FSN E-Commerce

₹176.8 -0.9 | 0.5%

WEBSITE BSE:543384 NSE : NYKAA 18 May, 12:50

Market Cap ₹50486 Cr.

Stock P/E 1816.5

P/B 35.8

Current Price ₹176.8

Book Value ₹ 4.9

Face Value 1

52W High ₹195.4

Dividend Yield 0%

52W Low ₹ 122.1

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.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	885	1098	973	1148	1231	1463	1302	1422	1507	1789
Other Income	5	6	11	8	6	6	10	7	9	8
Total Income	890	1104	984	1157	1237	1468	1311	1429	1516	1796
Total Expenditure	856	1029	935	1102	1170	1385	1231	1348	1426	1690
Operating Profit	34	75	50	54	68	84	80	80	89	106
Interest	11	13	13	15	20	20	19	19	21	22
Depreciation	21	25	30	31	39	51	53	52	55	58
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	1	37	6	8	9	13	9	10	13	26
Provision for Tax	0	8	-2	3	3	3	4	3	4	8
Profit After Tax	1	29	8	6	6	9	4	6	9	18
Adjustments	-0	-1	1	-1	-2	-1	-2	-3	-3	-2
Profit After Adjustments	1	28	9	5	4	8	2	3	6	16
Adjusted Earnings Per Share	0	0.1	0	0	0	0	0	0	0	0.1

FSN E-Commerce Profit & Loss

#(Fig in Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1159	1768	2441	3774	5144	6020
Other Income	5	11	12	29	30	34
Total Income	1164	1778	2453	3803	5174	6052
Total Expenditure	1134	1682	2283	3612	4887	5695
Operating Profit	30	96	170	191	287	355
Interest	27	46	32	47	76	81
Depreciation	35	65	72	96	173	218
Exceptional Income / Expenses	0	0	0	0	0	0
Profit Before Tax	-31	-15	66	47	38	58
Provision for Tax	-5	8	4	6	14	19
Profit After Tax	-26	-23	62	41	25	37
Adjustments	0	-0	-0	-0	-6	-10
Profit After Adjustments	-26	-23	62	41	19	27
Adjusted Earnings Per Share	-0.1	-0.1	0.2	0.1	0.1	0.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	36%	43%	0%	0%
Operating Profit CAGR	50%	44%	0%	0%
PAT CAGR	-39%	0%	0%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	41%	NA%	NA%	NA%
ROE Average	2%	7%	0%	0%
ROCE Average	6%	10%	7%	7%

FSN E-Commerce Balance Sheet

#(Fig in Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	235	322	490	1340	1378
Minority's Interest	0	1	1	6	14
Borrowings	0	0	2	1	0
Other Non-Current Liabilities	41	92	37	219	172
Total Current Liabilities	457	668	695	965	1198
Total Liabilities	735	1083	1224	2531	2762
Fixed Assets	149	231	231	483	699
Other Non-Current Assets	46	31	30	121	158
Total Current Assets	540	820	963	1927	1906
Total Assets	735	1083	1224	2531	2762

FSN E-Commerce Cash Flow

#(Fig in Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	-45	11	101	67	37
Cash Flow from Operating Activities	-34	15	133	-354	-140
Cash Flow from Investing Activities	-245	2	-130	-603	140
Cash Flow from Financing Activities	110	73	-38	927	5
Net Cash Inflow / Outflow	-169	90	-34	-30	4
Closing Cash & Cash Equivalent	-214	101	67	37	41

FSN E-Commerce Ratios

#	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	-0.1	-0.09	0.23	0.14	0.07
CEPS(Rs)	0.03	0.16	0.49	0.48	0.69
DPS(Rs)	0	0	0	0	0
Book NAV/Share(Rs)	0.88	1.19	1.77	4.66	4.77
Core EBITDA Margin(%)	2.15	4.85	6.48	4.29	5
EBIT Margin(%)	-0.4	1.79	4.03	2.51	2.22
Pre Tax Margin(%)	-2.7	-0.82	2.71	1.25	0.75
PAT Margin (%)	-2.28	-1.3	2.53	1.09	0.48
Cash Profit Margin (%)	0.7	2.35	5.46	3.65	3.85
ROA(%)	-3.6	-2.53	5.34	2.2	0.94
ROE(%)	-11.69	-8.56	15.56	4.57	1.85
ROCE(%)	-1	6.03	15.53	8.05	6.49
Receivable days	32.91	20.95	13.09	8.28	9.16
Inventory Days	77.03	71.73	70.89	66.43	66.73
Payable days	97.52	90.88	76.99	58.11	39.96
PER(x)	0	0	0	1949.27	1823.7
Price/Book(x)	0	0	0	60.46	25.8
Dividend Yield(%)	0	0	0	0	0
EV/Net Sales(x)	0.2	0.06	-0.02	21.23	6.89
EV/Core EBITDA(x)	7.62	1.11	-0.27	419.52	123.32
Net Sales Growth(%)	0	52.5	38.1	54.61	36.3
EBIT Growth(%)	0	789.23	210.4	-3.87	20.51
PAT Growth(%)	0	12.98	368.05	-33.03	-39.88
EPS Growth(%)	0	13.75	355.61	-36.42	-53.25
Debt/Equity(x)	1	0.86	0.39	0.25	0.34
Current Ratio(x)	1.18	1.23	1.39	2	1.59
Quick Ratio(x)	0.65	0.55	0.67	1.09	0.75
Interest Cover(x)	-0.17	0.69	3.05	2	1.51
Total Debt/Mcap(x)	0	0	0	0	0.01

FSN E-Commerce Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	52.56	52.43	52.41	52.38	52.34	52.28	52.28	52.26	52.24	52.22
FII	5.73	5.98	6.54	6.57	11.06	12.26	10.04	9.84	10.65	10.32
DII	3.42	3.12	2.95	3.01	6.35	7.85	11.59	14.31	15.25	17.16
Public	38.29	38.47	38.09	38.05	30.24	27.61	26.1	23.6	21.87	20.3
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	24.86	24.86	24.86	24.86	149.14	149.14	149.14	149.14	149.14	149.14
FII	2.71	2.84	3.1	3.12	31.52	34.96	28.65	28.07	30.39	29.47
DII	1.62	1.48	1.4	1.43	18.11	22.39	33.05	40.83	43.54	49
Public	18.11	18.24	18.07	18.06	86.17	78.76	74.45	67.34	62.43	57.99
Others	0	0	0	0	0	0	0	0	0	0
Total	47.29	47.41	47.43	47.46	284.94	285.24	285.28	285.37	285.5	285.6

Pros

Debtor days have improved from 58.11 to 39.96days.
Company has reduced debt.
Company is almost debt free.

Cons

Company has a low return on equity of 7% over the last 3 years.
Stock is trading at 35.8 times its book value.

* 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.