NSE: NYKAA · BSE: 543384 · ISIN INE388Y01029
FSN E-Commerce Ventures Limited stock analysis
FSN E-Commerce Ventures Limited ranks #667 in the TickerSutra evidence-ranked universe with a score of 61/100 and 93% data confidence. The latest captured fundamentals show ROCE of 17.2%, quarterly sales growth of 29.1% and quarterly profit growth of 243.1%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Strong CFO/EBITDA of 0.86×
- 24.9% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Debt/equity is above 0.5×
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹3,774cr | ₹164cr | ₹41cr | 4.3% |
| 2023 | ₹5,144cr | ₹257cr | ₹21cr | 5.0% |
| 2024 | ₹6,386cr | ₹347cr | ₹40cr | 5.0% |
| 2025 | ₹7,950cr | ₹475cr | ₹72cr | 6.0% |
| 2026 | ₹10,022cr | ₹753cr | ₹204cr | 8.0% |
| TTM | ₹10,649cr | ₹848cr | ₹259cr | 8.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
Fashion has had a standout quarter, as we saw in the numbers, which Abhijeet shared as well, with NSV growth coming in at 54% versus what was only 20% a year ago. On profitability, both businesses have continued to expand margins, supported by operating leverage and scale efficiencies. Both verticals are witnessing strong growth while simultaneously expanding margins.
At the vertical level, as we can see, both businesses clocked improved performance. Both Beauty and Fashion saw a sharp acceleration in growth Y-o-Y and a notable margin expansion across both businesses, benefiting from scale, operating leverage, efficiencies, and productivity gains. Here, I would like to spend a moment to say, as an organization, our focus has always been on efficient capital utilization and long-te
We are pleased with the balance we have achieved between ambition and discipline, invest ing in customer acquisition and future capabilities while steadily expanding margins and returns. With our differentiated omnichannel platform, powerful brand ecosystem and sharper operating leverage, we remain confident in our ability to create sustainable long-term value. With that, I would now like to open the floor for questi
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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