FSN E-Commerce

₹160.7 -1.2 | 0.7%

WEBSITE BSE:543384 NSE : NYKAA 26 Dec, 16:01

Market Cap ₹45930 Cr.

Stock P/E 1050.6

P/B 28.6

Current Price ₹160.7

Book Value ₹ 5.6

Face Value 1

52W High ₹229.9

Dividend Yield 0%

52W Low ₹ 140

Edit Ratio

FSN E-Commerce Research see more...

Equity Research Report - FSN E-Commerce Ventures Limited

Start up Valuation - Bubble or Leap of Faith

Overview Inc. Year: 2012Industry: e-Commerce

FSN E-Commerce Ventures Limited, through its subsidiaries, provides various personal care, beauty and fashion products in India. The organization manufactures, distributes, and sells beauty, wellbeing, fitness, personal care, health care, skin care, hair care products, fashion garments, style add-ons, and equipment. It additionally offers western wear, which includes clothes, jumpsuits, tops, pants skirts, as well as shoes, luggage, and accessories; underwear, including bras, panties, sleepwear, shapewear, and athleisure; and aesthetic jewellery comprising rings, necklaces, bracelets, rings, and hair accessories. The agency gives its very own merchandise beneath the Nykaa Cosmetics, Nykaa Naturals, Kay Beauty, Twenty Dresses, Nykd by using Nykaa, and Pipa Bella manufacturers. It retails its products thru e-trade, m-trade, Internet, and Intranet, in addition through physical shops, stalls, general trade, modern trade, etc. As of March 31, 2021, it operated 73 physical shops underneath the Nykaa Luxe, Nykaa On Trend and Nykaa Kiosks codecs. The organisation was founded in 2012 and is based totally in Mumbai, India.

FSN E-Commerce Share Price

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Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

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Peer Comparison

FSN E-Commerce Quarterly Results

#(Fig in Cr.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

FSN E-Commerce Profit & Loss

#(Fig in Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Net Sales	102	188	146	188	275	258
Other Income	17	31	60	116	134	185
Total Income	119	218	206	304	409	443
Total Expenditure	113	184	149	172	318	338
Operating Profit	6	34	57	132	91	105
Interest	3	5	4	6	8	7
Depreciation	4	7	8	5	7	8
Exceptional Income / Expenses	0	0	0	0	0	0
Profit Before Tax	-0	22	45	122	76	90
Provision for Tax	-1	7	9	18	19	-27
Profit After Tax	1	15	36	104	57	117
Adjustments	0	0	0	0	0	0
Profit After Adjustments	1	15	36	104	57	117
Adjusted Earnings Per Share	0	0.1	0.1	0.4	0.2	0.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	-6%	21%	20%	0%
Operating Profit CAGR	15%	23%	77%	0%
PAT CAGR	105%	48%	159%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-6%	-23%	NA%	NA%
ROE Average	8%	7%	7%	6%
ROCE Average	6%	8%	8%	7%

FSN E-Commerce Balance Sheet

#(Fig in Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	293	419	561	1550	1456	1627
Minority's Interest	0	0	0	0	0	0
Borrowings	0	0	0	0	0	0
Other Non-Current Liabilities	-33	-22	-3	33	39	-22
Total Current Liabilities	58	73	68	100	337	166
Total Liabilities	319	470	627	1683	1832	1772
Fixed Assets	14	18	13	16	29	28
Other Non-Current Assets	112	192	299	715	697	1064
Total Current Assets	193	261	315	952	1106	680
Total Assets	319	470	627	1683	1832	1772

FSN E-Commerce Cash Flow

#(Fig in Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	28	4	96	31	32	11
Cash Flow from Operating Activities	-56	-91	-84	72	-0	-31
Cash Flow from Investing Activities	-125	75	-67	-944	-41	-31
Cash Flow from Financing Activities	134	107	87	873	21	53
Net Cash Inflow / Outflow	-47	91	-64	0	-21	-10
Closing Cash & Cash Equivalent	-20	96	31	32	11	1

