Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Fsn E-Commerce Ventures Ltd.
NSE: NYKAAConsumer CyclicalInternet Retail
- Last close
- ₹319.30
- Day change
- −₹2.60 (−0.81%)vs
- Market cap
- ₹91,501 crIndian rupees
- Research updated
- 3 reports
Follow Fsn E-Commerce Ventures
Create an account, then follow this company for weekday briefs. You will return to Fsn E-Commerce Ventures after signing in.
About Fsn E-Commerce Ventures
Fsn E-Commerce Ventures Ltd., commonly known as Nykaa, is a significant player in the Indian e-commerce market, primarily focused on beauty, wellness, and fashion products. Founded in 2012, it revolutionized how consumers access cosmetic and personal care items by offering a digital marketplace that includes both domestic and international brands. Nykaa operates through multiple channels, including its comprehensive online platform and a growing number of physical retail outlets across India. The company caters to a broad demographic, providing a wide array of products ranging from makeup and skincare to luxury offerings. Nykaa's ability to integrate e-commerce with physical retail has redefined consumer shopping experiences in the region, making it a key driver in the expanding digital economy of India. Through its robust logistics and customer service, the company has shown market resiliency and adaptability. By also venturing into its own line of proprietary products under the Nykaa label, it underscores its commitment to leveraging market insights for tailored product development. In the financial market, Nykaa represents a dynamic intersection of technology, retail, and consumer preferences specific to the burgeoning e-commerce sector in India.
- Sector
- Consumer Cyclical
- Industry
- Internet Retail
- Listing
- NSE: NYKAA
- Chief executive
- Ms. Falguni Sanjay Nayar
- Employees
- 2,028
- Headquarters
- Mumbai, India
- ISIN
- INE388Y01029
- Website
- nykaa.com
Public research · Report of
Business model & financial foundation
Nykaa (NSE: NYKAA), Omnichannel beauty and personal care retail; fashion e-commerce: revenue of ₹10,022 crore in FY26 (+26.1% on FY25), an EBITDA margin of 7.5%, net profit of ₹199.4 crore and net debt of ₹329.0 crore.
- Revenue, FY26 (₹ crore)
- 10,022
- consolidated
- Revenue growth, FY26
- +26.1%
- on FY25
- EBITDA margin, FY26
- 7.5%
- EBITDA (Company-defined EBITDA before exceptional items) / revenue
- Net profit, FY26 (₹ crore)
- 199.4
- to owners
- Return on equity, FY26
- 14.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 329.0
- Company reported net debt including liquidity deposits
- Market capitalisation (₹ crore)
- 96,974
- at the close of 23 Oct 2026
Company profile
Nykaa is a consumer beauty and lifestyle group operating an inventory-led, authenticity-focused beauty retail platform, physical beauty stores and a curated fashion marketplace. House of Nykaa adds owned beauty and fashion brands, while distribution and eB2B extend access to third-party retailers.
