NYKAA

FSN E-Commerce Ventures Limited

Omni-channel beauty and lifestyle e-retailer with Nykaa and Nykaa Fashion brands

Consumer Discretionary›Consumer Services›Retailing›E-Retail/ E-Commerce

nykaa.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹345.00
Market cap
98,836 Cr
Stock P/E
385.9
P/B
68.70
ROE (FY26)
13.3%
ROCE (FY26)
19.9%
Operating margin (FY26)
4.3%
Debt / equity (FY26)
0.52
OCF / EBITDA (FY26)
85.6%
OCF / EBITDA (3Y)
70.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Nykaa (FSN E-Commerce Ventures) sells beauty and fashion products to shoppers in India through its online platforms and its own stores, and also runs owned brands and a business-to-business distribution arm for retailers.

Company snapshot

3rdBy market cap

Ranked among 12 companies in E-Retail/ E-Commerce.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 90.9% of revenue

SegmentRevenue shareRevenuePBTAssets
Beauty
90.9%
2,060 Cr100 Cr3,079 Cr
Fashion
8.8%
199 Cr-25 Cr428 Cr
Others
0.4%
8 Cr-8 Cr45 Cr

What we see

Concerns
  • ✗Net margin is very thin at 2.0% — little room for error if costs rise.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,507 Cr1,789 Cr1,668 Cr1,746 Cr1,875 Cr2,267 Cr2,062 Cr2,155 Cr2,346 Cr2,873 Cr2,648 Cr2,782 Cr
Operating expenses (approx.)1,426 Cr1,690 Cr1,575 Cr1,650 Cr1,771 Cr2,126 Cr1,928 Cr2,014 Cr2,187 Cr2,644 Cr2,425 Cr2,546 Cr
EBITDA81 Cr99 Cr93 Cr96 Cr104 Cr141 Cr133 Cr141 Cr159 Cr230 Cr223 Cr236 Cr
OPM %5.4%5.5%5.6%5.5%5.5%6.2%6.5%6.5%6.8%8.0%8.4%8.5%
Other income9 Cr8 Cr7 Cr7 Cr5 Cr6 Cr9 Cr9 Cr8 Cr6 Cr9 Cr9 Cr
Interest21 Cr22 Cr21 Cr21 Cr24 Cr32 Cr30 Cr30 Cr31 Cr29 Cr26 Cr27 Cr
Depreciation55 Cr58 Cr60 Cr60 Cr64 Cr70 Cr73 Cr76 Cr79 Cr81 Cr84 Cr89 Cr
Profit before tax12 Cr26 Cr19 Cr21 Cr21 Cr44 Cr40 Cr44 Cr55 Cr110 Cr122 Cr129 Cr
Tax %33.7%32.1%52.0%36.5%37.6%40.0%51.8%44.0%40.4%38.2%35.2%38.2%
Net profit8 Cr17 Cr9 Cr14 Cr13 Cr26 Cr19 Cr24 Cr33 Cr68 Cr79 Cr80 Cr
EPS (₹)₹0.02₹0.06₹0.02₹0.03₹0.04₹0.09₹0.07₹0.08₹0.12₹0.22₹0.27₹0.28