FSN E-Commerce Ratios

#	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	0	0.06	0.13	0.36	0.2	0.41
CEPS(Rs)	0.02	0.09	0.16	0.38	0.23	0.44
DPS(Rs)	0	0	0	0	0	0
Book NAV/Share(Rs)	1.11	1.56	2.04	5.39	5.04	5.6
Core EBITDA Margin(%)	-10.7	1.89	-1.91	8.56	-15.52	-30.99
EBIT Margin(%)	2.22	14.19	33.63	68	30.48	37.58
Pre Tax Margin(%)	-0.41	11.59	30.74	64.83	27.74	34.88
PAT Margin (%)	0.77	8.03	24.82	55.15	20.72	45.39
Cash Profit Margin (%)	4.7	11.98	30.6	57.64	23.36	48.39
ROA(%)	0.25	3.82	6.6	8.96	3.25	6.5
ROE(%)	0.28	4.36	7.54	9.92	3.84	7.71
ROCE(%)	0.7	6.85	9.44	11.78	5.47	6.07
Receivable days	25.43	31.72	111.68	82.04	61.05	115.84
Inventory Days	81.36	67.19	99.58	102.83	99.74	107.96
Payable days	167.84	88.87	81.23	86.87	51.91	65.71
PER(x)	0	0	0	773.5	615.19	394.88
Price/Book(x)	0	0	0	52.19	24.41	28.92
Dividend Yield(%)	0	0	0	0	0	0
EV/Net Sales(x)	0.39	-0.64	-1.05	425.58	127.41	179.39
EV/Core EBITDA(x)	6.38	-3.52	-2.66	603.68	384.78	442.09
Net Sales Growth(%)	0	83.86	-22.3	28.73	46.75	-6.35
EBIT Growth(%)	0	1075.07	84.1	160.28	-34.23	15.47
PAT Growth(%)	0	1827.49	140.15	186.04	-44.86	105.13
EPS Growth(%)	0	1786.87	132.01	172.58	-45.01	104.9
Debt/Equity(x)	0.11	0.09	0.04	0.02	0.02	0.05
Current Ratio(x)	3.31	3.57	4.61	9.49	3.28	4.09
Quick Ratio(x)	2.92	2.94	4.12	8.76	3.05	3.64
Interest Cover(x)	0.84	5.46	11.64	21.46	11.11	13.93
Total Debt/Mcap(x)	0	0	0	0	0	0

FSN E-Commerce Shareholding Pattern

#	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoter	52.41	52.38	52.34	52.28	52.28	52.26	52.24	52.22	52.2	52.18
FII	6.54	6.57	11.06	12.26	10.04	9.84	10.65	10.32	10.48	10.13
DII	2.95	3.01	6.35	7.85	11.59	14.31	15.25	17.16	18.29	21.84
Public	38.09	38.05	30.24	27.61	26.1	23.6	21.87	20.3	19.03	15.84
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoter	24.86	24.86	149.14	149.14	149.14	149.14	149.14	149.14	149.14	149.14
FII	3.1	3.12	31.52	34.96	28.65	28.07	30.39	29.47	29.95	28.95
DII	1.4	1.43	18.11	22.39	33.05	40.83	43.54	49	52.24	62.43
Public	18.07	18.06	86.17	78.76	74.45	67.34	62.43	57.99	54.35	45.28
Others	0	0	0	0	0	0	0	0	0	0
Total	47.43	47.46	284.94	285.24	285.28	285.37	285.5	285.6	285.68	285.79

Pros

Company has delivered good profit growth of 159% CAGR over last 5 years

Cons

Company has a low return on equity of 7% over the last 3 years.
Debtor days have increased from 51.91 to 65.71days.
Stock is trading at 28.6 times its book value.
Earnings include an other income of Rs. 185 Cr.

* 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.