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Nykaa (FSN E-Commerce)
BHoldNYKAA · NSE · Large Cap · E-Commerce
E-CommerceModern Trade — Specialty
Fetching live…
₹198
1D 0.4%1M 2.0%1Y 8%
Fundamental (RQ-100)
55
Technical (TQ-100)
47
Valuation
24
Market cap
₹56.0K Cr
Live decision ratingBSell / Avoid
Fundamental score breakdown
55/100Growth Quality
18.8 / 20
Rev 1Y 24.0%, 3Y CAGR 30.0%, 5Y CAGR 42.0%
Margin & Profitability
3.1 / 15
EBITDA 6.0%, PAT 1.0%
Return on Capital
4.4 / 20
ROCE 8.0%, ROE 4.0%
Cash Flow Quality
4.0 / 15
OCF/EBITDA 0.50
Leverage
10.0 / 10
ND/EBITDA -0.50
Reinvestment
7.0 / 8
Capex/Sales 4.0%
Accounting
4.0 / 7
Governance
4.0 / 5
Technical score breakdown
47/100Trend Structure
8.0 / 20
↓ 200 · ↓ 50 · ↓ 20
Momentum
8.0 / 15
1Y 8.0%, 1M 2.0%
Volume Dynamics
8.0 / 15
Vol30 —%
Relative Strength
8.0 / 15
1Y 8.0%
MA Cluster
5.0 / 10
Extension
5.0 / 10
—% from 50DMA
Volatility
4.0 / 8
Price Action
1.0 / 7
-100.0% from 52W H
Business
What this company actually does
Pure-play beauty + fashion online retailer with growing offline beauty footprint.
Stores
220
Dark stores
—
Cities
—
Listed status
Listed
Format exposure
How direct is this play?
Primary formatE-Commerce
Exposure typePure-play
Revenue visibilityLow
Operating leverage stageInvestment
Policy beneficiary3 mapped
Data confidenceMedium
Financial snapshot
Live · green dot = live, falls back to curated
Revenue
₹8.0K Cr
Rev 1Y growth
24%
Rev 3Y CAGR
30%
EBITDA margin
6.0%
PAT margin
1.0%
ROE
4%
ROCE
8%
OCF/EBITDA
0.50
Net Debt/EBITDA
-0.5
Financial statements
Multi-year P&L, balance sheet, cash flow — scraped live from Screener.in
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Valuation
Live multiples + retail-specific (curated)
P/E
480
Forward P/E
408
EV/EBITDA
95
EV/Sales
7.0
EV/GMV
4.20
P/B
24.0
FCF Yield
0.6%
Aggressive multiple. Needs flawless execution to justify.
Retail KPIs
The unit-economics that define the format
GMV
₹13.5K Cr
Orders (mn)
65
AOV
₹2080
MTU (mn)
13.5
Take rate
18%
Policy beneficiary
Regulations that move the P&L
DPIIT Press Note 2 (2018) — FDI in E-commerce
Owned-inventory model triggers FDI scrutiny
Negative
-30 bps
Consumer Protection (E-Commerce) Rules, 2020
Inventory-led model handles country-of-origin natively
Mixed
-10 bps
Digital Personal Data Protection Act, 2023
Personalisation-heavy model
Negative
-15 bps
Investment thesis
AI-generated · always cite sources before acting
Bull
Compounding revenue at 30% CAGR. Pure-play exposure to E-Commerce. Long-runway TAM with structural tailwinds.
Base
Earnings growth of ~33% over the next 3 years assuming margins hold. Multiple compression risk if growth slows; multiple expansion possible if E-Commerce GMV outperforms.
Bear
Premium multiple has no margin for error. Capital efficiency below cost of capital. Format-level risk: regulation, gig-cess, or competitive pressure compress contribution margin.
Variant perception
Consensus views Nykaa (FSN E-Commerce) as a decent operator. Our differentiated take: the current multiple already prices in mid-cycle outcomes.
Key monitorables
- Quarterly contribution margin trajectory
- SSSG vs guidance
- Capex vs store/dark-store adds
- Promoter holding and ESOP dilution
Peers
Same primary format · sorted by market cap