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,111 Cr1,768 Cr2,441 Cr3,774 Cr5,144 Cr6,386 Cr7,950 Cr10,022 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,091 Cr1,686 Cr2,279 Cr3,611 Cr4,888 Cr6,039 Cr7,476 Cr9,270 CrSign in free for the trailing twelve months
EBITDA21 Cr81 Cr161 Cr163 Cr256 Cr346 Cr474 Cr752 CrSign in free for the trailing twelve months
OPM %1.8%4.6%6.6%4.3%5.0%5.4%6.0%7.5%Sign in free for the trailing twelve months
Other income5 Cr10 Cr12 Cr27 Cr30 Cr30 Cr27 Cr33 CrSign in free for the trailing twelve months
Interest26 Cr44 Cr31 Cr47 Cr75 Cr83 Cr107 Cr117 CrSign in free for the trailing twelve months
Depreciation31 Cr60 Cr67 Cr96 Cr173 Cr224 Cr266 Cr320 CrSign in free for the trailing twelve months
Profit before tax-32 Cr-12 Cr75 Cr47 Cr35 Cr65 Cr126 Cr330 CrSign in free for the trailing twelve months
Tax %22.6%-31.5%17.8%12.7%39.3%38.9%42.7%38.2%Sign in free for the trailing twelve months
Net profit-25 Cr-16 Cr62 Cr41 Cr21 Cr40 Cr72 Cr204 CrSign in free for the trailing twelve months
EPS (₹)₹-0.59₹-0.39₹1.39₹0.88₹0.07₹0.11₹0.23₹0.70Sign in free for the trailing twelve months
Dividend payout %———0.0%0.0%0.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital14 Cr15 Cr15 Cr47 Cr285 Cr286 Cr286 Cr286 Cr
Reserves216 Cr308 Cr475 Cr1,292 Cr1,093 Cr977 Cr1,015 Cr1,152 Cr
Borrowings226 Cr268 Cr187 Cr333 Cr460 Cr680 Cr961 Cr747 Cr
Other liabilities319 Cr534 Cr624 Cr967 Cr1,097 Cr1,439 Cr1,676 Cr2,362 Cr
Total liabilities776 Cr1,124 Cr1,302 Cr2,646 Cr2,950 Cr3,401 Cr3,980 Cr4,611 Cr
Fixed assets (net)43 Cr70 Cr69 Cr372 Cr543 Cr497 Cr602 Cr300 Cr
CWIP0.32 Cr0.78 Cr2 Cr10 Cr2 Cr6 Cr3 Cr9 Cr
Investments138 Cr4 Cr1 Cr0 Cr38 Cr34 Cr0.16 Cr0.16 Cr
Inventories245 Cr445 Cr498 Cr876 Cr1,005 Cr1,192 Cr1,418 Cr1,642 Cr
Trade receivables58 Cr98 Cr77 Cr95 Cr164 Cr242 Cr247 Cr289 Cr
Cash & bank11 Cr101 Cr84 Cr66 Cr41 Cr76 Cr125 Cr177 Cr
Other assets280 Cr405 Cr572 Cr1,228 Cr1,157 Cr1,354 Cr1,586 Cr2,193 Cr
Total assets776 Cr1,124 Cr1,302 Cr2,646 Cr2,950 Cr3,401 Cr3,980 Cr4,611 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-100 Cr6 Cr150 Cr-354 Cr-140 Cr0.25 Cr467 Cr644 Cr
Cash from investing-162 Cr15 Cr-130 Cr-603 Cr140 Cr-10 Cr-205 Cr-159 Cr
Cash from financing236 Cr69 Cr-38 Cr927 Cr5 Cr44 Cr-212 Cr-433 Cr
Net cash flow-26 Cr90 Cr-18 Cr-30 Cr4 Cr34 Cr49 Cr52 Cr
Free cash flow (OCF − Capex)-135 Cr-40 Cr108 Cr-448 Cr-348 Cr-110 Cr339 Cr490 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %-1.2%5.4%15.6%5.6%5.9%7.5%10.1%19.9%
ROE %-10.6%-5.1%12.6%3.1%1.4%2.5%4.9%13.3%
Debtor days192011912141111
Inventory days369431937347413780229566826370240914
Days payable27453565933010156360621682852818250
Cash conversion cycle94916280017432226170045283518522674
OCF / EBITDA %n.m.7.6%92.8%-216.8%-54.8%0.1%98.5%85.6%
OCF / EBITDA % (3 years)——21.4%-48.8%-59.3%-64.5%30.4%70.7%
Debt / equity0.980.830.380.250.330.540.740.52
Current ratio1.211.221.392.001.591.221.241.16
Net debt / EBITDA10.452.050.641.641.641.751.760.76