NSE: NYKAA · BSE: 543384
FSN E COMMERCE VENTURES
Sells beauty, fashion and other lifestyle products to Indian consumers through its online platform, a network of 313 physical stores across 99 cities, and quick-commerce channels. Beauty accounted for 91.2% of segment revenue in FY26 at ₹9,139.49 crore, with Fashion at 8.3% (₹832.16 crore) and Others at 0.5% (₹50.7 crore). The beauty vertical recorded FY26 GMV of ₹15,000 crore at a 9.6% EBITDA margin, including the House of Nykaa owned-brands portfolio at ₹2,788 crore (+65% YoY); Nykaa Fashion generated ~₹5,000 crore of FY26 GMV (+30% YoY) and turned EBITDA positive at +0.3% in Q4 FY26. Across both verticals the platform sells more than 10,000 brands and serves over 55 million customers, with 1,500 new brands onboarded in FY26 alone. Other operating expenses (29.9% of revenue) and employee costs (7.7%) are the largest cost lines; depreciation is 3.2% and capex is 1.5% of revenue, reflecting an asset-light model. Plans to add 50-60 new stores in FY27 towards a target of ~500 stores in 3-4 years, and manages the Nike.com and Nike app end-to-end since February 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Beauty (91%), Fashion (8%), Others (1%). Asset-light, online-first multi-category retailer with a growing physical store network and in-house owned brands
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,774 | 5,144 | 6,386 | 7,950 | 10,022 |
| EBITDA (ex other income) | 163 | 256 | 346 | 474 | 735 |
| margin % | 4.3 | 5.0 | 5.4 | 6.0 | 7.3 |
| Owners' profit | 41 | 19 | 32 | 66 | 199 |
| EPS, as reported (₹) | 0.88 | 0.07 | 0.11 | 0.23 | 0.70 |
| ROE % · ROCE % | 3.1 · 5.6 | 1.5 · 6.4 | 3.1 · 10.0 | 5.4 · 12.9 | 13.6 · 24.1 |
| Debt / equity (x) | 0.25 | 0.33 | 0.53 | 0.72 | 0.50 |
| Cash from operations | (354) | (140) | 0 | 467 | 644 |
| Capex | (94) | (208) | (111) | (127) | (154) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,875 | 2,267 | 2,062 | 2,155 | 2,346 | 2,873 | 2,648 | 2,782 |
| Profit before tax | 21 | 45 | 40 | 44 | 55 | 110 | 122 | 129 |
| Net profit | 13 | 26 | 19 | 24 | 33 | 68 | 79 | 80 |
| EPS (₹) | 0.04 | 0.09 | 0.07 | 0.08 | 0.12 | 0.22 | 0.27 | 0.28 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Beauty | 9,140 | 91.2 |
| Fashion | 832 | 8.3 |
| Others | 51 | 0.5 |
| Total, before eliminations | 10,022 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ETERNAL LIMITED | 3,04,851 | 704.3 | 9.84 | 116.7 | 1.2 | 1.8 | — | 4.8 |
| MEESHO LIMITED | 1,02,819 | — | 23.44 | — | (31.0) | (27.2) | — | (3.0) |
| FSN E COMMERCE VENTURES ◆ | 97,231 | 381.4 | 64.73 | 127.4 | 13.6 | 17.8 | — | 8.8 |
| SWIGGY LIMITED | 49,505 | — | 2.70 | — | (22.7) | (20.4) | — | (6.4) |
| URBAN COMPANY LIMITED | 21,161 | — | 9.87 | — | (11.0) | (6.3) | — | (11.4) |
| CARTRADE TECH LIMITED | 13,560 | 58.3 | 5.18 | 39.7 | 9.3 | 10.5 | — | 44.0 |
| BRAINBEES SOLUTIONS LTD | 8,604 | — | 1.61 | 22.6 | (3.8) | (2.4) | — | 4.2 |
| RATTANINDIA ENT LIMITED | 3,279 | — | 4.26 | — | (21.6) | — | 844.9 | 2.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 381.4 | 13.1 | 9 of 10 | 11% |
| P/B | 64.7 | 3.5 | 12 of 12 | 0% |
| ROCE | 17.8 | 1.8 | 2 of 15 | 93% |
| ROE | 13.6 | 1.1 | 1 of 12 | 100% |
| Debt / Equity | 0.5 | 0.0 | 11 of 11 | 0% |
| EBITDA margin | 8.8 | 4.0 | 2 of 12 | 91% |
| Revenue growth | 29.1 | 16.3 | 6 of 13 | 58% |
| Profit growth | 225.9 | 30.7 | 3 of 10 | 78% |
| Market cap | 97231 | 2190 | 3 of 16 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · FSN E-Commerce schedules investor meetings from November 16 to 19, 2026 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Nykaa schedules Q2 FY2027 analyst and investor conference call | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting set for November 4 to approve September quarter results | results | low | — | — |
| 15 Oct 2026 · Nykaa gets upgraded ESG rating of 72 from NSE Sustainability for FY2026 | business updates | medium | — | — |
| 14 Oct 2026 · Registrar compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 9 Oct 2026 · Allotment of 3,91,990 equity shares under ESOP exercise | capital market events | low | — | — |
| 4 Oct 2026 · Nykaa Q2 FY2027 revenue update shows strong growth across verticals | business updates | medium | — | — |
| 24 Sept 2026 · Nykaa completes acquisition of 51 percent stake in Aminu Wellness; becomes subsidiary | strategic transactions | high | — | — |
| 24 Sept 2026 · Nykaa partners with L'Oreal's BOLD fund to back Indian beauty startups | compliance | low | — | — |
| 23 Sept 2026 · Nykaa trading window closed from Sept 24 ahead of Q2 results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.