| Item | Value |
|---|---|
| Legal name | FSN E-Commerce Ventures Limited |
| Exchange and ticker | NSE: NYKAA; BSE: 543384 |
| ISIN | INE388Y01029 |
| CIN | L52600MH2012PLC230136 |
| Sector | Consumer discretionary |
| Industry | Omnichannel beauty and personal care retail; fashion e-commerce |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co. LLP (since 2026-08-25) |
| Market capitalisation | ₹96,974 crore (23 Oct 2026) |
| Shares outstanding | 286.32 crore shares (FY26) |
| Price | ₹319.3 (close, 23 Oct 2026) |
| 52-week range | ₹232.0 - ₹349.5 (to 23 Oct 2026) |
| Website | https://www.nykaa.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Nykaa E-Retail Limited | 100% | Inventory-led online beauty/personal-care retailer; eB2B undertaking added after demerger. |
| FSN Brands Marketing Private Limited | 100% | Material subsidiary under Regulation16; distinct business description not retrieved in this read. |
| Nykaa Fashion Limited | 100% | Fashion garment/accessory selling and distribution via curated online platform and other channels. |
| FSN Distribution Limited | 100% | Residual offline B2B beauty/personal-care general and modern trade distribution after eB2B demerger. |
| Dot & Key Wellness Limited | 90.06% | Owned skincare brand, Dot & Key; description p165. |
| Earth Rhythm Private Limited | 75.83% | Clean, science-backed beauty and skincare brand; description p168. |
| Nykaa-KK Beauty Private Limited | 51% | Kay Beauty cosmetics brand business. |
Ownership at31Mar2026. Listed issuer is group holding company; no corporate parent identified. Nykaa E-Retail and FSN Brands Marketing are Regulation16 material subsidiaries. Business descriptions p201. FY26 audited by Batliboi; current auditor Walker from Aug25 2026 per S48.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 52.12% | 52.10% | 52.09% | 52.08% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 12.54% | 12.14% | 12.40% | 13.73% |
| Domestic institutions | 24.98% | 25.35% | 25.35% | 24.08% |
| of which mutual funds | 19.14% | 19.51% | 19.60% | 18.91% |
| Retail | 2.21% | 2.49% | 2.42% | 2.38% |
| Other | 8.15% | 7.92% | 7.74% | 7.73% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Nykaa operates an inventory-led Beauty and Personal Care platform, physical specialty stores, owned brands and B2B distribution alongside a curated marketplace/owned-brand Fashion business. GMV, NSV and statutory revenue have different boundaries; consolidated reporting is the relevant scope. March year-end; INR crore and crore shares.
| Segment | contribution profit management, FY26 (₹ crore) | Share | ebitda management, FY26 (₹ crore) | Share | gross profit management, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Beauty: platform, brands, stores, eB2B and Nykaa Man BPC | 1,916 | 46.3% | 819.0 | 53.4% | 3,801 | 84.6% |
| Fashion: platform, retail, brands, content and Nykaa Man lifestyle | 147.0 | 3.6% | -37.0 | -2.4% | 692.0 | 15.4% |
| Total management vertical reporting including Others | 2,071 | 50.1% | 752.0 | 49.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Honasa Consumer Limited (HONASA) | Digital-first BPC house of brands; closest owned-brand growth/omnichannel distribution comparator, not a multi-brand retailer. |
| Hindustan Unilever Limited (HINDUNILVR) | Beauty/personal-care brand economics, premiumisation and distribution benchmark; diversified FMCG limits whole-company comparability. |
