FSN E-Commerce Ventures Limited (NYKAA)
Mid CapConsumer stocks · Mid cap · NSE
FSN E-Commerce Ventures Limited (Nykaa) is an Indian multi-channel retailer of beauty, personal care (BPC), and fashion products. It operates online platforms (Nykaa Beauty, Nykaa Fashion, Superstore B2B) and a growing network of physical stores, including owned brands like Dot & Key and Kay Beauty.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +29% YoY · PAT +233% YoY · margin expansion · +5% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,782 Cr | +29.1% | +5.1% |
| EBITDA | ₹236 Cr | +67.4% | +5.8% |
| Operating margin | 8.0% | +100 bps | +0 bps |
| PAT | ₹80 Cr | +233.3% | +1.3% |
| PAT margin | 2.9% | +177 bps | -10 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 saw strong growth with GMV and Net Revenue up 28% YoY. EBITDA surged 67% YoY to INR 223 crores (8.4% margin), and PAT grew 313% YoY to INR 79 crores (3% margin), marking highest-ever margins. FY26 revenue crossed INR 10,000 crores.
Nykaa demonstrates continued strong growth momentum across its diversified businesses, with significant profitability improvements in Q4 FY26 and for the full year. Strategic focus on premiumization, owned brands, and B2B distribution, coupled with marketing efficiencies and AI adoption, supports the long-term growth thesis despite macro concerns.
House of Nykaa Beauty GMV by Channel (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Premiumization of Beauty
Nykaa builds a unique positioning for ultra-luxury beauty, partnering with Chanel, La Prairie, and SK-II for India launch.
House of Nykaa Brands
Dot & Key grew 13x over 3 years to INR 1,790 crores GMV, becoming #1 sunscreen across Nykaa, Amazon, Flipkart, Blinkit.
Superstore B2B Expansion
Created a ~INR 1,200 crores GMV business in 4 years, reaching ~0.5 million retailers across 1,300 cities with 220+ brands.
Fashion Business Turnaround
FY26 GMV grew 30% to almost INR 5,000 crores, with Q4 FY26 EBITDA turning positive at 0.3%.
Beauty Retail Store Network
We are at 313 stores across 99 cities, having more than doubled our retail footprint over the past 3 years.
New Store Additions
168 new stores added over the last 3 years, and 20 new cities with 6 differentiated experiential retail formats added in the last year.
Kiehl's Boutique Operations
Nykaa has taken over the Kiehl's India business, operating their boutique stores and kiehls.com, and is the exclusive online retailer.
Kay Beauty Kiosks
Launching 'Kay Kafés' (kiosks) in India's top premium malls to fortify distribution for the premium makeup brand.
AI-led Growth & Efficiency
Seeing benefits of AI-led growth on top line and costs, improving marketing funnel efficiency and app experience personalization.
K-Beauty Trend
Korean brands show phenomenal growth at 58% year-over-year on the platform; Nykaa has the largest assortment.
Dermacosmetics Trend
Dermacosmetics brands show over 40% GMV growth year-over-year, supported by Nykaa's large assortment and online recommendation engine.
Creator Economy Leverage
Nykaa Fashion is leaning heavily into the creator ecosystem, integrating content and commerce to drive engagement and sales.
Global Macroeconomic Concerns
High currency and oil prices, and their impact on inflation and consumption, make us cautious for the next year.
Inflationary Pressure on Pricing
Freight costs and currency issues may pressure brands to take price increases, and consumer reaction to this is yet to be seen.
Competitive Intensity in Fashion
Competitive intensity is always present, though Nykaa Fashion focuses on the premium online market, differentiating itself.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is primary for overall financial performance (GMV, revenue, profitability) to account for seasonality. QoQ is relevant for sequential momentum, particularly for the Fashion segment's EBITDA turning positive in Q4.
GMV Growth (Q4 FY26)
GMV grew at 28% year-on-year.
Net Revenue Growth (Q4 FY26)
Net revenue grew at a similar pace of 28% year-on-year, reaching INR 2,648 crores.
Gross Profit Margin (Q4 FY26)
Gross profit came out at INR 1,203 crores, which is 45.4%, about a 32% increase year-on-year, one of the highest gross margins ever.
EBITDA Margin (Q4 FY26)
EBITDA was at INR 223 crores, 8.4% to net revenue and 67% growth year-on-year, one of the highest EBITDA margins ever.
Continued Growth Momentum
April and May have been good overall for the business in terms of growth momentum.
Resilience of Beauty Category
Beauty consumption is not as impacted during tougher times as it represents 'small luxuries' and low-ticket purchases.
Fair Platform for Brands
Committed to creating a very fair and balanced playing field for all brand partners, with owned brands growing on their own merit.
House of Brands Strategy
Building an independent unit of standout brands across categories, aiming for each brand to reach its correct potential and distribution strategy.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Beauty GMV Growth | 27% YoY (FY26) | Sustained growth momentum, especially in premium and dermacosmetics segments, and continued marketing efficiency. |
| Fashion EBITDA Margin | +0.3% (Q4 FY26) | Continued positive trajectory and sustained profitability, driven by new customer acquisition and brand additions. |
| House of Nykaa Brands GMV Growth | ~50% YoY (FY26) | Continued outperformance of key brands like Dot & Key and Kay Beauty, and successful incubation of newer brands. |
| Impact of Inflation on Pricing | Brands trying to avoid price increases | Any actual price increases by brands and subsequent consumer reaction, particularly in the beauty segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
62Bullishfull bull SMA stack · MACD − · near 52W high
Technical chart
NYKAAdaily · 1Y · AUTO+27.5%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 51. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 51 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 5% off 52W high · 46% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 16.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.2%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 15/20 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -969.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 95th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 95th pctile, median 66 · Mid: 76th pctile, median 76
101 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 358.00
- P/B
- 66.14
- EV/EBITDA
- 81.62
- Market Cap
- 95232.00Cr
Profitability
- ROE
- 15.30%
- ROCE
- 17.20%
- ROA
- 5.62%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 33.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 25.00%
- EPS 3Y
- 70.00%
Balance Sheet
- Debt/Equity
- 0.86
- Interest Coverage
- 7.44×
- Altman Z
- 9.38
- Book Value
- 5.02
Cash Flow
- FCF Yield
- 0.51%
- FCF Positive Y
- 4/5
- OCF
- 644.00 Cr
- EPS TTM
- 0.89
Shareholding
- Promoter Hold
- 52.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 86%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.