FSN E-Commerce Ventures Ltd
FSN E-commerce Ventures Ltd. (FSNEV) popularly known as "Nykaa" is a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers. The company has a diverse portfolio of beauty, personal care, and fashion products, including owned brand products manufactured by it.[1]
- Market Cap ₹ 54,941 Cr.
- Current Price ₹ 192
- High / Low ₹ 230 / 150
- Stock P/E 325
- Book Value ₹ 5.62
- Dividend Yield 0.00 %
- ROCE 6.01 %
- ROE 7.60 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 172% CAGR over last 5 years
Cons
- Stock is trading at 33.6 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
- Company has a low return on equity of 6.77% over last 3 years.
- Earnings include an other income of Rs.181 Cr.
- Debtor days have increased from 88.5 to 131 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: E-Commerce/App based Aggregator Industry: Trading
Part of Nifty 500 BSE 200 BSE Allcap Nifty India Digital Index BSE Consumer Discretionary
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|
27 | 102 | 188 | 146 | 188 | 275 | 258 | 434 | |
42 | 113 | 184 | 149 | 171 | 313 | 338 | 467 | |
Operating Profit | -16 | -11 | 4 | -3 | 17 | -38 | -80 | -33 |
OPM % | -58% | -11% | 2% | -2% | 9% | -14% | -31% | -8% |
6 | 17 | 30 | 60 | 116 | 129 | 185 | 181 | |
Interest | 0 | 3 | 5 | 4 | 6 | 8 | 7 | 8 |
Depreciation | 1 | 4 | 7 | 8 | 5 | 7 | 8 | 10 |
Profit before tax | -11 | -0 | 22 | 45 | 122 | 76 | 90 | 130 |
Tax % | -26% | -286% | 31% | 19% | 15% | 25% | -30% | |
-8 | 1 | 15 | 36 | 104 | 57 | 117 | 169 | |
EPS in Rs | -0.97 | 0.09 | 1.73 | 4.01 | 0.36 | 0.20 | 0.41 | 0.60 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 20% |
3 Years: | 21% |
TTM: | 43% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 172% |
3 Years: | 48% |
TTM: | 186% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | -12% |
1 Year: | 9% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 7% |
3 Years: | 7% |
Last Year: | 8% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
---|---|---|---|---|---|---|---|---|
Equity Capital | 14 | 14 | 15 | 15 | 47 | 285 | 286 | 286 |
Reserves | 130 | 279 | 404 | 546 | 1,503 | 1,170 | 1,342 | 1,322 |
8 | 30 | 45 | 46 | 51 | 55 | 87 | 140 | |
13 | 30 | 34 | 40 | 89 | 325 | 98 | 132 | |
Total Liabilities | 165 | 354 | 498 | 647 | 1,690 | 1,836 | 1,812 | 1,880 |
6 | 14 | 18 | 13 | 16 | 29 | 28 | 46 | |
CWIP | 0 | 0 | 1 | 0 | 0 | 1 | 9 | 0 |
Investments | 22 | 169 | 52 | 70 | 379 | 461 | 641 | 906 |
137 | 171 | 427 | 564 | 1,294 | 1,345 | 1,134 | 928 | |
Total Assets | 165 | 354 | 498 | 647 | 1,690 | 1,836 | 1,812 | 1,880 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|
-62 | -56 | -91 | -84 | 72 | -0 | -31 | |
55 | -91 | 75 | -67 | -944 | -41 | -31 | |
40 | 134 | 107 | 87 | 873 | 21 | 53 | |
Net Cash Flow | 32 | -13 | 91 | -64 | 0 | -21 | -10 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|
Debtor Days | 22 | 25 | 50 | 160 | 40 | 95 | 131 |
Inventory Days | 167 | 265 | 259 | 188 | 450 | 251 | 255 |
Days Payable | 137 | 168 | 97 | 64 | 103 | 50 | 78 |
Cash Conversion Cycle | 52 | 123 | 212 | 283 | 387 | 295 | 307 |
Working Capital Days | 99 | 69 | 113 | 210 | 1,298 | 1,007 | 789 |
ROCE % | 1% | 5% | 9% | 12% | 5% | 6% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
20 Apr - Allotment of 17010 Equity Shares pursuant to exercise of vested stock options by the Employee under Employee Stock Option Schemes of the Company
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
10 Apr - Certificate under Regulation 74(5) for Q1 2025.
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Announcement under Regulation 30 (LODR)-Credit Rating
10 Apr - CRISIL reaffirms credit rating on enhanced bank loan facilities.
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Nykaa Quarterly Revenue Update - Q4FY2025
6 Apr - Nykaa reports Q4 FY2025 revenue growth in mid-twenties.
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Announcement under Regulation 30 (LODR)-Credit Rating
5 Apr - CRISIL upgrades credit rating to Crisil A/Stable.
Annual reports
Concalls
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Leading Digital Company [1]
Nykaa is the largest specialty beauty and personal care platform in India in terms of value of products sold in FY21 and one of the fastest growing fashion platforms in India based on growth in GMV. It has the highest average order value (AOV) among leading online beauty and personal care platforms in India.