| Marico Limited (MARICO) | Personal-care/digital-first brand scaling and marketing-efficiency benchmark; manufacturing-heavy compared with Nykaa retail. |
| Shoppers Stop Limited (SHOPERSTOP) | Department-store/beauty-speciality retail comparator for store economics; greater offline and fashion exposure. |
| Trent Limited (TRENT) | Speciality fashion retail/store-productivity benchmark for Nykaa Fashion and physical expansion; largely private-label offline model. |
| Brainbees Solutions Limited (FIRSTCRY) | Category-focused omnichannel consumer e-commerce and owned-brand platform; customer acquisition/fulfilment comparator despite baby/child category mix. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,774 | 5,144 | 6,386 | 7,950 | 10,022 |
| Cost of revenue (vendor classification) * | 2,217 | 2,962 | 3,721 | 4,551 | 5,599 |
| Other operating costs (vendor classification) * | 1,054 | 1,411 | 1,719 | 2,201 | 2,822 |
| EBITDA (vendor classification) * | 188.2 | 283.7 | 374.1 | 498.7 | 788.0 |
| EBIT * | 91.8 | 110.4 | 149.9 | 232.6 | 443.9 |
| Finance costs including lease interest | 44.5 | 72.0 | 82.8 | 107.3 | 117.1 |
| Profit before tax, before associate share | 47.3 | 38.4 | 69.0 | 127.5 | 330.2 |
| Total income tax expense | 6.02 | 13.6 | 25.3 | 53.8 | 126.3 |
| Consolidated profit for year after associates and before NCI | 41.3 | 21.0 | 39.7 | 72.1 | 203.9 |
| Diluted earnings per share (₹) | 0.15 | 0.07 | 0.11 | 0.23 | 0.70 |
| Cost of goods sold | 3,646 | 4,473 | 5,507 | ||
| Employee benefits expense | 564.9 | 666.1 | 771.5 | ||
| Other operating expenses | 1,828 | 2,337 | 2,992 | ||
| Company-defined EBITDA before exceptional items | 346.2 | 474.0 | 752.0 | ||
| Other income | 29.9 | 27.3 | 32.8 | ||
| Depreciation and amortisation | 224.2 | 266.4 | 320.3 | ||
| Exceptional items: signed PBT effect | 0.00 | 0.00 | -17.4 | ||
| Profit attributable to non-controlling interests | 7.48 | 5.99 | 4.50 | ||
| Share of profit or loss of associate: signed | -3.97 | -1.63 | 0.00 | ||
| PAT attributable to owners of parent | 32.3 | 66.1 | 199.4 | ||
| Profit after tax before share of associates | 43.7 | 73.7 | 203.9 | ||
| Current tax expense | 106.7 | 41.5 | 137.5 | ||
| Deferred tax expense or credit: signed | -81.4 | 12.3 | -11.2 | ||
| Cost of materials consumed | 65.1 | 8.10 | 14.6 | ||
| Purchases of traded goods | 3,782 | 4,683 | 5,719 | ||
| Change in finished goods and stock-in-trade: signed | -200.4 | -218.5 | -226.7 | ||
| PBT before exceptional items | 69.0 | 127.5 | 347.6 | ||
| Total statutory expenses | 6,347 | 7,850 | 9,707 | ||
| Interest expense on lease liabilities | 31.3 | 33.2 | 42.7 | ||
| Depreciation of right-of-use assets | 129.1 | 151.6 | 189.1 | ||
| Depreciation of non-ROU property plant and equipment | 70.8 | 80.5 | 87.5 | ||
| Amortisation of intangible assets | 24.4 | 34.3 | 43.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 1,346 | 1,392 | 1,281 | 1,343 | 1,502 |
| Interest-bearing borrowings excluding leases | 592.6 | 798.5 | 680.4 | 961.4 | 747.2 |
| Cash and cash equivalents | 37.2 | 41.4 | 75.8 | 124.9 | 177.2 |
| Trade receivables, net | 94.5 | 163.5 | 241.6 | 246.6 | 289.4 |
| Inventories | 875.6 | 1,005 | 1,192 | 1,418 | 1,642 |
| Statutory trade payables | 362.1 | 265.4 | 386.7 | 634.8 | 732.5 |
| Net property, plant and equipment * | 398.6 | 533.4 | 566.7 | 601.6 | 761.4 |
| Capital work in progress * | 16.5 | 15.9 | 10.5 | 5.59 | 12.2 |
| Total assets | 2,646 | 2,950 | 3,401 | 3,980 | 4,611 |
| Company reported net debt including liquidity deposits | 415.9 | 623.0 | 329.0 | ||
