NYKAA

FSN E-Commerce Ventures share price & financials

Price
₹323.05
Market cap
₹95.1k Cr
Sector
Consumer Services
Calls analysed
6
Latest concall · Q1 FY27 · call held 04 Aug 2026

FSN E-Commerce Ventures Limited Q1 FY27

EBITDA ₹236 cr +68%EBITDA Margin 8.5% PAT ₹80 cr +226%PAT Margin 2.9%

What went well

  • Strong overall financial performance with GMV up 34% YoY to INR 5,590 crores and Net Revenue up 29% YoY to INR 2,782 crores.
  • Significant profitability improvement with EBITDA growing 68% YoY to INR 236 crores and margin expanding to 8.5% from 6.5% a year back.
  • PAT growth was exceptional at 226% YoY, reaching INR 80 crores with a 2.9% margin.

What to watch

  • While overall growth is strong, the Superstore NSV growth of 28% is slightly lower than the 35%+ CAGR ambition, though management expects normalization from Q3 onwards.
  • Fulfillment expenses increased by 42 basis points due to continued investment in infrastructure expansion and the one-off impact of a new labor code.
Read the full call →

What FSN E-Commerce Ventures Limited does

FSN E-Commerce Ventures (Nykaa) runs an omnichannel beauty and lifestyle platform that curates and sells third-party and owned brands online and through physical stores, earning largely on retail/marketplace margins across products it lists. It also operates Nykaa Fashion, a curated multi-brand fashion marketplace, and Superstore by Nykaa, a B2B (eB2B) platform that supplies unorganised beauty retailers, and builds its own House of Nykaa portfolio of beauty and fashion brands sold through its network.

Segments

  • Beauty (Nykaa)
  • Fashion (Nykaa Fashion)
  • eB2B (Superstore by Nykaa)
Physical beauty stores
237 across 79 cities
Warehouses
44 across 15 cities
Beauty and personal care brands listed
4,200+
Fashion brands listed
4,400+
House of Nykaa owned brands
7 beauty and 5 fashion brands
eB2B retailer base served (unorganised BPC market)
2.76 lakh retailers
Founded 2012Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 12 tracked 3 delivered 1 missed 8 open
  • Fashion Segment EBITDA delivered said Q4 FY25 Promised: Breakeven of fashion by FY '26 Q1 FY27: Maintained profitability with 0.1% EBITDA margin in Q1 FY27, confirming the turnaround.
  • Dot & Key EBITDA Margin went quiet said Q1 FY26 Promised: Aiming for 20% (like FMCG brands) Q1 FY27: No specific update on Dot & Key's EBITDA margin provided for the second consecutive quarter.
  • Superstore eB2B EBITDA Margin on track said Q4 FY25 Promised: Invest for a few more years before it gets to profitability Q1 FY27: Superstore (eB2B) EBITDA margin improved by over 300 bps YoY.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 29.1%, net profit up 233.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,875 2,267 2,062 2,155 2,346 +25%2,873 +27%2,648 +28%2,782 +29%
EBITDA104 141 133 141 159 +53%230 +63%223 +68%236 +67%
Net profit13 26 19 24 33 +154%68 +162%79 +316%80 +233%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +44.3% 1Y

₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 5 Feb 2026Q4 FY26 — 21 May 2026Q1 FY27 — 4 Aug 2026

1Y: ₹238.72 on 10 Sept 2025 → ₹344.5. High ₹349.55 (31 Aug 2026), low ₹230.62 (26 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
−0.7%
4 Aug
Q4 FY26
+0.4%
21 May
Q3 FY26
+2.9%
5 Feb
Q2 FY26
−0.1%
7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 24.9% a year over 3 years, FY23 to FY26. Operating margin widened to 7.5%.

Year endingFY23FY24FY25FY26
Revenue₹5.1k Cr₹6.4k Cr₹8.0k Cr₹10.0k Cr
Operating profit₹256 Cr₹346 Cr₹474 Cr₹753 Cr
Operating margin5.0%5.4%6.0%7.5%
Interest₹74 Cr₹83 Cr₹107 Cr₹116 Cr
Depreciation₹173 Cr₹225 Cr₹267 Cr₹320 Cr
Net profit₹20 Cr₹39 Cr₹72 Cr₹204 Cr
Net margin0.4%0.6%0.9%2.0%
Cash from operations₹-140 Cr₹0 Cr₹467 Cr₹644 Cr
Free cash flow₹-348 Cr₹-110 Cr₹339 Cr₹493 Cr
ROCE6.0%7.0%10.0%17.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹15 Cr₹47 Cr₹285 Cr₹286 Cr₹286 Cr₹286 Cr
Reserves₹475 Cr₹1.3k Cr₹1.1k Cr₹977 Cr₹1.1k Cr₹1.2k Cr
Borrowings₹333 Cr₹593 Cr₹798 Cr₹969 Cr₹1.4k Cr₹1.2k Cr
Other liabilities₹479 Cr₹714 Cr₹773 Cr₹1.2k Cr₹1.5k Cr₹1.9k Cr
Total liabilities₹1.3k Cr₹2.6k Cr₹3.0k Cr₹3.4k Cr₹4.3k Cr₹4.6k Cr
Fixed assets₹231 Cr₹483 Cr₹699 Cr₹668 Cr₹920 Cr₹1.0k Cr
Capital work in progress₹2 Cr₹24 Cr₹31 Cr₹30 Cr₹5 Cr₹9 Cr
Investments₹1 Cr₹0 Cr₹38 Cr₹34 Cr₹0 Cr₹0 Cr
Other assets₹1.1k Cr₹2.1k Cr₹2.2k Cr₹2.7k Cr₹3.4k Cr₹3.6k Cr
Total assets₹1.3k Cr₹2.6k Cr₹3.0k Cr₹3.4k Cr₹4.3k Cr₹4.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −2.46 pp while FIIs added +2.10 pp. The shareholder count shrank 12% to 3,83,806.

