rating11 Sep 2026 · Company Update / Credit Rating
Allotment of 1,80,870 Equity shares pursuant to exercise of vested stock option by the employees under the Employee Stock Option Schemes of the Company5 Sep 2026 · Company Update / Allotment of ESOP / ESPS
Update on completion of acquisition of additional 24.2% equity shareholding in Earth Rhythm Private Limited, a subsidiary of the Company5 Sep 2026 · Company Update / General
Scrutinizer''s Report and Voting Results of the 14th Annual General Meeting held on August 25, 2026.26 Aug 2026 · AGM/EGM / AGM
Proceedings of the 14th Annual General Meeting of the Company held on August 25, 2026.25 Aug 2026 · AGM/EGM / AGM
Presentation made at the 14th Annual General Meeting of the Company held on August 25, 2026.25 Aug 2026 · AGM/EGM / AGM
Chairperson''s Speech delivered at the 14th Annual General Meeting held on August 25, 2026.25 Aug 2026 · AGM/EGM / AGM
Redemption of Unlisted, Unsecured, Unrated, Redeemable, Non-Convertible Debentures ("NCDs") by Nykaa E-Retail Limited, a wholly owned subsidiary of the Company12 Aug 2026 · Company Update / General
Allotment of 2,26,200 Equity shares pursuant to exercise of vested stock option by the employees under the Employee Stock Option Schemes of the Company9 Aug 2026 · Company Update / Allotment of ESOP / ESPS
Please find enclosed herewith the Transcript of Analyst / Investor Meet held on August 04, 2026.7 Aug 2026 · Company Update / Earnings Call Transcript
Please find enclosed herewith schedule of Analyst/ Institutional Investor Meet.6 Aug 2026 · Company Update / Analyst / Investor Meet
Please find enclosed herewith the Newpaper Publication.5 Aug 2026 · Company Update / Newspaper Publication
Audio and Video Recording of the Conference Call for Analyst/Institutional Investor4 Aug 2026 · Company Update / Analyst / Investor Meet
Press Release issued by the Company titled "Nykaa begins FY2027 on a strong note with Q1 FY2027 Net Revenue growth accelerating to 29% YoY and robust PAT Growth of 226% YoY" & "Nykaa acquires ....4 Aug 2026 · Company Update / Press Release / Media Release
Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026.4 Aug 2026 · Result / Financial Results
Acquisition of 51% shareholding on a fully diluted basis in Aminu Wellness Private Limited.4 Aug 2026 · Company Update / Acquisition
Investor Presentation for Analyst / Institutional Investors call.4 Aug 2026 · Company Update / Investor Presentation
Outcome of Board Meeting held on August 04, 2026.4 Aug 2026 · Board Meeting / Outcome of Board Meeting
Please find enclosed herewith copies of newspaper publication regarding Notice of the 14th Annual General Meeting of the Company, E-Voting and other related information.2 Aug 2026 · Company Update / Newspaper Publication
Communication sent to the Members with respect to the Integrated Annual Report, including Notice of the Annual General Meeting for FY2025-26.1 Aug 2026 · AGM/EGM / AGM
Business Responsibility and Sustainability Report for FY2025-26.1 Aug 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Please find enclosed herewith Integrated Annual Report FY 2025-26 of FSN E-Commerce Ventures Limited.1 Aug 2026 · Others / Reg. 34 (1) Annual Report
Notice of the 14th Annual General Meeting of FSN E-Commerce Ventures Limited scheduled to be held on August 25, 2026.1 Aug 2026 · AGM/EGM / AGM
Please find enclosed herewith the Newspaper Publication.30 Jul 2026 · Company Update / Newspaper Publication

Board meetings

4 Nov 2026 Board Meeting - Financial Results
4 Aug 2026 Board Meeting - Financial Results