| Equity attributable to owners of parent | 1,262 | 1,301 | 1,438 | ||
| Bank balances other than cash equivalents | 164.1 | 92.2 | 142.8 | ||
| Lease liabilities, current plus noncurrent | 289.1 | 359.2 | 490.6 | ||
| Current borrowings excluding leases | 680.4 | 851.2 | 728.9 | ||
| Noncurrent borrowings excluding leases | 0.00 | 110.2 | 18.3 | ||
| Current lease liabilities | 129.8 | 147.7 | 193.8 | ||
| Noncurrent lease liabilities | 159.3 | 211.6 | 296.9 | ||
| Noncurrent bank deposits originally over twelve months | 4.68 | 6.24 | 0.00 | ||
| Noncurrent financial institution deposits | 0.00 | 40.0 | 0.00 | ||
| Current maturity of longer-duration bank deposits | 19.9 | 65.2 | 30.7 | ||
| Current maturity of financial institution deposits | 0.00 | 10.0 | 67.6 | ||
| Presentation cash and bank balances including FDs | n.r. | 338.6 | 418.3 | ||
| Noncurrent investments including associates, not liquidity | 34.3 | 0.16 | 0.16 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after taxes | -418.9 | -127.1 | 0.25 | 466.6 | 644.3 |
| Free cash flow (vendor definition) * | -447.9 | -348.4 | -110.5 | 339.4 | 490.4 |
| Cash capex PPE and intangibles net of capital advances | -94.0 | -208.2 | 110.7 | 127.2 | 153.9 |
| Principal payment of lease liabilities | 116.7 | 146.5 | 173.4 | ||
| Interest paid on lease liabilities | 31.3 | 33.2 | 42.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued subscribed fully paid equity shares at year-end | 279.39 | 284.75 | 285.60 | 285.93 | 286.32 |
| Weighted average basic equity shares | 285.39 | 285.78 | 286.13 | ||
| Dilutive effect on weighted average shares | 0.59 | 0.46 | 0.45 | ||
| Weighted average diluted equity shares | 285.98 | 286.24 | 286.58 | ||
| Cash payments for recognised lease liabilities | 147.9 | 179.7 | 216.1 | ||
| Additions to gross right-of-use assets excluding acquisitions | 104.9 | 236.1 | 363.8 | ||
| ROU gross additions on acquisition of subsidiary | 8.79 | ||||
| Non-ROU depreciation and amortisation | 95.2 | 114.8 | 131.3 | ||
| Three-year CFO / consolidated total PAT (x) | 3.52x | ||||
| Net financial debt / company rounded EBITDA (x) | 0.44x | ||||
| Reported EBIT / gross finance costs (x) | 3.69x | ||||
| Identified outside-group rent/mixed costs / revenue (%) | 0.1% | ||||
| Contingents / owners equity proxy (%) | 0.9% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,875 | 2,267 | 2,062 | 2,155 | 2,346 | 2,873 | 2,648 | 2,782 |
| Cost of revenue (vendor classification) * | 1,054 | 1,276 | 1,231 | 1,193 | 1,292 | 1,576 | 1,445 | 1,506 |
| Other operating costs (vendor classification) * | 555.9 | 675.8 | -1,185 | 638.8 | 711.8 | 864.8 | 776.5 | 814.7 |
| EBITDA (vendor classification) * | 109.1 | 146.3 | 140.1 | 150.0 | 167.0 | 236.0 | 232.1 | 245.4 |
| EBIT * | 45.5 | 76.5 | 67.2 | 73.9 | 86.9 | 138.8 | 147.9 | 155.9 |
| Finance costs: statutory gross caption including leases | 24.2 | 31.9 | 29.9 | 30.2 | 31.5 | 29.2 | 26.3 | 26.7 |
| Profit before tax after exceptional items, before associates | 21.3 | 44.6 | 39.6 | 43.7 | 55.4 | 109.6 | 121.5 | 129.2 |
| Total current and deferred tax expense | 7.82 | 17.6 | 20.5 | 19.2 | 22.4 | 41.9 | 42.8 | 49.4 |
| Group net profit for period after associates, including NCI | 13.0 | 26.4 | 19.1 | 24.5 | 33.0 | 67.7 | 78.8 | 79.8 |
| Diluted EPS: reported quarter, not annualised (₹) | 0.04 | 0.09 | 0.07 | 0.08 | 0.12 | 0.22 | 0.27 | 0.28 |
| COGS: materials plus purchases plus inventory change | 1,054 | 1,276 | 1,153 | 1,193 | 1,292 | 1,576 | 1,445 | 1,506 |