Promoters
52.1%
FIIs
13.7%
DIIs
24.1%
Public
10.1%

Since Jun 2025

  • Public −2.46 pp
  • FIIs +2.10 pp
  • DIIs +0.44 pp

How it drifted, 12 quarters

Over this window the public fell from 23.6% to 10.1% — −13.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 52.3%, FIIs 9.8%, DIIs 14.3%, Public 23.6%.Dec '23: Promoters 52.2%, FIIs 10.7%, DIIs 15.3%, Public 21.9%.Mar '24: Promoters 52.2%, FIIs 10.3%, DIIs 17.2%, Public 20.3%.Jun '24: Promoters 52.2%, FIIs 10.5%, DIIs 18.3%, Public 19.0%.Sep '24: Promoters 52.2%, FIIs 10.1%, DIIs 21.8%, Public 15.9%.Dec '24: Promoters 52.2%, FIIs 9.1%, DIIs 23.6%, Public 15.2%.Mar '25: Promoters 52.2%, FIIs 8.8%, DIIs 25.2%, Public 13.8%.Jun '25: Promoters 52.1%, FIIs 11.6%, DIIs 23.6%, Public 12.6%.Sep '25: Promoters 52.1%, FIIs 12.5%, DIIs 25.0%, Public 10.4%.Dec '25: Promoters 52.1%, FIIs 12.2%, DIIs 25.4%, Public 10.4%.Mar '26: Promoters 52.1%, FIIs 12.4%, DIIs 25.4%, Public 10.2%.Jun '26: Promoters 52.1%, FIIs 13.7%, DIIs 24.1%, Public 10.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 4 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of FSN E-Commerce Ventures Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Sanjay Nayar Family Trust (Sanjay Nayar and Falguni Nayar) 21.02%unchanged
Falguni Nayar Family Trust (Falguni Nayar and Sanjay Nayar) 21.02%unchanged
SBI Contra Fund Mutual fund4.22%+0.56 pp
Adwaita Nayar Family Trust (Adwaita Nayar, Sanjay Nayar and Falguni Nayar) 3.44%unchanged
Anchit Nayar Family Trust (Anchit Nayar, Sanjay Nayar and Falguni Nayar) 3.44%unchanged
Harindarpal Singh Banga 2.86%unchanged
ICICI Prudential Life Insurance Company Limited Insurer2.71%−0.56 pp
Mirae Asset Large Cap Fund Mutual fund2.64%+0.19 pp
Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund Mutual fund2.29%−0.44 pp
HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund1.87%−0.16 pp
Adwaita Nayar - Sanjay Nayar Family Trust (Adwaita Nayar, Sanjay Nayar and Falguni Nayar) 1.55%unchanged
Anchit Nayar - Sanjay Nayar Family Trust (Anchit Nayar, Sanjay Nayar and Falguni Nayar) 1.55%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in NYKAA

Filings to Aug 2026

0 new, 7 added, 4 trimmed, 1 sold out — net −66.40 L shares (−3.1%).

Held by funds
₹7.1k Cr
35 schemes
Biggest holder
HDFC Flexi Cap Fund
₹810 Cr · 0.7% of that fund
SchemeHoldingLast month
HDFC Flexi Cap Fund HDFC Mutual Fund₹810 Cr−32.00 L
SBI Contra Fund SBI Mutual Fund₹776 Crheld
Nippon India Multi Cap Fund Nippon India Mutual Fund₹700 Crheld
SBI Large and Midcap Fund SBI Mutual Fund₹629 Crheld
SBI Midcap Fund SBI Mutual Fund₹629 Crheld
SBI ELSS Tax Saver Fund SBI Mutual Fund₹629 Crheld
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹587 Crheld
SBI Flexicap Fund SBI Mutual Fund₹488 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

7 added, 4 trimmed — net −66.40 L shares (−3.1%)

Funds are sitting on
+60%
vs est. average cost
Held by funds
₹7.1k Cr
35 schemes · ≈ 7.0% of the company
Biggest holder
HDFC Flexi Cap Fund
₹810 Cr · 0.7% of that fund
Longest holder
SBI Retirement Benefit Fund - Aggressive Plan
4y 11m · since Oct '21

Shares held by these funds +211%

Aug '23 20.85 cr shares Jul '26

All earnings calls (6)

Read the Q1 FY27 call →

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