FSN E-Commerce VenturesNSE:NYKAA
Current view Q4 2026
Runs Nykaa, India's online beauty and fashion retailer. Sales crossed Rs 10,000 crore and profit jumped 183% as margins finally widen - but the stock trades near 460 times earnings on a thin 2% profit.
Latest exchange filings last 5 · 5 after Q4 2026
- 11 Sep ’26Crisil ESG rating upgraded FSN E-Commerce Ventures to 64, from Adequate to Strong for FY2026. ↗
- 5 Sep ’26Allotment of 1,80,870 Equity shares pursuant to exercise of vested stock option by the employees under the Employee Stock Option Schemes of the Company ↗
- 5 Sep ’26Completed additional 24.2% shareholding acquisition in Earth Rhythm Private Limited, a subsidiary. ↗
- 26 Aug ’26Nykaa’s August 25, 2026 AGM resolutions passed, including FY26 financials, director reappointments, and auditor appointment. ↗
- 25 Aug ’26Shareholder Meeting / Postal Ballot-Outcome of AGM 25 Aug ↗
Exchange filings, with the company's own one-line summary, read off the same page as the figures. Screener publishes only the most recent few, so this is the last 5 — not everything filed since your note, and a quiet-looking list is not proof of a quiet quarter. A filing is marked new when it is dated after the end of the quarter your note covers. Not scored, and not a judgement — a routine repayment notice and a takeover sit in the same list.
AI concall report · Q4 2026
The full earnings-call read behind this view — what management promised, what they delivered, and the earning trigger.
Growth Q4 2026
| Metric | This year vs lastYoY · vs Q4 2025 | vs the quarter beforeQoQ, sequential · vs Q3 2026 | 3-year yearly average3Y CAGR · compounded | 5-year yearly average5Y CAGR · compounded |
|---|---|---|---|---|
| Sales | ▲ +28.4% | −7.8% | +24.9% | +32.6% |
| Operating profit | ▲ +67.7% | −3.0% | +38.8% | +35.2% |
| EPS | ▲ +285.7% | +22.7% | +115.4% | −36.6% |
| PAT | ▲ +315.8% | +16.2% | — | — |
Tinted rows drive the Tier. Tier = the weaker of YoY Sales and YoY PAT growth. Here the weaker is Sales at +28.4%, which is ≥ 20% → Tier 1.
QoQ is sequential, not a trend. For most Indian companies the March quarter is seasonally the largest, so a June-quarter fall against it is a calendar effect. Only the YoY column feeds the Tier.
Multibagger potential
Average51/100
Cheap, and growing fast. Profit per share grew 60% a year, while the price-tag on its earnings actually got smaller. That gap — real growth nobody has paid up for — is exactly what this score looks for.
₹326 → ₹651 needs the P/E at 230× — it is 472× today, and has ranged 54× to 1259× over the last 5 years. The rest would come from earnings growing as they have.
What you pay for its profitlog scale · 5-year range
Tripling needs 346× — inside its 5-year range, under the 614× median.
Target capped at 60× — its 609× five-year average came from near-zero earnings.
At ₹41 the price-tag on its earnings reaches the 60× it is being projected toward — the point where being cheap against that yardstick is used up.
Growth rate is a one-off base reset — the score can't be trusted. Check next quarter.
How this is calculated
This is arithmetic, not a forecast — Return = ΔEPS × ΔMultiple. It says what would have to be true, not how likely it is, and "earnings keep growing at this rate for three more years" is the assumption doing the most work. This is a large-cap at ₹92,765 cr — size is the headwind here: a triple means the market finding ₹1,85,530 cr of new value.
Why the target is capped at 60×. This company averaged 609× over five years, but a multiple that high comes from near-zero earnings rather than from what buyers chose to pay — projecting a return to it would price in the collapse, not the recovery. 60× is what a 60% grower supports.
Growth rate used: 60.0% — the weakest of EPS / Sales / Op-profit from 3-year EPS CAGR, capped at 60%. Latest quarter reads 60%.
How it compares with its rivals Technology · 6 of 13 listed
It earns 17% on its capital, more than any of them — the next best earns 12%, and it is the second most expensive of the 3 shown.
| Company | Price | P/E | Size | ROCE | Profitlast qtr | Saleslast qtr |
|---|---|---|---|---|---|---|
| FSN E-Commerce | ₹324 | 348.7× | ₹92,803 Cr | 17.2% | +243.1% | +29.1% |
| Eternal | ₹327 | 728.6× | ₹3.15 L Cr | 2.5% | +268.0% | +182.0% |
| Meesho | ₹212 | — | ₹98,076 Cr | -40.0% | +38.5% | +48.3% |
| Swiggy | ₹277 | — | ₹76,530 Cr | -24.1% | +33.9% | +37.3% |
| Urban Company | ₹171 | — | ₹26,356 Cr | -7.8% | −1359.1% | +43.9% |
| Cartrade Tech | ₹2,999 | 61.1× | ₹14,549 Cr | 11.8% | +24.4% | +16.3% |
Screener's own peer group, from the request already made for the industry P/E. It serves the industry's largest names by market cap, not companies of a similar size, so treat this as context rather than a like-for-like table; this company is always shown. On a phone the price, size and sales columns are dropped rather than pushed off the edge. Not part of the score.
Business quality to Jun 2026
| Are the margins widening? | yes — a little wider than 3 years earlier | operating margin 5% → 8% over 3 years |
|---|---|---|
| Did the profit turn into cash? | most of it arrived as cash | 103% last year, 84% over three · free cash flow ₹493 cr, positive in 2 of 5 years |
| Is the growth borrowed? | borrowed about as much as it owns | ₹1,238 cr — 0.86× its own equity (was 1.02×) |
| Is it being collected? | collection is steady | 11 days to collect, down 0 in a year · cash cycle 71 days |
| Who has been buying? | the promoters have held steady | promoters 52.1% (−0.1 in a year), 52.3% → 52.1% over 2.8 years · FIIs 13.7% (+2.1) · DIIs 24.1% (+0.4) · shareholders 5,65,191 → 3,83,806 |
| What does it earn on its capital? | earns a fair return on its capital | ROCE 17.2% · ROE 15.3% |
Fetched from the filings, not typed — and deliberately not part of the score. These are the questions the score cannot ask: it reads growth, price and trend, so a company can score well while its profit never becomes cash. Weigh these beside the note, not against the number.
Screener's own checklist not mine, not the score
In its favour
- Company has delivered good profit growth of 27.7% CAGR over last 5 years
Against it
- Stock is trading at 64.5 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 7.75% over last 3 years.
Generated by screener.in from a fixed checklist — not written by me and not an input to the score. It is here as a second machine opinion to weigh against the note; where it disagrees with the view above, the note is the considered one.