| Employee benefits expense | 161.5 | 174.6 | 174.1 | 182.0 | 182.8 | 202.9 | 203.8 | 224.9 |
| Other expenses: full statutory operating cost caption | 555.9 | 675.8 | 601.6 | 638.8 | 711.8 | 864.8 | 776.5 | 814.7 |
| Company-reported EBITDA (non-GAAP; before exceptional items) | 103.7 | 140.8 | 133.0 | 141.0 | 159.0 | 230.0 | 223.0 | 236.0 |
| Other income: statutory gross caption | 5.45 | 5.53 | 8.95 | 9.33 | 8.03 | 6.26 | 9.15 | 9.31 |
| Depreciation and amortisation including ROU depreciation | 63.6 | 69.8 | 72.9 | 76.1 | 79.1 | 80.9 | 84.2 | 89.5 |
| Exceptional items: signed contribution (expense negative) | 0.00 | 0.00 | 0.00 | 0.00 | -1.04 | -16.4 | 0.00 | 0.00 |
| PAT attributable to non-controlling interests | 2.93 | 0.29 | -1.23 | 1.15 | -1.45 | 4.43 | 0.37 | -0.25 |
| Share of associate profit/loss: signed contribution | -0.47 | -0.56 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to equity shareholders of parent | 10.0 | 26.1 | 20.3 | 23.3 | 34.4 | 63.3 | 78.4 | 80.0 |
| Statutory net profit after tax before associate share | 13.4 | 27.0 | 19.1 | 24.5 | 33.0 | 67.7 | 78.8 | 79.8 |
| Profit before exceptional items and tax | 21.3 | 44.6 | 39.6 | 43.7 | 56.4 | 126.0 | 121.5 | 129.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 54.6% | 36.3% | 24.1% | 24.5% | 26.1% |
| EBITDA margin | 5.4% | 6.0% | 7.5% | ||
| Net margin | 0.5% | 0.8% | 2.0% | ||
| Return on equity | 2.4% | 5.0% | 14.0% | ||
| Return on capital employed | 6.6% | 5.3% | 7.2% | 10.9% | 19.5% |
| Return on assets | 1.0% | 1.8% | 4.6% | ||
| Net debt (₹ crore) | 415.9 | 623.0 | 329.0 | ||
| Net debt / EBITDA | 1.20x | 1.31x | 0.44x | ||
| Interest cover | 2.06x | 1.53x | 1.81x | 2.17x | 3.79x |
| Asset turnover | 1.91x | 1.84x | 2.01x | 2.15x | 2.33x |
| Receivable days | 9 | 12 | 14 | 11 | 11 |
| Inventory days (on revenue) | 85 | 71 | 68 | 65 | 60 |
| Payable days (on revenue) | 35 | 19 | 22 | 29 | 27 |
| Cash conversion | 0.01x | 7.06x | 3.23x | ||
| Capex intensity | 2.5% | 4.0% | 1.7% | 1.6% | 1.5% |
| Free cash flow (₹ crore) | -512.9 | -335.3 | -110.5 | 339.4 | 490.4 |
| EPS, diluted (₹) | 0.15 | 0.07 | 0.11 | 0.23 | 0.70 |
| Book value per share (₹) | 4.82 | 4.89 | 4.49 | 4.70 | 5.25 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company-defined EBITDA before exceptional items) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company reported net debt including liquidity deposits; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company-defined EBITDA before exceptional items).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Fsn E-Commerce Ventures includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Fsn E-Commerce Ventures
- Research reportLatest
- Research report
- Research report
Same sector
More research in Consumer Cyclical
Maruti Suzuki India Limited
NSE: MARUTI
Consumer Cyclical · Auto Manufacturers
₹11,230.00 last close on 23 Oct 2026 +0.54%Research updated
Mahindra & Mahindra Ltd.
NSE: M&M
Consumer Cyclical · Auto Manufacturers
₹2,861.20 last close on 23 Oct 2026 −0.10%Research updated
Eternal Limited
NSE: ETERNAL
Consumer Cyclical · Internet Retail
₹317.40 last close on 23 Oct 2026 +4.25%Research updated
Bajaj Auto Limited
NSE: BAJAJ-AUTO
Consumer Cyclical · Auto Manufacturers
₹10,072.00 last close on 23 Oct 2026 −0.82%Research updated
TVS Motor Company Limited
NSE: TVSMOTOR
Consumer Cyclical · Auto Manufacturers
₹3,980.20 last close on 23 Oct 2026 +0.16%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.